We’re asked to upload images with our phones all the time. Insurance cards, driver’s licenses, checks. And we’ve all experienced the less-than-stellar experience of struggling to get our item exactly in the frame or a multi-step process of needing to crop and rotate so that the image is accepted.
How does your bank’s remote deposit capture measure up? According to a report by BAI, 75 percent of millennials would leave their primary financial institution if a competitor offered a better mobile app. How smoothly the app functions — including remote deposit capture — matters a lot, especially in a world where people increasingly bank from their phones instead of visiting a branch.
If you’re evaluating your app’s overall usability (as you should, to ensure that it’s on par with the top banking apps), don’t overlook remote deposit capture as a critical component of the user experience.
Use advanced scanning technology
The in-app process can be divided into two categories: How the user interacts with the app and how your remote deposit capture technology handles the checks.
You can make it easier for the user by requiring fewer clicks or steps to deposit a check. Offer support and assistance to users who may have questions or need help with the process.
It should also be easy for users to view and manage their deposited checks. The technology should accept checks under a variety of circumstances (like less-than-ideal lighting), handle various check sizes without issue, and process handwritten checks easily. No one likes to retake photos to meet an app’s finicky requirements — especially if they follow the in-app instructions.
The service should also be reliable and consistently available for use. Customers will quickly become frustrated if remote deposit capture experiences technical issues that prevent them from depositing a check.
Process deposits quickly
If your customers face hurdles accessing their money when they use remote deposit capture, they won’t opt to come into the bank instead. They’ll search for another bank.
Some banks offer real-time deposit processing, allowing funds from deposited checks to be available almost immediately. Real-time fraud detection and risk management technology make this possible. The most advanced scanning and processing technologies can accurately extract information from the check and identify issues or discrepancies. If the customer types in the check amount incorrectly or the check is too old, the technology would catch it, rather than delay the deposit.
Alternatively, you can improve the speed at which deposited checks are processed so that customers can access the money more quickly. Advanced scanning technology and optimizing your workflow behind the scenes will make this possible. The customer won’t understand why a mobile deposit lags behind an in-branch experience: They just know that it does.
Provide timely notifications to your customers, letting them know that the deposit has been received, is in process, and has been deposited. This can be via email, via push notification or both.
Improve the user experience
Many banks limit remote deposits per day. Some of the largest banks have limits ranging from $500 to $2,500 per day, depending on how long the account has been open and the customer relationship.
Granted, this reduces the risk of fraud and potential losses. But compare that to online banks, where the limits are $5,000 to $30,000. A single check that exceeds your daily limit puts the customer in a bind. Your bank should review the limits, weighing potential risk against competition from online banks, especially if better remote deposit capture technology can mitigate the risks.
If your customer cannot deposit a check using remote deposit capture, what is the alternative? “Coming to the branch” shouldn’t be the only option, especially if the branch location isn’t convenient for the customer. Consider accepting deposits via ATM or allowing deposits via desktop (if the photo quality is the issue).
Today’s customers increasingly demand flexibility when it comes to banking. The mobile deposit experience should be effortless, something they don’t even have to think about. Don’t make it a struggle.