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5 Communication Considerations that Come with Mobile Remote Deposit Capture

Posted By Carie Schelfhaudt, McDougall & Duval Advertising, Saturday, September 7, 2013
Updated: Tuesday, November 19, 2013

Mobile remote deposit capture is a new and exciting tool being introduced by many financial institutions and, for some potential customers/members, its availability could be the deciding factor of where they bank. As marketers, we’re tasked getting mobile banking users to adopt mobile remote deposit capture once it becomes available at our financial institutions. While some customers welcome it with open arms, others are fearful of the perceived or unknown risks associated with this (or any) new technology.

Mobile remote deposit capture can be a challenge to market to consumers on both sides of the coin. Here are five communication approaches to consider when marketing your new product:

1) Education: Is it really as simple as taking a picture?
Whenever new and unfamiliar technology is introduced to the marketplace, there are always questions about how to actually use the product. An appropriate marketing strategy should include a simple set of instructions to demystify the process for technology novices. By removing this initial barrier, financial institutions will position themselves as helpful, smart bankers with outstanding customer service and a commitment to educating their consumers. A successful marketing strategy will close the gap between the perception that mobile remote deposit capture is new and scary, with the reality that mobile remote deposit capture is simple and easy to use.

2) Convenience: Is it really that easy?
Immediate-gratification banking … perfect for younger generations, right! Yet the potential reach of SmartPhone adoption doesn’t stop with Gen Y. No matter what their age, convenience banking appeals to anyone that is on-the-go and using technology to simplify their lives. Highlighting the convenience of this new feature will help solidify your financial institution’s position of making banking easier. Successfully promoting this product will not only save money at branches, but will give your customers more time to go about their daily lives. Incorporating that message into your communications plan positions you as their banking partner, not just a service provider.

3) Duplicates: What do I do with the check after? Couldn’t someone just deposit it at another bank?
With mobile remote deposit capture, the check stays within the hands of the depositor. Naturally, questions like this one will be asked before they adopt new technology, so look to address them proactively within your launch plan. Consumers need to know that the internal process of check validation still needs to occur, whether you deposit a check at the branch or via mobile RDC. Risk is limited through FFIEC guidelines. Consumers should also be instructed on how long they need to keep the physical check after it is deposited remotely.

4) Security: How easily can check images be intercepted when sent over a mobile device?
Trumping most other concerns, security might play the biggest role in deterring consumer adoption of mobile remote deposit capture. As banking professionals, we know how risk-mitigation tools and technology solutions protect the transaction and the accounts involved, but most consumers don’t know about the protections in place. Informing customers of the security measures that have been put in place at your financial institution will build trust in your offering.

At the same time, don’t forget to offer your frontline staff training on how to answer security questions. A knowledgeable staff also helps build the credibility in your organization.

5) Acceptance: Will it actually work?
SmartPhone devices are manufactured to capture high-resolution images. Checks, which are typically flat, two-toned images, easily fall into that category. For novice users, it should also be communicated that a SmartPhone with a camera and a clear network signal is necessary for optimal product use.

While misconceptions, overstated risks or confusion can stop customers from adopting mobile remote deposit capture, having a thorough marketing communications strategy ready for your launch will help them understand the benefits and security of your latest offering.

How have your customers or members adopted the new technology?

Continue the conversation in the comments below!

Tags:  mobile banking  remote deposit capture 

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Must Have Mobile Banking

Posted By Carie Schelfhaudt, McDougall & Duval Advertising, Saturday, March 2, 2013
Updated: Tuesday, November 19, 2013

While mobile banking helps create a more holistic customer experience, it now seems the service is a vital aspect of customer acquisition.

Last month,The Financial Brandreported in its "Mobile Banking Now Vital to Customer Acquisition” that mobile banking is a required feature for financial institutions today. FindABetterBank.com’s bank comparison tool revealed that 18.3 percent thought that mobile banking is a "must have” feature now, a 63 percent increase from 2010! Even more insightful was the fact that more than 88 percent of survey respondents said they are currently mobile banking users.

Are financial institutions keeping up with demand?The Financial Brandarticle notes that in 2010, less than 30 percent of the featured financial institutions offered a mobile banking app, compared to more than 82 percent that offer the service now.

It seems many institutions agree that mobile banking is a "must have” feature today, but we were curious to learn more. We asked NEFMA member institutions, Dime Bank and Claremont Savings Bank, about how each launched mobile technology — and the banks approached it quite differently.

Connecticut based, Dime Bank was an early adopter of the technology, launching its mobile banking application in June of 2010. This differentiated the bank from local competition — large and small — which were not yet offering mobile services.

"Since we are always trying to add additional conveniences that our customers want, we invested in the technology early on,” said Diane Papadakos, Vice President, Director of Marketing & Sales at Dime Bank. "It also helped us reach the younger generations who were most interested in the service early on.”

To promote the launch of their app, Dime Bank used a combination of in-branch signage, website messaging, statement stuffers, Facebook posts and print and radio advertisements. Though some customers embraced the app right from the start, a significant increase in users came in April 2011 when Dime Bank launched its mobile website. In the two years since the launch, the bank experienced a 1,073 percent growth rate in registered mobile banking/app users.

"This is only the beginning. We anticipate our numbers may triple in the coming years due to high demand and the increased number smartphone users,” Papadakos said.

On the flip side is Claremont Savings Bank in N.H., which just launched its first mobile banking application in February 2013 — a time when 75 percent of their local competitors already offered it. Marketing Coordinator, Jaime Richardson attributed the timing to the bank’s cautious and customer-focused approach to banking.

"We took time to complete our due diligence,” said Richardson. "We wanted to make sure that whatever functionality we offered would be most useful to our customers.”

To promote its new service, Claremont Savings Bank focused its efforts into a four-week, multi-pronged campaign of online advertising, social media marketing, print and radio ads, as well as communications in-branch and on automated teller machines. In July, the bank will make another big push to secure mobile banking users as many students prepare to leave for college or the workforce. Success of these campaigns will be measured in August — and the bank has established a way to track its return on investment.

"Early on, we identified a percentage of customers who would most likely use the product and evaluated Call Center communications to determine who was looking for simple transactions that could be offered via a mobile service,” said Richardson. "Then we attached a dollar amount to those identified customers with a per transaction price, and this amount will be used to determine ROI.”

ThoughThe Financial Brandstory didn’t mention what features of mobile banking were "must have” for users today, the banks we talked to have their own opinions, stemming from the fact that they must stay up-to-date with customer demand. As a result, Dime Bank hopes to soon offer bank-to-bank and person-to-person transfers, and Claremont Savings Bank is exploring how to roll out mobile bill pay and mobile banking for business account customers.

Tags:  mobile banking 

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