Using mobile phones for activity such as online account opening, form filling and remote deposit capture (RDC) is becoming increasingly commonplace among consumers. But as this grows, merchants, banks and other organizations that are not so mobile savvy will need to adopt the necessary tools required to facilitate more complex mobile demands quickly.
Data compiled by Celent revealed some 20 million consumers used mobile Remote Deposit Capture (RDC) last year, compared to only 2.2 million in 2011 – and it this is only set to rise.
Consumer adoption of RDC (certainly in the US and soon to be in the UK) has paved the way for Remote Account Opening (RAO) which Jumio’s Fastfill has taken to the next technological level.
The online retail and gambling industries have seen phenomenal growth in the last five years with more consumers looking to mobile and now we are seeing that the Financial Services sector is ready to play catch-up.
Early adopters in the space such as online wallets and prepaid cards are leading the charge but consumers want to be able to interact with their banks and financial institutions via mobile now. Not just to check balances but to fully base financial relationships online to include opening accounts, setting up direct debits and peer – peer payments.
That’s not to suggest that security should be lessened to make allowances for new channels. At Jumio we certainly know a thing or two about how to help our clients confidently transact with their online customers as if they are standing there right in front of them. But it’s not just about security but about consumer convenience. This is why Jumio developed Fastfill to enable quicker, slicker customer sign-up.
The benefits of such practices are much improved customer experience, speed and not least it is how the members of the public worldwide want, and expect, to be able to interact and conduct business.
Jumio will have a lot to say on this topic and some innovative new technology specific to this issue as it becomes an increasingly important subject in 2014…watch this space!