The use of #mobile devices for #banking is definitely growing rapidly, particularly among the millennial generation. Given that it is at an early point in the consumer adoption life cycle, we expect that #mobile deposit (RDC – Remote Deposit Capture) will increase in the years to come.
The strategic approach to redesign the retail banking experience through #Branch Transformation targets cost optimization, revenue generation and fundamentally changes the consumer experience for the better while increasing branch productivity.
By decentralizing the #financial institutions services and point of presence in order to create a wider geographic spread of their branch network. Ultimately increasing the reach of the branch through multiple ‘points of presence’ or a multichannel approach, such as, #ATM, Mobile and online. Creating greater service ability and receiving more #transactions through their network. Consumer convenience will determine through which channel consumers conduct a transaction. The right channel will be determined by the needs of the consumer and the limitations of each channel. For instance, mobile deposit limit or ATM cash limits. Further revenue can be generated though promotions and advertising though their ATM estate and mobile convenience fee’s.
Branch Transformation promotes the adoption of new technology. Partially due to the advancement of full-function #Branch ATM solutions and the increasing reliability and performance of these solutions. However the primary reason is due to the reduction of manual media handling activities across the teller line, which can be achieved by migrating the majority of media handling consumer transactions onto an automated channel such as ATM or Mobile. These #multi-function ATM products have been designed to be deployed in off premise exterior locations and can withstand extreme environment conditions and weather. Deploying functional ATMs are more cost effective than opening a new branch. The technology provides a fast, secure and consistent service that can deliver extended operating hours to your customers for less. Mobile banking applications leverages the consumer’s hardware technology and their network to deliver a cost effective channel for financial institutions.
Consumers now have the convenience and flexibility of choice to interact with their financial institution at a time and through a point of presence that suits those consumer requirements best. Proximity and availability will also be key factors in consumer choice. With an extended ATM coverage and offering rich banking features through the ATM channel can create positive consumer experiences and consumer retention.
Many financial institutions are concerned that by offering multiple channels they are duplicating their investment on similar solutions that would only serve to consume time and money in terms of implementation and maintenance. However financial institutions can consolidate some of these solutions in their backend processes that will lead to better control and consistent messaging across all consumer platforms creating an Omni channel infrastructure. With the right solutions targeted and implemented to compliment the branch transformation objective and attain consumer adoption is done through analysis and deployment planning.