The world’s unbanked number in the billions, but the potential bank revenue? Hundreds of billions.
In today’s inverted world of bank accounts, consumers can earn higher yields on online checking accounts than on savings or business accounts.
Since banks’ mobile remote deposit capture is usually a zero revenue service, banks need to improve their efforts to reduce operational costs.
Best practices for mobile remote deposit capture include integrating into existing mobile systems, prequalification of customers and social media-based marketing.
Whether they fly solo or with partners, financial institutions need to begin placing their bets in the mobile wallet game.
Mobile wallets can provide a big win for banks if they base their offerings on the key principles of utility, partnerships and the customer relationship.
For an enthusiastic but still-small segment of customers, mobile check deposit is a winning innovation.
As the mobile wallet train leaves the station, banks will discover that a ‘fast follower’ strategy risks leaving them behind.