Even before the surge in mobile banking adoption and usage brought about by the pandemic, more than half of U.S. consumers were making check deposits via their mobile banking application and, for many demographic segments, mobile deposit was their most frequent and preferred deposit channel. For credit unions, what a decade ago was considered a leading mobile banking innovation, remote deposit capture (RDC), or mobile deposit, is now considered to be table stakes. RDC may be a mainstream utility, but a well-built and high performing RDC service is a competitive differentiator.
From the credit union’s perspective, RDC reduces both administrative burden and handling costs compared to other deposit channels. From the consumer’s standpoint, RDC does more than extend your credit union’s deposit window and physical footprint; indeed, it is a primary driver of mobile banking application adoption. The RDC experience can make the difference between a satisfied member and a dissatisfied one, between one becoming more deeply engaged with or one abandoning your credit union’s digital tools altogether. A poorly performing RDC platform can drive your members to another financial institution.
Member satisfaction with mobile deposit is directly tied to their user experience. The user experience (UX) is how your member interacts with the mobile deposit platform. It is the map of your members’ journey to a successful outcome, identifying the steps they must complete, the pain points they may encounter, and the overall experience you want them to have while performing the task. During this transaction, the UX is a reflection of your brand and your RDC policies. It is so much more than the user interface (UI)—the visual aspects (design), interactivity, and functionality.
“Consumers have increasingly high expectations for their mobile banking application,” says Chris Smith, president and chief innovation officer of Vertifi Software, a leading RDC provider. “To start with, consumers prefer a clean and modern aesthetic over a busy design, but mostly want an app that is reliable, fast, and accurate. Slow or inconsistent service, system bugs, processing errors, and incomplete information about the status of the deposit diminishes consumer confidence in a mobile banking application and the RDC service.”
A well-designed user interface—all of the interactive elements from the buttons and icons, to color and typography, to spacing and responsiveness— guides the member through the deposit step by step. Data shows that consumers prefer an RDC solution that is fully integrated into their mobile banking application rather than a stand-alone application. Separate logins and transitions between back-end systems add additional touch points that feel burdensome.
What’s more, workflow design makes a big difference. RDC is about capturing the images of the front and back of one or more checks, confirming the transaction details, and clicking on submit. The more intuitive this process is, the better. Members appreciate instruction, but do not want to be overloaded with text, particularly after they have familiarized themselves with the service. Tool tips, well-placed help and informational tools and icons, as well as instructions that can be toggled on or off are greatly appreciated by the member.
The speed and accuracy of the transaction is determined by the quality and usability of the digital check image, which is driven by optical character recognition and artificial intelligence, both of which eliminate the frustration of error messages and misread data. And, highly popular features such as automated photo capture—i.e., the member is not required to click on a button to take the image—and automated check amount fill –i.e., the amount on the check is automatically read and auto-populates the deposit field—reduces keystrokes, friction, and potential human error.
One of the biggest consumer complaints about RDC occurs when credit unions provide little or no feedback regarding the outcome of these transactions, particularly if checks are held for administrators to review, or the credit postings are not immediate. Whether they are depositing one check or making a multi-check deposit, when members submit their deposits, they want to know what happens next. Clear and concise real-time, in-app status messages ensure that members know if holds have been applied and why, when funds will be available, and how long physical checks should be retained. Real-time posting enables members to see the credits in their account immediately, and deposit history screens with check images provide further evidence that transactions were processed accurately.
“Your members want to make deposits quickly, securely, and without errors,” says Smith. “As an RDC service provider, our role is to build a best-in-class RDC experience, one that is seamless and intuitive, built with our powerful, proprietary image processing technology and a modern design. A member who experiences an effortless and successful mobile deposit will turn to this convenient deposit channel every time, and innovative mobile technology increases member loyalty.”
Robin DeBlosi is AVP, PR and Marketing, for Vertifi Software.
About Vertifi® Software, LLC
Vertifi® Software, LLC, is a leading provider of state-of-the-art payment system technologies and innovative digital solutions to the financial services industry. Founded in 2009 as a wholly owned subsidiary of Eastern Corporate Federal Credit Union (EasCorp), Vertifi draws on over 40 years of experience as part of the EasCorp family. Early check image and payments processing technologies developed by EasCorp were foundational to Vertifi’s own technological innovations, and EasCorp’s guiding principles of collaboration and service drive Vertifi’s customer service philosophy and partnership strategy today. As the creator of DeposZip®, the first remote deposit capture program for consumers and businesses made available commercially to financial institutions in the United States, and other payments service innovations, Vertifi has the expertise, the proprietary systems, the creativity, and the agility to set itself apart from and outperform other service providers. Learn more at www.vertifi.com.