A new report on consumers’ adoption of mobile deposit found that BBVA Compass offers one of the best experiences with the convenient feature that allows people to deposit checks with their smart devices.
The study was conducted by Futurion, an independent fintech and digital commerce research firm, and sponsored by Mitek, which provides its mobile deposit solution to nearly all of the banks in the U.S. (including BBVA Compass). Mitek said it pursued the study to shine a light on the banks that are doing mobile deposit right and could share best practices with the rest of the industry. While mobile deposit is highly valued by those who use it, there’s still room for growth, with just four in 10 online consumers in the U.S. having used it, the report says.
“Mobile deposit is a key banking feature in the U.S., and nothing we do with it comes by accident: We do significant testing on user experience and design in our own UX lab. We work hard to stand out and to be several steps ahead of expectations, and we’re thrilled to have gotten this recognition.
BBVA Compass has dedicated significant energy to its mobile-deposit capabilities, and the Futurion accolade is one in a long list that the bank’s mobile app has earned. It was voted Money magazine’s best mobile banking app, and was also honored this year with the Mobile Banking Leader award for Functionality for the third consecutive year in Javelin Strategy & Research's Mobile Banking Financial Institution Scorecard.
“Mobile deposit is a key banking feature in the U.S., and nothing we do with it comes by accident: We do significant testing on user experience and design in our own UX lab,” said BBVA Compass Head of Mobile and Online Channels Alex Carriles. “We work hard to stand out and to be several steps ahead of expectations, and we’re thrilled to have gotten this recognition.”
Futurion studied the mobile-deposit customer experience at 15 of some of the nation’s largest banks, and found that BBVA Compass ranked second overall in mobile-deposit customer experience, behind only Capital One. It said the adoption rate for BBVA Compass’ mobile-deposit feature has grown faster over the past three years than at any of the other banks in the study.
BBVA Compass "is a role model for all others in the category and for credit unions and community banks as well, while warning larger (financial institutions) that size alone is no longer a guarantee of digital success,” the author of the report writes of BBVA Compass. It “dominated all traditional regionals in the (customer experience) areas of our study.”
Futurion collected customer experience data in nine areas, including how easy it is for consumers to locate the mobile deposit feature on the app, how easy it is to use the auto-capture feature, and their deposit limits.
The adoption rate for BBVA Compass’ mobile-deposit feature has grown faster over the past three years than at any of the other banks in the study
One of the most significant take-aways, the author of the report indicates, is that there is a strong correlation between a bank’s mobile-deposit customer experience and the rate at which its customers use the feature, “putting to rest the notion that lack of adoption is primarily caused by age or other externalities.”
“That’s something I think I can say with certainty that we knew all along,” Carriles said. “You make something easy to use, and people are going to use it and enjoy doing it.”