Mobile Deposit: A Success Story With Three Caveats
- Date:April 23, 2024
- Author(s):
- Gregory Magana
- Emmett Higdon
- Report Details: 6 pages, 4 graphics
- Research Topic(s):
- Mobile & Online Banking
- Digital Banking
- PAID CONTENT
Overview
Mobile deposit has been a remarkable success story in digital banking. Thanks in part to a speedy and convenient user experience that needs little improvement, mobile deposit finally broke through in 2023 as the leading method consumers chose to deposit a check, and it is by far the preferred method for depositing a check, particularly among younger consumers.
Nonetheless, Javelin’s examination of the nation’s 20 top FIs points to three lingering issues with mobile deposit policies and practices that add uncertainty and complexity to consumers’ financial lives: (1) deposit limits remain too low, (2) there are frustrating delays in accessing funds, and (3) it’s unclear when funds will be available. These flaws point to a need to raise deposit limits, improve transparency about funds availability, minimize banking jargon that erodes confidence, and offer real-time availability for a reasonable fee.
Learn More About This Report & Javelin
Related content
2024 Online Banking Scorecard
With consumers increasingly demanding a 1-2 combination of simplicity and safety, U.S. Bank won Best in Class status in the online banking edition of Javelin Strategy & Research’s ...
2024 Mobile Banking Scorecard
Javelin Strategy & Research’s 18th annual Mobile Banking Scorecard looks at what’s new, what’s interesting, and what’s baffling with the mobile banking apps of 20 of the largest U....
Sunsetting Secure Messaging? Get These 5 Things Right First
Secure messaging is at a pivotal point as banks and credit unions make the switch to chatbots and live chat. Because customers are accustomed to secure messaging but expect instant...
Make informed decisions in a digital financial world