How mobile capture is revolutionizing the financial services industry
An introduction to mobile capture
Customers increasingly expect their interactions with companies to be faster, easier and more personalized. They are used to having the world at their fingertips through their mobile devices. Notably, online banking and mobile banking have become commonplace. But how can financial industries like banking, insurance and wealth management transform to meet these customer expectations? Are there ways banks can make the document-intensive mortgage application process faster? And how can insurers streamline the claims process to speed up claim resolution and reduce customer churn? One technology that is making a difference across industries is mobile capture.
What is mobile capture? Mobile capture technologies let people capture documents and images with smartphones and tablets at the point of customer service, whether in the field, in the office or in a customer’s home. Organizations no longer need to scan documents in a centralized facility—a slow, costly process. With the rise of mobile computing, mobile document capture just makes sense.
- 58 percent of adults in the US use a smartphone
- Over 40 percent of American adults own a tablet
- Mobile computing grew more than 80 percent last year alone
- There are more smartphones globally than personal computers
What does all this mean for businesses? Consider banking. Mobile capture can be added to a check-scanning application to let customers deposit checks whenever and wherever they want. According to research from Celent cited in Credit Union Times, “about one-third of the US population will use mobile remote deposit capture by 2016.” Moreover, 70 percent of the U.S. financial institutions and remote deposit capture vendors that Celent surveyed indicated that they have implemented or plan to implement remote deposit capture within the next year.
How mobile capture is making a difference
Kevin Craine, Business Technology Analyst, has provided great examples of use cases for mobile capture in different industries. For example, in his blog post Intelligent Capture is A Secret Weapon for Bank Branch Performance, Craine explains applications for mobile capture in banking: “Indeed, a new generation of capture solutions has emerged that is helping banks remove the burden of paper in legacy processes, like loan origination and new account openings, while extending the power of document and data capture to branch locations, and even in the field, to achieve new levels of customer service and case management.”
Mobile capture can simplify and accelerate traditionally document-intensive processes and improve the overall customer experience. Craine takes his readers through another use case for mobile capture in the financial markets industry that goes one step further: “Great, you say, but how does this make customer interactions faster? Let’s take an example from the world of stock trade transactions, where trader confirmation is important. If a correction is required, the trader needs written proof. With mobile capture, the customer can make the adjustment, capture it with a smartphone and send it back in seconds and the trade can proceed. That’s not only time, that’s money. When you make the process easier for everyone, you deliver and exceed the standards of customer service.”
How can the insurance industry take advantage of mobile capture? Claim adjusters who use mobile capture can photograph damage and accident scenes, and then upload those images and the accompanying documentation from the field. Therefore, insurers are able to capture documents at their point of origin with a smartphone or tablet for a faster, more efficient and cost-effective process.
What mobile capture looks like in practice
Union Bank is a large regional bank with 400 branch locations. As part of its full solution from IBM, the company leveraged IBM’s mobile capture solution, Datacap. Using Datacap, Union Bank saved 5–8 full-time employees. Albert Pena, vice president of bank operations for Union Bank, describes the high success rate of the Datacap technology: “We have about a 93 percent success rate on all of our barcoded recognition utilizing Datacap.” Pena further explains that the rest can be attributed to ink that was too light, or customers writing over the barcode. For more details about this customer use case, watch the preceding video. Dave Gomez, Senior Vice President of Enterprise Content Management for Union Bank, has positive aspirations for his company with its solution from IBM: “I would recommend IBM Case Manager and Datacap as an integrated solution any day of the week. It’s going to prepare us to be a top 10 bank.”
Discover the top 10 questions to ask before moving to mobile capture
Ready to learn more about mobile capture? Explore the different use cases across industries, as well as the top 10 questions for companies considering mobile capture technology.