Thanks to evolving technology, it seems as if some form of new technology is introduced every week. One new technology is referred to as mobile captures. No, this doesn’t mean taking a photo of something from your smartphone or mobile device. Also referred to as a mobile imaging solution, a mobile capture is software specifically loaded onto your smartphone or mobile device that allows you to use your camera to take a photo of a document to perform a variety of tasks. These tasks facilitate commercial transactions, such as, depositing a check, paying a bill, enrolling in a new service, obtaining a quote, and much, much more.
Mobile capture capability turns smartphones into information capture devices with more dynamic apps that meet customers where they are, when they want to be engaged, and on their preferred channel.
“Mobile technology is at the epicenter of this disruption,” according to Michael Reh of Bangalore-based Infosys Finacle, “transferring as it does, more power to end-users. The next generation of banking customers has high expectations from banking, spilling over from their experience with digitally progressed verticals, such as, retailing or telecom. They will take their business to the providers that fulfill their expectations of what banking should be: seamless, convenient, personalized, and needless to say, completely digital. Increasingly, those providers will be niche players with mobile and mobile-only offerings – think payments, P2P (Peer-to-Peer computing or networking) and small business loans, and even deposits – that will disintermediate and disengage traditional banks from their customers.”
Check out these stats courtesy of MitekSystems:
*By 2016, mobile banking will grow by 300 percent – fueling that growth will be mobile deposit and mobile photo bill pay.
*By 2016, the number of customers depositing checks with their smartphones will expand from 12 million to 48 million.
*By 2016, the number of customers paying bills with smartphones will grow from 14 million to 57 million.
*Nearly 1 in 5 is expected to use smartphone deposit checks by 2016 – up from 1 in 20 in 2012.
And these stats about Millennials:
*83 percent of millennials think mobile capture will be part of all mobile transactions in the next five years.
*68 percent of millennials got their first exposure to mobile capture with Mobile Deposit.
*Millennials want more mobile capture across industries: retail, insurance, credit cards, healthcare, and education.
According to Kevin Craine of Craine Communications Group, “58 percent of American adults use a smartphone, over 40 percent own a tablet, and mobile computing grew by over 80 percent just last year alone.” These incredible statistics show how critical it is for companies to embrace mobile capture, the ability to capture document images and upload them on the fly.
If you are wondering why, the answer is simple. Mobile capture is quickly becoming an important differentiator, especially for companies in the traditionally document-intensive industries including banking, law, accounting, insurance, healthcare, and government operations.
Consider the amount of paperwork involved in the loan process for a piece of property or the amount of paperwork when purchasing or leasing a new automobile. What happens if you leave the bank only to receive a phone call that you need one remaining piece of documentation? That’s where your smartphone comes in handy. Simply take a photo of the document, click on a link in an email, and upload the image. The result is better service and the elimination of a delay in the process.
Ask before you offer mobile captures. The first thing is, if there are compliance rules you are required to follow, that alone can determine if you are able to offer this capability. Will mobile capture capability deliver business value? Do you have a repository in place to store images coming in, and how will your business manage them once they arrive? What about image quality control? In terms of ROI, how much efficiency will be improved as a result of adding mobile capture capability to your business?
Lastly and most importantly, what kind of security measures will be in place? If an employee in the field with mobile capture capability loses his or her smartphone, what procedures are in place to secure the data? How about accessing that data? You must make certain to implement the same encryption, password protection, and other data security measures that you provide to all other internal processes.
With so much important information loaded onto smartphones, take the time to protect the info on your device. Here are three easy tips:
 APPLY A SCREEN LOCK: With so much personal information stored on our mobile devices, it is unwise to leave them open for anyone to access. Unfortunately, only half of smartphone owners use a lock code. A simple password, pattern, or fingerprint lock creates a barrier to anyone who tries to access your data.
 PRACTICE SAFE WEB SURFING/DOWNLOADING: Just like your computer, your mobile device is susceptible to malware. The process of keeping a clean phone requires many of the same habits as keeping a clean computer: avoid unsafe websites, do not open email attachments or links from unknown senders, and stay away from apps from unknown publishers and alternative app stores.
 ACTIVATE REMOTE WIPE CAPABILITIES: If someone does steal your smartphone, remote wipe programs can make it impossible for them to access your information even if they know or guess your password. As a business, you should keep administrative control over employee smartphones that have this capability so that network access can be shut off immediately if a smartphone is lost or stolen.
Image Credit: Stuart Miles via FreeDigitalPhotos.net
Inspiration for this post: “Are You Ready for Mobile Capture?”
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