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Monday, April 26, 2010
(FISERV)
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Brookfield, Wis., April 26, 2010 - Fiserv, Inc., the leading global provider of financial services technology solutions, today announced the results of market research focused on trends in remote deposit capture from the home. The research, conducted by Fiserv in the first quarter of 2010, found that 74 percent of respondents expressed a level of interest in home deposit services - a technology that enables an individual to electronically scan and deposit checks from any location with a PC, scanner and Internet connection.
In particular, the research found that respondents who owned a business tended to deposit the most checks per month and 80 percent of such business owners would be interested in using this service for business purposes. The research also showed that the demographic most interested in home deposit technology skewed younger and was between the ages of 21 and 34. Detail findings included:
- Consumers who were interested in this service deposited an average of 1 - 5 checks per month
- Businesses that were interested in the service deposited 11 - 50 checks per month on average
- The biggest barrier to adoption was concerns over privacy and security
- The respondents showed a sensitivity to price but more than 40 percent would be willing to pay a small per item fee for the convenience of home deposit
"Our research shows that the banks who adopt remote deposit technologies will be providing a highly desirable customer benefit," said Rod Springhetti, vice president, Business Planning, Global Payment Solutions, Fiserv. "While there is still more research to be done with remote deposit capture technologies, our initial results show that the younger generation of consumers and small business owners recognize the value in this technology. For banks that are looking for new ways to boost customer retention and satisfaction, this technology is another way for them to do so and appeal to the evolving need for a convenient 24/7 connected lifestyle."
The market research was conducted online between February 25 and March 5, 2010. Respondents were required to have a checking and savings account, an Internet connection, and a scanner or a multi-function printer with scanning capabilities. A total of 507 valid responses were collected.
Fiserv will be demonstrating its Consumer Source Capture solution at NACHA's PAYMENTS 2010 Conference in Seattle, Washington on April 25 - 28, 2010. Also at the conference, Springhetti will be presenting a breakout session to explain how financial institutions can roll out a winning consumer deposit capture program and the opportunities that this can create for financial institutions. Springhetti's session, titled On the Phone & At Home: Consumer Deposit Capture, will take place on Wednesday, April 28 from 9:45 - 10:45 a.m., in room 609.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrated its 25th year in 2009. For more information, visit www.fiserv.com.
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