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Fiserv Research finds nearly 75% of consumers are interested in home-deposit services
April 28, 2010
Fiserv Inc. today announced the results of market research focused on trends in remote deposit capture from the home.
According to a news release from Fiserv, the research, conducted by the company 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 one to five checks per month
- Businesses that were interested in the service deposited 11 to 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 of business planning of global payment solutions for 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 Feb. 25 and March 5, 2010. Respondents were required to have a checking and savings account, an Internet connection, and a scanner or a multifunction printer with scanning capabilities. A total of 507 valid responses were collected.
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