The growth in smartphone sales may be killing the camera business, but it’s opening new uses for imaging in mobile banking. There’s even technology on the way that would allow customer to pay bills by snapping pictures of their faces.
The picture apps “created a new category of mobile imaging for financial transactions” says Scott Carter, chief marketing officer of Mitek, a mobile imaging company that has created mobile check deposit and bill pay apps for banks nationwide.
The banks are seeing much higher customer loyalty among picture-app users, especially among those who were early adopters of the technology, said Carter; he noted they tend to be younger and bigger spenders.
“Those customers tend to be more loyal, stickier,” says Carter. “It’s attracting a very desirable customer.”
Mobile picture-pay apps use optical character recognition to translate a picture of a bill into a customer record that the user can pay with a few taps of the phone, instead of entering all the information by hand. It comes down to removing steps and friction in completing transactions.
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