By: Joe Gillen
Several bank consultants have made comparisons between online and mobile banking features as of late. For instance, both afford consumers the ability to check balances, transfer funds and pay bills with the touch of a button. The only true differentiator, they note, is the remote check deposit feature. As mobile banking evolves to offer more features, such as picture pay and credit card bill payments, many analysts argue that banks and credit unions with mobile capabilities will need to differentiate these offerings from standard online banking programs by integrating imaging and voice recognition software with their innovations.
For example, a recent American Banker article noted that while typing in credit card numbers and other personal details is simple on a PC when banking online, these tasks are more difficult, tedious and frustrating on a mobile device. As a possible solution, banks and credit unions can update their technology to include imaging or voice recognition that can expedite the tasks. Voice recognition software has also been promoted as a form of identification authentication.
"Mobile banking is driving a difference in consumer behavior," Mary Monahan, executive vice president and research director of mobile services, at Javelin Strategy & Research told American Banker. "The things that worked online are not going to work with mobile. Things we put up with online, like typing in your credit card number and address, work, but they're an irritation. On a mobile device, all that typing is too cumbersome, it's too easy to make a mistake and it interrupts the buying decision. There's going to have to be a real re-thinking and a re-engineering of the process. How are we going to do that? We are going to have to use imaging to meet that need."
Voice software to run alongside imaging technology
A separate article in the Credit Union Times noted that voice recognition software will also become as important as imaging in the future, namely because its faster than manual settings. Commands, such as "Pay my cellphone bill," or "What is my my savings account balance" may become more commonplace and in demand, as many smartphone users are already accustomed to these types of features offered by iPhone's Siri application.
Many analysts say that technology has not quite caught up to demand, but argue that many banks are already considering testing out these new methods.