1. business and industrial
2. business operations
3. human resources

Mobile Onboarding: Reducing
Abandonment Using Photo Prefill
Prepared for:
© 2015 Mitek Inc. All rights reserved. Reproduction of this white paper by any means is strictly prohibited.
Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
TABLE OF CONTENTS
EXECUTIVE SUMMARY .................................................................................................................................... 3
INTRODUCTION .............................................................................................................................................. 4
METHODOLOGY ........................................................................................................................................ 4
CONSUMERS’ INCREASING EMBRACE OF THE MOBILE CHANNEL ................................................................. 5
MOBILE ONBOARDING ................................................................................................................................... 7
BENEFITS OF MOBILE ONBOARDING .............................................................................................................. 8
MOBILE SELF-SERVICE ONBOARDING ....................................................................................................... 8
BENEFITS OF MOBILE WEB .................................................................................................................. 8
BENEFITS OF NATIVE APP .................................................................................................................... 9
ASSISTED-SERVICE MOBILE ONBOARDING ............................................................................................... 9
IN-BRANCH BANKING .......................................................................................................................... 9
OFF-SITE PROMOTIONAL EVENTS ..................................................................................................... 10
BENEFITS OF ASSISTED-SERVICE MOBILE ONBOARDING .................................................................. 10
QUANTIFYING THE BENEFITS ........................................................................................................................ 13
CONCLUSION ................................................................................................................................................ 15
ABOUT AITE GROUP...................................................................................................................................... 16
AUTHOR INFORMATION ......................................................................................................................... 16
CONTACT ................................................................................................................................................. 16
LIST OF FIGURES
FIGURE 1: FIS' PLANNED MOBILE BANKING CAPABILITIES ............................................................................. 6
FIGURE 2: PRODUCTS WITH HEAVY MARKETING FOCUS ............................................................................... 6
FIGURE 3: ESTIMATED PROFITS FROM ONBOARDING CREDIT CARD APPLICATIONS OVER THE WEB ......... 13
FIGURE 4: POTENTIAL IMPACT OF MOBILE ON ESTIMATED PROFITS FROM ONBOARDING CREDIT CARD
APPLICATIONS OVER THE WEB ........................................................................................................... 13
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
EXECUTIVE SUMMARY
Mobile Onboarding: Reducing Abandonment Using Photo Prefill, commissioned by Mitek and
produced by Aite Group, explores the benefits that banks can achieve by embracing mobilecamera-enabled onboarding.
Key takeaways from the study include the following:

Banks can fundamentally change onboarding processes, currently burdened by
labor-intensive workflows and high abandonment rates, by enabling customers and
bank personnel to use mobile-device cameras to capture images of identity
documents, such as drivers’ licenses and passports, and using them to prefill a
variety of onboarding forms.

By reducing the amount of onboarding-process friction, banks can increase
acquisition rates for, and profits from, basic products such as checking accounts and
personal lines of credit.

Two modes of usage are possible for mobile-image-based onboarding. The first is
assisted mobile-image-based onboarding, in which a bank employee uses the
technology to capture images of identity documents to onboard a new customer inperson. The second is a self-service mode, in which a bank’s customers or prospects
use the technology to capture images of identity documents and independently
complete an onboarding process wherever they might be.

Both modes of image-based onboarding enable banks to provide a customer
experience that is far faster and easier than traditional means, which typically
involve paper forms, face-to-face interviews, or Web-based forms that have high
user-error rates―and are burdened with high abandonment rates as a result.

By delivering more structured data than traditional onboarding workflows allow,
mobile-photo-based onboarding reduces the amount of manual input required of
onboarding staff, increasing their productivity and freeing them up for more valuegenerating activities such as sales.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
INTRODUCTION
Although financial institutions have broadly adopted mobile as a channel for promoting and
selling services, banks still struggle to use it for customer onboarding, that critical last mile of
data exchange required to initiate a banking relationship. When consumers attempt to onboard
themselves over a mobile device, the number of required data points, the small interface, and
various keying errors often cause frustration and even abandonment. This is no small issue for
banks, for which mobile is a powerful channel. Even when a channel is capable of promoting
products and reaching customers, if it can’t support onboarding, the bank will lose revenue
opportunities. In this white paper, Aite Group examines a potential innovation available to
banks: the use of mobile-device cameras by bankers or customers to capture images of identity
documents, which are then used to automatically prefill onboarding forms, a process commonly
referred to as mobile-camera-enabled onboarding.
Managers in retail banking operations can use this white paper to understand how mobilecamera-enabled onboarding can impact their customers’ experience, bring scale to bank
operations, and reduce costs. Senior bankers can use it in evaluating proposed investments in
such a technology.
M E T H O D O LO GY
This white paper is based on ongoing, in-depth Aite Group surveys of and discussions with
professionals at banks in North America, Europe, the Middle East, and the Asia-Pacific region.
Sources of such discussions include:

A Q1 2014 global survey of executives at 141 banks with more than US$10 billion in
assets

Three Q1 2015 interviews with U.S.-based banks that have placed mobile
onboarding on their technology roadmaps or plan to do so as a result of beta tests

A Q1 2014 Aite Group survey of 233 U.S.-based bank and credit union executives

A Q4 2014 survey of 262 U.S.-based senior financial services marketing executives by
Aite Group and The Financial Brand
Executives contributing to this research have extensive business or IT responsibilities and titles
that include chief technology officer, chief risk officer, chief information officer, executive vice
president, vice president, senior vice president, and director. Also incorporated are results from
Aite Group discussions with regulators and reviews of government reports and guidance. This
white paper is also based on an in-depth examination of Mobile Photo Account Opening, a
mobile-camera-enabled onboarding capability from Mitek.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
CONSUMERS’ INCREASIN G EMBRACE OF THE
MOBILE CHANNEL
Americans’ reliance on mobile technology is growing. Nearly 160 million people in the United
1
States—about two-thirds of all U.S.-based mobile phone subscribers—own a smartphone.
Smartphone owners used an average of 27 mobile applications each month during Q4 2013, up
2
slightly from an average of 26 apps in Q4 2012 and 23 apps Q4 2011. Although the number of
apps used hasn't changed dramatically, the time spent using those apps has. In Q4 2011,
smartphone owners spent, on average, a little more than 18 hours each month using mobile
apps. In Q4 2013, smartphone users engaged with mobile apps for more than 30 hours a
month—with 18- to 24-year-old consumers interacting with mobile apps in excess of 37 hours
per month.
How are FIs responding to consumers' use of mobile devices? Not surprisingly, many are focused
on building out mobile banking capabilities. Nearly nine in 10 FIs expect to offer mobile bill pay
by the end of 2015, and another one in 10 say they will probably offer it at some point. More
than half of FIs anticipate taking checking account, mortgage, and car loan applications via
mobile device by the end of 2015. And almost half of FIs expect to have implemented mobile
personal financial management features, such as budgeting and expense categorization, by the
end of 2015 (Figure 1). Indeed, when U.S.-based banks are asked about the products and
services they plan to most heavily market in 2015, mobile capabilities are among banks’ top five
priorities (Figure 2).
1. ComScore, "comScore Reports January 2014 U.S. Smartphone Subscriber Market Share," March 7,
2014, http://www.comscore.com/Insights/Press-Releases/2014/3/comScore-Reports-January-2014US-Smartphone-Subscriber-Market-Share.
2. MarketingCharts, "Smartphone App Usage," http://www.marketingcharts.com/wp/wpcontent/uploads/2014/07/Nielsen-Smartphone-App-Usage-Q42011-Q42013-Jul2014.png, accessed
July 24, 2014.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
Figure 1: FIs' Planned Mobile Banking Capabilities
Deployed and Planned Mobile Banking Capabilities From FIs
(N=233)
Bill pay
86%
11%
Checking account
applications
55%
20%
25%
Mortgage applications
54%
23%
23%
Car loan applications
53%
23%
24%
Budgeting
49%
30%
21%
Expense
categorization
48%
30%
22%
Already have or will likely
have by end of 2015
Not deployed,
but probably will
Not deployed,
and probably won't
Source: Aite Group survey of 233 U.S.-based bank and credit union executives, Q1 2014
Figure 2: Products With Heavy Marketing Focus
Q. What products and services will your FI most heavily market in 2015?
(N=262)
Mortgage loans/refinancing
59%
Mobile banking solutions
56%
Auto loans/refinancing
52%
Credit cards
47%
Home equity loans/lines
47%
Online banking/bill pay
38%
Business lending
37%
Free checking accounts
34%
Business banking services
30%
Financial education
23%
Checking accounts (fee-based)
22%
Investment products/services
20%
Mobile wallet
18%
Interest checking accounts
16%
Youth/kids accounts
13%
Certificates/term deposits
11%
Savings accounts
11%
Personal financial management
10%
Retirement products
10%
Person-to-person payments
10%
Prepaid cards
4%
Source: Financial Brand/Aite Group survey of 262 U.S.-based senior financial services marketing executives, Q4 2014
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
MOBILE ONBOARDING
Given banks’ appetite for the onboarding and sale of their products via mobile devices,
technology that onboards customers to such products and services warrants a close
examination. Typically deployed as a new channel and already adopted in successful beta
deployments by several large banks, mobile-camera-enabled onboarding capabilities automate
various tasks, including the following:

Reducing friction: Across banks’ channels and product types, transaction friction can
be reduced when the data acquired from mobile-camera enabled onboarding is
used to prefill forms that would otherwise be manually completed by either
customers or bank personnel, common sources of errors, delays, transaction friction,
and process abandonment.

Capturing user-driven and image-based data: Mobile onboarding reduces
transaction and process friction by using the cameras on mobile devices to capture
images required when a banker has closed a sale. Such captured documents include
driver’s licenses and passports, and they can be captured by bank personnel on or
off bank property, or by consumers, wherever they may choose to complete such a
process in self-service mode. Other captured documents include trailing documents
such as utility bills for verifying identities or checks for funding accounts. Data can
also be acquired over mobile devices via interview-like dialogues with consumers.

Processing applicants: Downstream capabilities aggregate data captured by mobile
devices. Banks also analyze such data to make rapid, and often real-time, frauddeterrent and credit-related decisions, which are then forwarded to bank personnel
and consumers.

Supporting remote events: One of the banks Aite Group interviewed uses its mobile
onboarding capabilities to support staff at remote promotional events, such as
sports events or concerts. In such situations, bank staffers use tablets, rather than
paper, to help consumers apply for credit and provide supporting documentation.
Strategies for mobile-camera-enabled onboarding are focused on simple products, such as
checking accounts, savings accounts, credit cards, and other personal lines of credit, all of which
require relatively few documents and require neither collateral nor extensive underwriting.
Mobile deserves emphasis in branch-based banking due to its potential impact on branch
economics. Fixed in its number of teller windows and offices, the typical branch is thus also
limited in the number of transactions that each employee can complete in a day. The tablet’s
mobility, however, can overcome this limitation. Tablets can be used in spaces not formally
dedicated to transactions, such as foyers, waiting areas, or anywhere that has a reasonable
amount of privacy where a bank employee can interact with a customer.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
BENEFITS OF MOBILE ONBOARDING
When Aite Group examined the use of mobile-device cameras for onboarding data capture, we
identified benefits for two broad types of interactions: mobile self-service, in which the
customer independently completes onboarding with the use of a mobile-device camera, and
assisted service, in which a mobile-device camera facilitates onboarding during a face-to-face
interaction between a bank employee and a customer or prospect.
M O B I L E S E LF - SE RV IC E O N B OA R D I N G
Aite Group expects extensive adoption of mobile self-service onboarding. Banks have two
opportunities to embrace this type of onboarding:

Mobile Web: Banks that have created mobile-compatible versions of their Web
presence can add mobile self-service onboarding to their mobile website so that
customers and prospects have more ways to open accounts, apply for credit, and
onboard.

Native app: A second deployment mode, the “native app” approach, has consumers
downloading a bank’s mobile self-service applications to their mobile devices.
For both use cases of mobile self-service onboarding, Aite Group sees benefits that are different
but closely related.
BENEFITS OF MOBILE WEB
In embracing mobile-device-based onboarding over the mobile Web, Aite Group sees a valuable
opportunity for banks to add a new sales channel. This is an opportunity that rarely arises,
especially for relatively mature financial institutions. In meeting the needs of its customers,
banks must accommodate wide customer variations. Mobile Web enables banks to market to
the banking customer who, in addition to using traditional channels, is ready to buy and enroll in
bank products and services over a mobile device. Seeing the opportunity to use this channel to
improve onboarding, many banks have placed this technology on their roadmaps. At a top 10
U.S. bank that has embraced mobile-Web self-service onboarding, a manager of retail channel
management said,
We are already planning to have ad campaigns for credit cards based on Mitek’s
Mobile Photo Account Opening capability. There will be a QR code in print
media, and people will just scan the code, take a picture of their license, and
type in their annual income. That’s all it will take for them to respond to a
campaign and start the process.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
BENEFITS OF NATIVE A PP
Still another approach for banks is the “native app,” mobile-enabled onboarding in which
customers download to their mobile device applications that enable them to use their mobiledevice camera to onboard with a bank. Aite Group sees two types of banks embracing nativeapp mobile onboarding: nontraditional “branchless” banks, and traditional banks that seek
another channel over which customers can onboard themselves.
For banks such as Ally, which embrace a “branchless bank” approach as a benefit to cost
structure and brand image, native-app mobile self-service onboarding can broaden their reach
and rapidly achieve economies of scale. By turning to a third-party vendor rather than building a
capability in-house, branchless banks can avoid the costs of both building such capabilities and
keeping them updated to accommodate the continual changes in mobile devices, their operating
systems, and wireless transmission standards.
Although branchless banks seek to be as virtual as possible, it’s not possible for these institutions
to be free of the manual workflows and back-office costs of a traditional bank. By embracing the
native app, branchless banks can reduce costs by nearly virtualizing the gathering of onboardingcritical data. One champion of the native app approach to onboarding said,
The processing of onboarding new customers, based on the data they manually
provide, is extremely labor intensive. But as I watch our beta test of remote
onboarding, I see lots of manual application work being automated away. I
anticipate being able to grow by more than 15% with headcount growing at a far
lower pace; that means the capability is delivering scale.
A S SI ST E D - S E RV IC E MO B I LE O N B OA R D IN G
Assisted-service mobile onboarding has two primary venues: in-branch banking, and off-site
promotional events.
IN-BRANCH BANKING
Although rapidly maturing and increasingly eclipsed by the Web and mobile devices, branches
are still important to banks. Branches provide banks a venue in which to complete physical
transactions that require hard copies of documents or the physical presence of a banker or
customer. Branches are also a primary way for banks to enhance their brand and acquire new
customers. Unfortunately, the economics of branch operations have become drastically
challenging over time: Although ATMs, mobile devices, and Web presences have reduced
customer branch visits, these facilities still incur relatively unchanged levels of costs related to
rent, maintenance, IT, and staffing. This means that bankers must increase the yield on every
employee and square foot of real estate in a branch.
In meeting branch-network challenges, banks have a significant opportunity to use assistedservice mobile onboarding. By rendering mobile a branch banker’s ability to complete
onboarding processes, such processes can be completed anywhere a document can be
photographed with a relative amount of privacy. Resulting benefits include shorter wait times
and higher yields on branch employees, rent, and other fixed costs.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
OFF-SITE PROMOTIONAL EVENTS
Hindered by paper-based workflows, off-site promotional events—a primary venue for newcustomer acquisition by financial institutions—are ripe for improvement through assistedservice mobile onboarding. Sports events, college campuses, and Select Employer Group (SEG)
promotions (hosted by credit unions) all present opportunity for mobile onboarding.
Traditionally, off-site promotional events have had attendees filling out paper forms in order to
receive promotional merchandise, apply for credit or a bank account, and ultimately benefit
from such a new bank service. This represents many a problem. Off-site promotional events are
often characterized by the following types of issues:

Throughput: Application volume at off-site events can be low because filling out
paperwork takes time and reduces the number of attendees who can apply for a
product at such an event.

Data quality: Data quality is often low at offsite events―people often make errors
when providing their personal data by hand, bank employees often make errors
when transferring such data to bank systems, and event attendees sometimes
provide bogus data in return for free promotional merchandise.
By using snapshots of identity documents from mobile-device cameras, rather than paper and
pen, to capture onboarding-relevant data, retail staff can dramatically reduce the length of time
spent with each applicant, increasing throughput and the total number of interactions per event.
The digital- and camera-based capture of identity documents will have two additional benefits: It
will increase the accuracy of the acquired data, and it will thus deter attendees from providing
bogus data for promotional merchandise.
BENEFITS OF ASSISTED -SERVICE MOBILE ONBOARDING
Whether utilized in the branch or at off-site events, some of the benefits of assisted-service
mobile onboarding include:

Reducing abandonment: One of the biggest challenges in retail banking—whether
at the branch or at an off-site event―is process abandonment, the fatigue-induced
stoppage of lengthy tasks such as account opening or credit applications. By using
assisted-service mobile onboarding to speed data capture, banks can dramatically
simplify the traditionally lengthy processes required to onboard customers. The
easier such tasks are, the less they'll be abandoned, and the higher the rates of
cross-sell and upsell branch personnel will achieve. In fact, reduced process
abandonment is one anticipated benefit of forthcoming mobile onboarding
adoption at a top 25 U.S. retail bank. At this bank, a deployment advocate for photobased onboarding stated that,
One of the first destinations of this capability is the branches, where we want to
eliminate every source of transaction friction. The easier it is for a customer to
apply for a car loan or credit card, the more likely you are to both sell to and
onboard them.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill

April 2015
Increasing staff utilization: In the absence of costly renovations, branches have a
fixed number of offices and teller windows available for bank transactions.
Inherently fixed in their footprint and design, bank branches present few
opportunities for higher levels of productivity or revenue generation. Tablets,
however—given their wireless and mobile nature—can make branches far more
flexible. Such devices, equipped with mobile-camera-enabled onboarding
capabilities, enable retail bankers to roam the branch, completing transactions in
areas not originally designated for transactions and reducing wait times by
increasing teller throughput. By rendering a branch's operations more flexible and
increasing utilization rates, tablets, equipped with mobile-camera-enabled
onboarding, allow bankers to increase branch earnings and returns on investment in
this costly and maturing channel. One advocate of his or her bank’s Mobile Photo
Account Opening capability from Mitek said,
This capability makes applications shorter. The shorter they are, the more such
transactions your employees can initiate and close, whether at an event or in
the branch.

Creating more acquisitions per campaign and per branch banker: By enhancing the
customer experience with a more iPhone-like interaction, assisted-service mobile
onboarding also improves the productivity of retail bank personnel. This is enabled
by two features within the technology:
 Speed: First, using images of data-rich documents, such as drivers’ licenses, in
the onboarding process, significantly accelerates data gathering. A driver’s
license contains up to nine data points, including a customer’s name, date of
birth, and current address. By capturing nine such data points in just one
workflow, bankers’ basic data-gathering tasks often decline from 12 to
approximately three, resulting in a far shorter and easier onboarding or
application process, actions completed by branch staff many times a day.
 Mobility: By rendering the onboarding process mobile, assisted service mobile
onboarding vastly expands where and when an employee can onboard a
customer. Often compensated based on sales volume, retail bankers typically
respond to such productivity improvements by increasing their number of
customer interactions in a given hour at a branch or off-site event.

Improving quality of acquired data: Traditionally, the acquisition of low-quality data
has been one drawback of off-site events and, to a lesser degree, face-to-face
branch interactions. Poor data acquisition is one problem. Abandonment-related
data is also a challenge. Customers and prospects who abandon processes rarely
leave behind enough information to be used in outbound sales efforts. Mobile
onboarding systems, their onboard cameras, and purpose-built data acquisition
capabilities can ease data acquisition. By capturing images, these systems obtain
highly structured data that can be more readily ingested by downstream data
management and analysis capabilities. One advocate of a bank’s embracing Mobile
Photo Account Opening, which uses its brick-and-mortar network to reach a
traditionally underbanked target market with a high level of credit risk, said,
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11
Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
Right now we have 30 people who spend about 20% of their time on the vetting
of application data, which really doesn't add or create value. They spend about
80% of their time managing risky exposures, which does add value. We expect to
increase that 80% to more than 95% with remote onboarding.
Another advocate of assisted-service mobile onboarding, who saw an increased layer of fraud
deterrence as one benefit of deployment, said,
We take pictures of the fronts and backs of licenses. Embedded within the bar
code on the back of a license is a lot of information that can be used to detect
fake IDs.
An advocate of assisted-service mobile onboarding deployment identified the ability to reduce
credit risk:
When we do business with a person, we know that we have identifying data on
him or her that is complete, accurate, and recent, so we are in a better position
should the situation wind up in collections.
Yet another user indicated a reporting benefit:
By gathering all of a customer’s identifying data in such a structured fashion, we
know we have verified the customer’s identity, and that there are minimal
problems with the data we rely upon to comply with Know Your Customer
regulations.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
QUANTIFYING THE BENEFITS
By increasing the seamlessness and ease of onboarding for bank products such as checking
accounts and credit cards, mobile onboarding can reduce abandonment rates for these
products. The resulting fees and the spreads earned over the cost of a bank's funds for these
credit facilities—which would not have been extended in the absence of remote onboarding—
are both profit sources attributable to the adoption of this technology.
Given the potential magnitude of such a benefit, a bank should estimate its financial impact.
First, the bank must assess the current cost of abandonment for a given product and channel.
Figure 3 estimates cost of abandonment for credit card applications over a bank’s website. The
bank is small, with only 4,000 credit card users onboarded annually over the Web, charges an
annual credit card fee of US$25, and earns 100 basis points on its credit card balances.
Figure 3: Estimated Profits From Onboarding Credit Card Applications Over the Web
Manual onboarding
Onboard
attempts
Successful
per
Abandonme onboardings
annum
nt rate
per annum
10,000
60%
4,000
Average Spread
Annual
credit
earned
Annual fee
fees
card
over cost
per card
earned balance of funds
$25
$100,000 $9,000
1.00%
Profit
from
Total
spread profit to
earned
bank
$360,000 $460,000
Source: Aite Group estimates
Aite Group estimates that when consumers apply for a credit card by using their mobile device
to take a picture of their driver’s license, rather than manually inputting its eight to 10 data
points, abandonment will reduce by a significant amount. This delta, though currently
inestimable due to the beta nature of the five deployments of mobile onboarding cited, is
anticipated by Aite Group to be significant, and likely in well excess of 25%. For the bank with
abandonment activity characterized by Figure 3, an estimation of the benefits from a
deployment of mobile onboarding is captured in Figure 4.
Figure 4: Potential Impact of Mobile on Estimated Profits From Onboarding Credit Card
Applications Over the Web
Onboard
attempts
Successful
per
Abandonme onboardings
annum
nt rate
per annum
Manual onboarding
10,000
60%
4,000
Mobile-enabled onboarding10,000
45%
5,500
Impact of mobile-camera enabled onboarding
Average Spread
Annual
credit
earned
Annual fee
fees
card
over cost
per card
earned balance of funds
$25
$100,000 $9,000
1.00%
$25
$137,500 $9,000
1.00%
Profit
from
Total
spread profit to
earned
bank
$360,000 $460,000
$495,000 $632,500
$172,500
Source: Aite Group
It’s important to note that the potential deployment benefit captured in Figure 4 is only one
product sold over one channel. Such estimations should be made for the impact of mobile
onboarding on the sale of checking accounts, savings accounts, and credit cards over the Web, at
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13
Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
the branch, and at customer events. Additionally, for every new channel added to a bank’s
business model as a result of mobile onboarding, estimates similar to the quantification in Figure
3 should be made to quantify the addition to the bank’s bottom line.
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Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
CONCLUSION
Challenged by ever-increasing customer demands for seamless processes, multiple sources of
disintermediation, and regulatory demands that complicate sales and onboarding, bankers are
under pressure to find new customer acquisition channels. One such new channel, capable of
improving the customer experience, is the use of cameras on mobile devices for onboarding by
both customers and employees. Among the potential benefits of this technology identified by
Aite Group are―

Enhanced customer experience: By using device-based cameras to digitally capture
data from onboarding-related documents such as drivers’ licenses, mobile
onboarding capabilities eliminate the need for consumers to manually enter data on
a mobile device.

Lower abandonment rates: Benefitting from a far shorter and easier onboarding
process, bank customers are far more likely to complete such processes, resulting in
higher customer acquisition rates for banks.

Improved productivity: While mobile onboarding makes onboarding processes
easier for consumers, this technology also improves outcomes for bank staff. With
fewer data points to acquire, validate, and record, bank employees can reduce their
error rates while increasing their productivity. Such efficiencies mean that
employees can spend more time closing additional business or examining acquired
data to make better decisions.

Higher branch utilization rates: By using mobile onboarding to improve the
productivity of branch-based employees, managers of retail branch operations can
improve the performance metrics of their branches, which are increasingly
challenged by falling visitor volume and relatively fixed cost structures.
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15
Mobile Onboarding: Reducing Abandonment Using Photo Prefill
April 2015
ABOUT AITE GROUP
Aite Group is an independent research and advisory firm focused on business, technology, and
regulatory issues and their impact on the financial services industry. With expertise in banking,
payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive,
actionable advice to key market participants in financial services. Headquartered in Boston with
a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its
clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they
remain at the forefront of industry trends.
AUT H O R I N FO R MAT IO N
David O’Connell
+1.617.338.6001
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C O N TAC T
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