Kofax Technology Utilized in First to Market Mobile Banking Feature

Kofax, a leading provider of business automation software and PaperFree partner, recently shared exciting news about how its Mobile Credit and Debit Card Framework and Mobile Capture Platform technology was utilized to bring a new mobile banking feature to the market.  Though the financial institution who developed the feature was not disclosed, Kofax describes it as a "Top 10 Global Bank" which means that it is likely that the feature will propagate to other institutions in order to keep products competitive.  The new feature is a simple utility to activate embossed and non-embossed credit cards via a mobile device.  The customer need only to take a picture of the card via the banking app and the Kofax technology does the rest - automatically extracting the card number and expiration date, checking it against the database, and then activating the card for use.  “Account activation is a critical step in the new credit card customer onboarding process,” said Reynolds C. Bish, Chief Executive Officer of Kofax. “This deployment of Kofax’s mobile capture capabilities digitally transforms the bank’s credit card activation process and fosters a quick, easy and frictionless path to an improved customer experience and immediate card activation.”  Kofax expects that this new feature will improve the customer experience by removing the need to log in via desktop computer or calling into a customer service line, and will make the card ready for use much more quickly and thereby increasing revenue potential.

Though a small step, these little conveniences are what customers crave in their mobile banking experiences.  The more easily customers feel that they can manage their accounts, especially via mobile, the more likely they are to be satisfied with the institution's product.  And, with many consumers wishing to keep their financial needs under one roof this is a great tool to aid in account retention and opportunities for further business with consumers.

More about these products:

  • Kofax Mobile Credit and Debit Card Framework enables banks to embed these capabilities in their mobile apps, helping their customers facilitate easier payments, balance transfers and new account openings.
  • Kofax Mobile Capture Platform enables organizations to create mobile apps that integrate capture and process management capabilities to streamline information-intensive customer interactions and extend self-service capabilities. It turns mobile devices into information capture devices that deliver a more engaging customer experience to “meet customers where they are” in an anywhere, anytime manner. With Kofax Mobile Capture Platform, organizations can improve customer service and accelerate transactions, thereby increasing revenue and customer loyalty. Kofax Mobile Capture Platform is the only platform in the industry that enables banks to create, deploy and maintain their own mobile capture solutions.

To read more about this story please visit the press release.

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