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The Secrets to Chase's Mobile Success: Exclusive Q&A With SVP Ravi Acharya

Chase's Ravi Acharya, SVP and head of product management for online, mobile and social, discusses the evolution of the bank's mobile banking offerings, lessons learned and what the future holds for the channel.

How important is channel integration? Are your mobile banking customers using other channels as well, or solely mobile?

Acharya: We tend to think of our mobile customers as just customers, and our customers use all our channels. Our goal is to make it more convenient for you as our customer to access our services -- whether it is via mobile, online, the ATM or in the branch -- or sometimes you want to call us. What we see is that our customers use multiple channels, and our goal is to create an environment where they can have a seamless experience across those channels.

Chase was one of the first banks to offer mobile remote deposit capture. How has the product grown, and what will be the next big mobile product to hit the market?

Acharya: Since we launched mobile RDC in 2010, the uptake from customers has been phenomenal. I think that's because we solved a basic problem -- it's convenient; you can deposit a check in your pajamas. If you get a check from someone for five grand, you're walking right down to the branch and depositing it. But if you get a $50 check, it sits around for a long time. It's all those little annoying checks that add up, and that's where mobile RDC factors in. That's not to say it's only for small checks; some people do deposit their payroll checks with it.

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There are a number of things we continue to look at for new services in mobile. Last year we introduced QuickPay, and we thought that was a great next step for us. We continue to look at how we can leverage various aspects of the mobile device, while at the same time trying to keep it a really simple experience for customers. You don't want to complicate things too much. Sometimes people rush off and implement technology for technology's sake. Those things usually don't end up working too well, and we try to stay away from that.

What would you say to those who won't try mobile banking because of security concerns?

Acharya: Security is super important to us as a bank. We want to make sure our customer information is safe. We want to make sure our customers' information is not accidentally seen by someone else.

We take a lot of precautions across all of our channels. In the mobile space, from Day One, we've been extremely sensitive to make sure our stuff is as secure as can be. We do several security audits to ensure that what we roll out to our customers is as secure as the current environment supports.

Do you have any growth projections for your mobile customer base in the next year?

Acharya: We have a good trajectory. Our growth rates are really strong. I'm sure many years ago when the ATM channel was coming along, someone said, "How many people do we think will use the ATM next year?" At some point, they stopped asking because it became so normal and everyone uses it. To me, at some point with mobile banking, everyone is going to use it. It's going to be a normal way of doing your banking.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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User Rank: Moderator
3/16/2012 | 5:56:12 PM
re: The Secrets to Chase's Mobile Success: Exclusive Q&A With SVP Ravi Acharya
Chase may be proud of its remote deposit but it would be really nice if it actually worked on the Android platform. -áChase has been told many times that it is buggy. -áYou line up a check, you 'click'. -á Focus hunts in and out until it is as blurry as possible, then it takes the shot. And even if it gets the shot (one in 10, maybe, in my experience on more then one phone) it still randomly tells you that there was an (unspecified) error and you need to start again.

IOTW, it's broken! -áNothing there to be proud of. -áThough simpler functions (that you could do over a telephone) work nicely. -áAnd in the meantime Chase still doesn't have this ability in its home banking tools (remote deposit) with no word of when they will.-á

BTW, I've been a Chase home banking customer for more then 25 years.
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