Tuesday, March 25, 2014

Mobile bankers rapidly adopting check-deposit technology

It seems like every bank is now offering its customers the ability to take a picture of a check to deposit it in their account. And it's now growing increasingly clear that people really like the technology, if a Federal Reserve report Tuesday is any indication.

Nearly 40 percent of people who use mobile banking reported using mobile check deposit features last year, up significantly from the 21 percent who said they did in 2012. The jump comes as banks big and small have rolled out the technology to their mobile applications. Bank of America did so in summer 2012, and Wells Fargo later that year. The smaller NewDominion Bank offered it in early 2013, and now even some credit unions offer it.

That increase in adoption was one finding in the Federal Reserve's report on mobile financial services.

A few other highlights:

  • 17 percent of smartphone users have made a payment using their phones at the point of sale, up from 6 percent in 2012.
  • The percentage of people using mobile banking rose slowly, to 33 percent from 28 percent.
  • People are using mobile  banking less frequently, at four times per month compared with six times per month.


Anonymous said...

It seems to me nowadays every respectful financial institution or lending company presented online should offer mobile options and services to their customers. People tend to shift their business and financial matters from online to mobile and sometimes lack of mobile functions create rather sensitive inconveniences.