20 April 2014

Wells Fargo takes mobile deposit service nationwide

28 November 2012  |  1969 views  |  1 Source: Wells Fargo

In a move to deliver innovation and added convenience in the rapidly growing mobile banking space, Wells Fargo & Company (WFC) today announced the nationwide expansion of Wells Fargo Mobile Deposit.

Using an Android or iPhone device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check.

"The exponential growth of mobile banking is fueling the thirst for more futuristic, easy-to-use applications such as mobile deposit," said Brian Pearce, senior vice president, head of the Retail Mobile Channel, Digital Channels Group, Wells Fargo. "Mobile deposit is a very popular service among our customer base. Customers love the added convenience of depositing checks while on the go."

"Our mobile banking customer base has grown by more than 30% this year alone to more than 9 million customers," he added. "We attribute this growth to our customers' adoption of a new mobile lifestyle. Customers increasingly use their mobile devices to complete every-day tasks including managing their finances."

During the initial launch, which occurred June-October 2012 and spanned 15 states, customers used Wells Fargo Mobile Deposit to deposit more than 600,000 checks.
"As soon as I receive checks in the mail, I use Wells Fargo Mobile Deposit to quickly make a deposit and gain fast access to my funds," said Chris Erlin, a Bay Area customer. "I've been a Wells Fargo customer for several years and have always enjoyed the variety of channels at my disposal, ranging from the ATMs for cash withdrawals; to the stores for specialized services like safe deposit box, currency and cashier's checks, and now Mobile Banking to deposit paper checks."

Customers can use Mobile Deposit through the Wells Fargo Mobile app for Apple and Android-supported devices. To make a deposit, customers choose the eligible consumer or business account where they want to deposit their check, enter the check amount, and use their mobile device to take a picture of the front and back of the endorsed check. After they submit their deposit, Wells Fargo sends a confirmation message.

For added security, credentials and check images are not stored on the mobile device. In addition, Wells Fargo uses advanced encryption and security technology to mask sensitive information. Wells Fargo also recommends that customers select "Sign Off" when they complete their financial transaction. Wells Fargo's Online Security Guarantee provides added protection against unauthorized access to customers' accounts. 

Comments: (1)

George Ravich - CSC - Wilton | 29 November, 2012, 10:08 Congratulations to Wells Fargo for their bold move towards borderless consumer banking. With such a strong trend in mobile banking on the consumer side, I am surprised that more banks are not gearing up for similar growth on the business banking side. Consumer-led adoption of innovation in banking followed by business adoption has a long track record. Mobile banking will undoubtedly be the next.
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