Americans want remote deposit capture - Javelin

Americans want remote deposit capture - Javelin

Around a quarter of Americans want to be able to bypass branches and ATMs and use their mobile phones to deposit cheques, according to a report from Javelin Strategy & Research.

Among people who already use m-banking services, the percentage wanting mobile remote deposit capture (RDC) for cheques rises to 50%, says the report, that draws on surveys of more than 13,000 people.

Despite this clear appetite, only three of the top 10 largest US financial institutions - JPMorgan Chase, PNC, and US Bank - currently offer this service. Others are playing catch up, with half planning to roll out the technology in the next 12 months, although fraud concerns are still holding some back.

The potential of the technology was recently highlighted by Chase's claims that its QuickDeposit feature on its Android, iPhone and iPad 2 apps has been used to deposit over $1 billion in 10 months.

PayPal says its iPhone app has been used to deposit around a million dollars a month since the feature was added in October, prompting its introduction for Android earlier this month.

Mark Schwanhausser, Javelin, says: "Mobile RDC is the latest gold rush opportunity for first-mover FIs to grab market share. FIs can use mobile RDC to lure consumers away from competitors."

Mary Monahan, Javelin, adds: "Mobile RDC offers revenue and cost-cutting opportunities. FIs are able to lower cheque processing costs by directing consumers away from bank branches and ATMs. FIs can position mobile RDC as a premium service that provides value to customers and charge customers fees for making mobile deposits. It's a win all around for consumers and FIs."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 26 May, 2011, 16:51Be the first to give this comment the thumbs up 0 likes

"m" seems to be going the same way as "e":

In the early stages of Internet, many predicted the death of books. Ironically, Amazon showed the world that online shopping for books was one of the earliest "killer apps" for Internet. It has taken 15 years for Amazon to sell more e-books than paper books and for a BORDERS moment to happen. 

The same way, we've been hearing about the death of checks for a long time. Although Mobile NFC, mWallets and Mobile P2P will all happen eventually, I think Mobile RDC is probably going to be the first killer app for, ahem, "Mobile Payments"!