The Demand for Mobile Deposit is Great

The growing demand for mobile remote deposit capture is overwhelming the banks’ ability to release the feature that allows customers to deposit checks with their smartphones. Nearly a quarter of bank customers want to be able to deposit checks via their smartphones, according to a Javelin Strategy & Research report. Drawn on 13,000 survey respondents, the results also showed that one in every two customers who already use mobile banking services want mobile remote deposit capture.

The feature has become an attractive tool for customers due to the expansion of the smartphone technology and availability. Mobile check deposits deploys a smartphone’s camera to deposit a check by taking photos of the endorsed check – avoiding the need to makes trips to a bank branch or ATM. Customers are even switching banks, just to use mobile check deposit.

Of the top 10 U.S. banks, Chase, PNC Bank, and U.S. Bank are the only ones to offer the mobile check deposit feature. Chase has taken the lead by extending this feature on the popular Apple iPad 2 tablet. The bank claims its QuickDeposit feature has been used to deposit over $1 billion in 10 months across Android, iPhone, and iPad 2 devices. Many more banks are said to offer mobile check deposit soon, and we all hope that these banks offer the solution sooner than later for their benefit and their customers.

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