We’ve discussed the growth of remote check deposit (RDC) before, and the ability to deposit checks by taking a picture with a mobile device continues to catch on among financial services firms. Currently, 62% of the cross-industry Mobile Monitor coverage group offers the capability, which is fast becoming an industry standard and something clients expect their bank or investment firm to have.
However, innovation has not stalled with using a mobile device’s camera for check deposits. Firms are working on or have released other creative uses for images of checks and other documents. For instance, USAA has incorporated check images with the mobile account opening process, allowing qualified clients to use a picture of a check to pre-fill external account information and make an initial deposit. TurboTax has also begun publicizing its SnapTax app, which uses a photo taken of the user’s W-2 form to load key income details. And according to reports, U.S. Bank plans to become the first bank with mobile photo bill pay early this year.
TurboTax SnapTax App Promotional Video (Click to View)
The growth of mobile check deposit and new applications of mobile image technology shows how quickly mobile finance can develop. Little more than a year ago, mobile check deposit was an impressive offering available at only a handful of leading firms. Now that it has become more widespread, firms must find new, innovative ways to stand out in the mobile space.