CIBC has become the latest bank to roll out mobile cheque deposit and the first bank in Canada to use the feature. A common standard in US mobile banking apps the technology has not been picked up with enthusiasm elsewhere around the world. Billy Bambrough investigates
In the US few people would imagine using a mobile banking app which didn’t allow you to deposit cheques remotely.
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Remote deposit capture was found to be the most wanted feature by US mobile banking customers, according to a new mobile banking study conducted by ath Power Consulting.
Users also ranked voice authentication and mobile photo bill pay high in the 2013 study.
Customers are increasingly turning to mobile to fulfill their daily banking needs. Given the number of choices customers have for financial services, banks have a significant opportunity to differentiate themselves as innovative industry leaders in mobile.
A bank should not underestimate the value of a full-featured and seamless mobile experience. While features such as account balances are considered standard, users expect additional functionality such as easy transfers, bill payments, and mobile check deposit.
A general rule for a bank when developing a mobile app is that generally, an app’s functionality should match as closely as possible what a customer can do online or in a branch.
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By GlobalDataA mobile deposit feature should be standard in every banking app, and the limit should match what the customer can deposit through standard means. If you can do it with one bank then you should be able to do it with all.
Interestingly it would seem that some of the most well reviewed mobile apps do not come with the ability to deposit cheques remotely.
David Williamson senior executive vice president and group head of Retail and Business Banking, at CIBC, says: "The convenience of depositing cheques simply by taking a picture with your phone means you can make a deposit where, how and when you would like, which will save CIBC’s 11m clients time and provide faster access to those funds."
"Whether you are a small business owner with a handful of customer cheques at the end of day or an employee getting your weekly paycheque, you can literally make a deposit within seconds."
Adding a mobile cheque deposit feature was, according to the bank, the top request from CIBC customers in 2013.
With their enormous assets, the banks , especially in the US have no reason for not including features that are considered industry standard.
Banks that ignore major customer groups have poor ratings, and do not respond to complaints, are losing customers, losing revenue, and damaging their brand.
Oriental Bank in Puerto Rico has launched FOTOdepósito becoming the first bank in Puerto Rico to offer a mobile deposit service. The bank has reported it invested approximately $1.5m to launch FOTOdepósito, including research, development and advertising.
In the UK there is the understandable issue of regulation preventing the banks using this feature. UK law prevents any copying of a cheque and we are unlikely to see mobile cheque deposit take off in the UK becasue of this.
