ABA Banking Journal - January 2011 - (Page 18)
tech topics | mobile banking
Small feature, big WOW
Mobile check capture could help banks usher in mobile 2.0
he ability to capture an image of check with iPhone or Android smart phones and complete a check deposit anytime, anywhere is having an impact out of proportion to its likely potential. Few banks offered the ser vice as 2011 dawned, but one of them happens to be Chase Bank, with its legions of blue octagons dominating the Northeast and beyond. The New York giant has been actively advertising the service, but more generally interest in mobile RDC spiked in the second half of 2010. Mobile overall definitely seems a channel with an unstoppable growth curve. Javelin predicts there will be 85 million U.S. mobile banking customers by 2013, and TowerGroup projects a compound annual growth rate of 51.8%, faster
than any other channel in the history of banking. As for mobile RDC specifically, the service is certainly out of the shadows. “Chase obviously believes the service has mass appeal, or it would not have spent the money it did on an advertising campaign,” says Bob Meara, a senior analyst with Celent’s banking group. Some might dismiss the service as gimmicky, but many experts, including Meara, believe it will see wider adoption next year even as remote deposit capture overall plateaus. Where can you find it? In addition to Chase, the service is currently offered commercially by pioneer USAA, which introduced mobile RDC in 2009. Now, the
18 | ABA BANKING JOURNAL | January 2011
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