Check Deposit on iPhone: Path-breaking Banking
8/13/2009 08:58:00 PM - 0 comments
Going to banks have been minimized; thanks to the internet revolution as banking goes paperless and online banking becomes predominant. Until now, there was one aspect of banking that was still beyond the scope of being virtually handled – and that is Check Deposit. However, recently United Services Automobile Association (USAA), a privately held bank and insurance company mainly for members of the U.S. military and veterans has pioneered to update its iPhone application.
This new application proposed to be launched in August, 2009 and termed USAA Deposit@Mobile will introduce the check deposit feature, which will enable a customer to photograph both sides of the check with the iPhone camera. And the best part of the application is that on taking the check image with your iPhone camera and hitting the button, your check will be sent for processing into the bank’s deposit-taking system as any other check would.
How it works
- To make a deposit, you use the USAA Deposit@Mobile app to log onto your account,
- Enter the amount of the check; simply sign the back of any check and then use your iPhone camera to take a picture of the check's front side and back side.
- Enter information into the application — including the amount and where it's to be deposited.
- Touch the "Send" button. The bank sends a confirmation.
- Funds are credited to the designated account.
- You will not require mailing the check to the bank later.
- The entire process of check deposit will be handled electronically.
- The bank proposes voiding the check and filing or discarding it.
- However, USAA has made stringent methods to reduce the potential for fraud. Only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature.
The story behind the Innovation….
USAA, in spite of its ranking in size just below the top 20 banks in the United States has proved itself time an again as one of the most unconventional innovator in mobile banking. The iPhone check deposit feature is an extension of its pioneering venture USAA Deposit@Home program launched 3 years ago in 2006, which offered the option of depositing checks from home using a scanner. Since then, with just one branch operating in San Antonio, USAA has been catering to customers all over the globe with its innovative banking strategy.
USAA has been rather quick to cash in on the important role cellphone’s play in banking today. Recent statistics has shown that about a million of USAA’s 7.2 million customers have been using their cellphones to access their accounts — either through text message, a mobile browser or an iPhone application introduced last May.
The future of mobile banking is here…
The iPhone app which USAA released in mid-May, allows people to access their accounts, make bill payments, fund transfer and locate an ATM. The application attained the position of one of the top free financial applications in the App Store within the first 4 weeks of release with more than 90,000 downloads.
However, the new feature in USAA Deposit@Mobile app was an ardent need for ‘on the move’ check deposit facility. This was the only way customers could avoid visiting banks, wait in queue and deposit checks; and just accomplish all their banking needs without going to the bank with the trendiest device – the iPhone.
Posted: Seuli.B
This new application proposed to be launched in August, 2009 and termed USAA Deposit@Mobile will introduce the check deposit feature, which will enable a customer to photograph both sides of the check with the iPhone camera. And the best part of the application is that on taking the check image with your iPhone camera and hitting the button, your check will be sent for processing into the bank’s deposit-taking system as any other check would.
How it works- To make a deposit, you use the USAA Deposit@Mobile app to log onto your account,
- Enter the amount of the check; simply sign the back of any check and then use your iPhone camera to take a picture of the check's front side and back side.
- Enter information into the application — including the amount and where it's to be deposited.
- Touch the "Send" button. The bank sends a confirmation.
- Funds are credited to the designated account.
- You will not require mailing the check to the bank later.
- The entire process of check deposit will be handled electronically.
- The bank proposes voiding the check and filing or discarding it.
- However, USAA has made stringent methods to reduce the potential for fraud. Only customers who are eligible for credit and have some type of insurance through USAA will be permitted to use the deposit feature.
The story behind the Innovation….
USAA, in spite of its ranking in size just below the top 20 banks in the United States has proved itself time an again as one of the most unconventional innovator in mobile banking. The iPhone check deposit feature is an extension of its pioneering venture USAA Deposit@Home program launched 3 years ago in 2006, which offered the option of depositing checks from home using a scanner. Since then, with just one branch operating in San Antonio, USAA has been catering to customers all over the globe with its innovative banking strategy.
USAA has been rather quick to cash in on the important role cellphone’s play in banking today. Recent statistics has shown that about a million of USAA’s 7.2 million customers have been using their cellphones to access their accounts — either through text message, a mobile browser or an iPhone application introduced last May.
The future of mobile banking is here…
The iPhone app which USAA released in mid-May, allows people to access their accounts, make bill payments, fund transfer and locate an ATM. The application attained the position of one of the top free financial applications in the App Store within the first 4 weeks of release with more than 90,000 downloads.
However, the new feature in USAA Deposit@Mobile app was an ardent need for ‘on the move’ check deposit facility. This was the only way customers could avoid visiting banks, wait in queue and deposit checks; and just accomplish all their banking needs without going to the bank with the trendiest device – the iPhone.
Posted: Seuli.B
0 Responses
Post a Comment