PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Smartphone Check Image Capture Gains Momentum as Bank of America and Capital One Join the Big-Bank Lineup

Mercator Advisory Group by Mercator Advisory Group
May 10, 2011
in Analysts Coverage
0
blockchain

Happy man giving bank card to smiling female waiter in restaurant

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Mercator has projected that the next big thing in online and mobile banking is consumer check image capture using either smartphones or PC printer/scanners. This service was first introduced by branchless USAA and followed by other innovators including Chase last fall. Five of the top 10 retail banks have now jumped on the band wagon:

Mitek Systems Inc. said Bank of America Corp. and Capital One Financial Corp. joined the roster of big-bank clients for its mobile check deposit technology in its fiscal second quarter. Mitek announced in February that last year it had enrolled JPMorgan Chase & Co. as a direct client. JPMorgan Chase had previously been using internally developed software to offer mobile check deposit to its clients.

Mitek and its distributors signed 26 new banks for the service in its second fiscal quarter, which ended March 31. That brought the number of financial institutions using it to 40. Five of the top 10 U.S. banks are using Mitek’s technology, DeBello said. In addition to JPMorgan Chase, B of A and Capital One, U.S. Bancorp of Minneapolis also uses the software through its relationship with the vendor Fidelity National Information Services Inc., DeBello said. He would not name the fifth bank.

While banks are concerned about fraud issues associated with using smartphones or home scanners, the convenience of making a check deposit at any time will be attractive for many consumers who don’t have time to get to a branch. The rapid adoption of consumer check image capture will be one more reason why branches will move from transaction centers to sales and service centers in the next decade.

USAA graphic
For more information read the article in American Banker (a subscription may be necessary):http://www.americanbanker.com/issues/176_89/mitek-1q-results-1037234-1.html?ET=americanbanker:e6720:1435474a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=ABLA_Daily_Briefing_051011

Mercator Reports:
Online Banking Today and Strategies for the Future: Increasing Adoption, Access, and Usage http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=508&catid=17

Evolving US Payment Systems and Bank Delivery Channels: Death of the Teller…Again?
http://www.mercatoradvisorygroup.com/index.php?doc=Banking&action=view_item&id=453&catid=17

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Payoneer eBook: