How Popular Is Mobile Check Deposit?

What's Next In Payments®
4:19 PM EST March 26th, 2013

Do you make use of mobile check deposits?

If so you’re part of a rapidly increasing U.S. population of 12 million who use remote deposit capture to transfer funds from checks to their accounts, all without ever making a trip to a physical branch.

Just how fast is the phenomenon growing? We take a look at a Mobile Commerce Daily piece riddled with stats in this PYMNTS Data Point.

Mobile Deposit: Where Are We Now?

According to the piece, Mitek states that more than 12 million mBanking users have made a deposit via their devices, and 708 banks and credit unions are signed up with Mitek’s services alone. Mitek also reports that banks can save $3.88 on each mobile check vs. a teller check, and banks in total have saved around $100 million as a result.

Mobile Deposit And User Growth

Mobile Commerce Daily cites an Aite Group study revealing that 30 percent of smartphone users are expected to use mobile deposit features by 2016. The article also references a Forrester Research piece that predicts that U.S. mobile bankers will double in the next five years, reaching 108 million by 2017. That will account for 46 percent of U.S. bank account holders, showing the trend’s dynamic growth.

How Financial Institutions Plan To Keep Up

In response to consumer demand, the number of FIs offering mobile check deposit has catapulted over the past few years. The piece cites a Javelin study that indicated remote deposit capture has nearly tripled over the past two years, increasing to 64 percent of the Top 25 retail banks in 2013 from 48 percent in 2012 and 22 percent in 2011.

To read more stats on mobile banking and mobile check deposit, read the full Mobile Commerce Daily piece here.

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