Banks are not yet able to meet the demand for mobile check deposit.
Javelin Strategy and Research on Tuesday released a study on consumer appetite for the technology and found that around 25% of Americans want to use mobile devices to deposit checks. And for mobile banking users, that figure grows to 50%. The research firm surveyed more than 13,000 people.
Despite the appetite, few banks are offering the service. Of the ten largest U.S. banks, only JPMorgan Chase & Co., PNC Financial Services Group Inc. and U.S. Bancorp offer mobile remote deposit. Some of the others are planning rollouts in the next 12 months, though fraud concerns are holding back faster deployment.
Mark Schwanhausser, a senior analyst at Javelin, said there are numerous signs that consumers consider mobile deposit desirable, adding, "we have concluded that fraud concerns are more myth than reality, especially at this early stage."
Where mobile RDC is available, adoption has quickly followed. JPMorgan Chase said its QuickDeposit feature used in Android, iPhone and iPad 2 apps has handled more than $1 billion in the past 10 months. PayPal Inc. said its iPhone app has been depositing checks at a clip of about $1 million per month since October, leading it to introduce an Android app a few weeks ago.
