Depositing Checks With Your Phone’s Camera: Are You Ready? Is It Safe? Are Banks Ready?

May 24, 2011

Depositing Checks With Your Phone’s Camera: Are You Ready? Is It Safe? Are Banks Ready?

Consumer Demand for Mobile Remote Deposit Capture Are FIs Able (and Willing) to Provide the Latest in Mobile Banking Technology?

San Francisco, CA, May 24, 2011 –– A new Javelin Strategy & Research report issued today —2011 Mobile Remote Deposit Capturereveals one in every four consumers and one in every two mobile bankers want mobile remote deposit capture (RDC) to bypass ATMs and bank branches and deposit checks using cell phones.  However, only three of the top 10 largest U.S. financial institutions— JPMorgan Chase, PNC, and U.S. Bank — currently offer this service, highlighting a huge market gap for mobile RDC. Javelin takes an in-depth look at the market for mobile RDC and answers such questions as how ready are consumers to adopt mobile RDC, how can banks meet this need, and what are the security and fraud risks of this timesaving technology? Javelin’s latest fact-based research-backed report, using data from surveys of more than 13,000 consumers and interviews with 25 bankers, examines consumer demand and bank offerings and explores the impact of mobile RDC.

Javelin data shows that over half of financial institutions (FIs) will roll out mobile RDC in the next 12 months. The report pinpoints ideal consumer segments, describes benefits to both consumers and FIs, and delineates marketing strategies.

“Mobile RDC is the latest gold rush opportunity for first-mover FIs to grab market share,” said Mark Schwanhausser, Javelin. “FIs can use mobile RDC to lure consumers away from competitors. Similarly, FIs can use mobile RDC as a customer retention and growth strategy.”

“Mobile RDC offers revenue and cost-cutting opportunities,” said Javelin’s Mary Monahan. “FIs are able to lower check processing costs by directing consumers away from bank branches and ATMs. FIs can position mobile RDC as a premium service that provides value to customers and charge customers fees for making mobile deposits. It’s a win all around for consumers and FIs.”

The perception of fraud is one major barrier that FIs face when considering adding mobile RDC to their product mix. Almost one in three FIs surveyed state that security concerns are inhibiting their adoption of mobile deposit. Javelin research analyzes fraud risks and identifies steps FIs need to take now.

Javelin’s research views technologies such as mobile RDC as important building blocks for mobile (“wallet”) payments. Rather than waiting for a sudden adoption of mobile payments, Javelin advises that consumers and banks will steadily migrate to mobile money via component technologies.

Selected Key Report Findings

  • Consumer segments most likely to use mobile RDC – and how FIs can successfully position mobile RDC to each.
  • The most effective ways to launch and promote mobile RDC for optimum consumer adoption – and which smartphone device FIs should offer mobile RDC through first.
  • Details of the value proposition of mobile RDC for FIs and the compelling reasons why they need to act sooner.
  • Barriers to FI implementation of mobile RDC – and the specific steps FIs need to take to prevent fraud.
  • A case study of USAA, the pioneering FI that first introduced mobile RDC.


For more information about this or other Javelin reports, please contact Crystal Mendoza at (925) 225-9100 ext. 35 or or visit

To arrange an interview with a research analyst and/or view available research (available to qualified members of the media), please contact Crystal Mendoza at (925) 225-9100 ext. 35 or

About Javelin Strategy & Research
Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.