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Over the weekend, I had a friend of mine talking about how a couple banks in the USA have developed an application for Iphone users (Blackberry people, enjoy your BBM, nothing compares to an Iphone), that takes online banking to a new level. JPMorgan Chase is not the first, but the latest American bank to developed and launched an application in which customers can electronically deposit paper checks by simply taking a picture of them. I thought having a TD Canada trust app on my phone was cool and convenient, but this blew my mind.
The process is simple according to the USA Today article, the customer simply takes a picture of the front and back of the check, then forwards the pictures to their account. According to the article, this application has been available for an American bank called The USAA since last August and has been used to deposit 1.5 million checks with a value of over $900 million. They initially made this application because the bank only has one branch, so for customers who were unable to deposit their checks in person; previously had to deposit a check by mail.
As for the security behind this system and check fraud, the article states that they do have several features to protect users from check fraud. I am sure that once other banks are able to develop a secure application that they will be soon to follow, as always when technology changes.
Though I rarely get checks, when I do receive a check; it will typically sit in my wallet until I have time in my day to make it to a bank. Who has time to sit and wait in line at a bank these days?
I always hear how people never enough time in the day to get everything done that they wanted to accomplish. Everyday Apps are constantly being launched some impressive, others useless, but this application definitely impressed me. The question is, how much longer will it be until the day where we not only have enough time to get everything done, but spare time to enjoy? What do you think of the latest technology breakthrough?
Cody
