Posts
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
It's very interesting. I have the application on my iPhone of my French bank. i can only have access to my accounts, I can't do any operations.
ReplyDeleteI never have time (or take the time) to go to the bank for my check (I always ask my mum... lol). So I find this a cool way to gain time. But one question I'm wondering is about the security, I'm not sure for the moment that it's as secure but I'm sure this stuff will be generalize very soon, technology make the innovations grow very fast.
And it's quite crazy to see what can you do now only with applications !!!
This is a really interesting idea. I can understand the benefits for many people of using this sort of application, but even with the normal bank apps, I would worry about the security and privacy in place. I might be entirally wrong as I have never used the bank app and I am sure banking companies would ensure high security in the case of cashing cheques. Overall, smart phones were the start of this technological breakthrough and the pace does not seem to be slowing down.
ReplyDeleteI can't remember the last time I visited a bank thanks to my Iphone (best thing EVER) and as cool as this new app sounds, it still worries me. Technology is forever changing and evolving, Yes: but so are fruadsters and thieves! So I wouldnt be completely convinced about this new technology till someone garantees me financial security. And another thing, when was the last time any one cashed in a cheque? Technology that could deposit cash through my phone, THAT will be COOL!
ReplyDeleteThis just goes to tell how virtual our society is moving towards to. Mobile payment, now mobile cheque deposit -- thanks to the clouding operation systems. I support anything that improves efficiency and productivity as long as it disconnect or decrease the actual human connection. Less robot and more interaction is my vote.
ReplyDelete