Mobile Deposit on the Rise

Everyone agrees that check usage is declining but recent surveys of consumers and of financial institutions alike all point to one thing – mobile deposit is on the rise.

ABA’s 2015 survey of Americans found that 1 in 7 consumers have deposited a check using a mobile device within the past year, up from 1 in 8 last year. While people are receiving checks less frequently, when they do, they’re increasingly turning to mobile banking to deposit them.

The FED’s Consumers and Mobile Financial Services 2015 report found that 51% of mobile banking users have deposited a check using their mobile phone, up from 38% a year earlier.

According to Celent’s State of RDC 2015: Mobile is the New Scanner, mobile deposit is becoming the preferred deposit method, while other distributed capture methods such as branch, ATM and merchant RDC have plateaued. This is having a profound effect on the branch channel.’s Second Annual mRDC Industry Study of banks and credit unions found that 95% of FIs that offer mobile deposit felt the benefits outweighed the costs and risks. 100% of FIs already offer the service to consumers. Only 65% offer it to small business, making this the next “hotbed” of mobile deposit activity.