With many banks and credit unions asking for consumer input on new product ideas and/or enhancements, innovation seems to be the general response to most requests. The most recent example of this comes from SunTrust Bank with their announcement to implement mobile check depositing – the loudest consumer demand of mobile banking features this year. SunTrust has stated that their mobile check cashing application will now be released sometime before the Fall of 2012. This puts them amongst the other big name banks set to deploy this technology this year. Bank of America, ING Direct and Ally Bank have all announced the launch of their own version of this sometime in 2012.
For SunTrust Bank this feature will add to the relatively standard technology they have built thus far for checking account customers. Over the last few years, SunTrust’s mobile features have been sluggish to keep up with industry standards. The ability to check balances, view transaction histories, pay bills, make fund transfers and locate nearby branches and/or ATMs were most recently upgraded by SunTrust last September.
Being able to deposit a check through a mobile application, in general, is not even that new of an idea. In fact, consumers have been asking, if not demanding, for it for quite some time. Social media has been putting several exclamation points behind these requests though, leading many industry experts to insist that any bank or credit union refusing to adopt this technology will find it increasingly difficult to keep and attract customers. And the threat of losing customers seems to be enough to get banks with already questionable reputations to move a little faster (see Chase Bank’s version here).
Is your bank or credit union offering this feature? Let us know by leaving a comment.