Wednesday, September 21, 2011

Mobile Online Banking

My article describes a technology that allows people to deposit checks via their cell phone by photographing the front and back of a check. This technology eliminates the need for the banks customers to physically go to a bank to deposit their checks. This service can be a great convenience to those who do not live near their bank branch.

This type of information system allows the banks to reach out to their customer base in an innovative way. Currently JP Morgan and USAA offer this service with other banks developing this technology too. I believe this technology is a great development in the advancement of how business will be done in the future. As expectations rise everyday as to the timeliness that business decisions are made and executed, speeding up the process for payment and going paperless can become an invaluable tool for business’s and people alike. Having the ability to scan in checks and go paper less can offer other potential benefits as well. Such benefits include having digital records of all checks and transaction made, thus making it easier to track ones personal finances. Having these electronic records makes it much easier to pull up records from the past when they are needed.

The banks that currently offer this service to their customers clearly thought ahead and figured out a way to help their customers. This technology could help boost the customer base of the banks because they could potentially acquire new clients that want or need this service if they currently do not have access to it. The banks that choose to not offer the online check scanning run the risk of missing out or loosing clients. Being able to provide the most beneficial and practical tools to the customers can only benefit the banks production.

Of course with all the positives about scanning in checks online, some negatives be involved as well. There is always the possibility and danger of fraud with online banking. Even so, with “guidelines from federal regulators, more banks could start to feel comfortable putting the technology in consumer hands”(“Deposit Checks Using Your Cell Phone Camera”). As with any technology, there is always there fear and possibility that some may abuse or defraud the system for personal gain. Regardless of this risk, the potential benefits can greatly outweigh possible fraud.

Personal finance information used to be something that was never accessible in a mobile format. By having this information available, people and companies now have the ability to access a vast amount of financial information. The ease in which individuals will be able to check there past deposits and make future deposits will be a great development. This technology is just one more step that allows everyday business to be done in a completely computerized and electronic method, eliminating delays for anyone waiting to receive their money. The banks have developed a unique and fantastic way to use the information of their customers needs to go ahead and produce something useful for the future of banking. The financial information being shared between the parties involved is a great breakthrough and one that will certainly yield benefits in the future.

23, Source: AP February. "Deposit Checks Using Your Cell Phone Camera." Technology News, Product Reviews, Software Downloads | Digital Trends. Web. 20 Sept. 2011. .

Block, Sandra. "No Bank? No Problem. Phone Apps Let You Deposit Checks –" News, Travel, Weather, Entertainment, Sports, Technology,

U.S. & World - Web. 20 Sept. 2011.


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