Mobile Remote Deposit Capture and More Convenient Banking

NEW YORK (MainStreet) —Quick now, what is the one technology that presently is revolutionizing banking as we have known it - killing off branches, cutting down on accont opening frauds, and in general changing just about everything we do with our financial institutions?

Guess the smartphone and you are half right.Also see:The P2P Payment Wars

But the real answer is the camera - a mashup that dates back to 1997 when tech guerrilla Philippe Kahn is credited with marrying a Casio camera to a Motorola Startac so that he could snap the first ever cellphone picture which happened to be of his newborn daughter Sophie.

And there started the revolution, with every smartphone we know of now featuring a powerful camera as a built-in freebie.

The first - obvious - headline for banking: “Remote deposit capture has untethered the customer from the bank branch. They no longer need to go there,” said consulting firm Novantas’ Steve Ledford, a panelist at the recent BAI Payments conference in Phoenix.

Also see: NFC Is Dead, Long Live NFC

Put this bluntly: the ability of mobile banking customers to snap a picture of a check and deposit it directly into their accounts is triggering a wipe-out of bank branches. Up to half will close in the next decade because the one thing that kept dragging customers in was the need to make deposits. Now they don’t have to.

Mobile remote deposit capture (MRDC) has become banking technology’s must have for 2013. The beauty of MRDC: it’s easy, it works. Some bankers had resisted it, saying they feared massive jumps in fraudulent deposits. At least the Atlanta Fed has said that’s not a valid worry.

Try it, you’ll like it - and know that if your bank does not offer it. all the big ones do. No exceptions.