| By Jim Bruene on July 20, 2010 10:59 PM | Comments (0) |
I love it when first movers decide to brag about their results. For years, Bank of America has released frequent updates on the size of its online/mobile-banking user base (June 2008 figures). Given the bank's massive market share, those figures are a great help in sizing the entire U.S. market.
USAA is now doing the same for the fledgling consumer-remote-check-deposit market. USAA was the first major financial institution to introduce the service a year ago. Earlier this month, Chase Bank became the second major bank to offer mobile capture.
In a press release last week, the direct banking giant said that more than 1.5 million checks, worth $930 million, an average of $620 per item, had been deposited through its mobile remote deposit app released last summer. Mobile accounts for about one-third of the bank's consumer remote-capture volume. The online version, introduced in late 2006, still outnumbers mobile volume 2 to 1.
USAA's banking division has 5 million customers in total.
Here's a quick summary of USAA remote-deposit stats:
1.5 million checks deposited via mobile app (35% of total)
2.8 million checks submitted via online/scan remote capture (65% of total)
= 4.3 million total remotely deposited checks (100%)
The current run-rate for mobile-deposited checks is now 2.5 million items annually worth more than $1.6 billion.
The bank also said that 95% of all checks are deposited without a teller. The bank did not provide a breakout of how many non-teller checks came through remote scanning vs. mail.
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