The Oban Blog

Do Smartphone Cameras Hold the Future for Mobile Banking?

Whether you’re a smartphone surfer or a tablet-toting tech junkie, more and more people are using mobile technology to help with their everyday tasks. A survey by performance marketing gurus Performics revealed that 71% of device owners in the US expect to have access to mobile banking facilities.

The survey, published by, underlines mobile banking as the most common expectation, ranking higher in importance than ordering food or checking public transport status.



Source: Emarketer

According to the same source, American banks have started piloting new smart services, such as a revolutionary mobile check-depositing app. The concept is a simple one and has been present on ATMs for years; the customer is able to scan the check and deposit it to their account, but instead of requiring a large machine in-branch it can be done using their smartphone camera. It’s a curious development in a society where checks seem to be going the way of the dodo, but will no doubt prove handy for some users.

In autumn 2012, other statistics gathered by Pew Internet & American Life Project showed that younger, more educated people are the most likely to use mobile banking services.


Source: Emarketer

Despite the majority of young people showing a passion for mobile banking, yet another survey – this time by Infosys – indicates security concerns among 47% of users as well as 63% of non-users who would have second thoughts about using a phone camera to deposit a check.


Source: Emarketer

However when it comes to doing battle with customer service only 26% of current users said that they would hesitate in using their mobile devices due to the security issues, showing that a more direct route to registering consumer grievances is top of their priority list.

There is no doubt that this new feature will grab the attention of the customers – and of the banks’ long-suffering customer service workers – but they must educate their members and pioneer innovative forms of providing ID in order to reduce security concerns amongst the public.

This article was written by social media professional Denisa Caciulan.