CIBC today announced that clients have now deposited more than one million cheques using its eDeposit feature.
The feature, available on CIBC’s mobile banking app, allows personal and small business clients to deposit cheques to their CIBC account by taking a photo of the cheque with their mobile device.
“Depositing cheques using a smartphone would have been hard to imagine even a few years ago, and today clients across Canada are uploading photos of cheques and making deposits from wherever they are, anytime of day,” says Aayaz Pira, Vice-President, Digital Channels, CIBC.
“Canadians expect their financial institutions to offer services that meet changing consumer needs,” he added.
Following the introduction of the first mobile banking app in Canada in 2010, CIBC launched a first-of-its-kind mobile payment app in 2012.
Last year, CIBC was first among the “big five” Canadian banks to deliver eDeposit to personal and small business clients.
According to data from NCR Corporation, mobile deposits have doubled every quarter since April 2013 when Canadian banks began deploying to their customers.
“While cheques have been used as a form of payment for a long time, the application of a mobile phone puts a modern twist on the process to make depositing a cheque faster and easier,” said Steve Nogalo, vice president and general manager of Global Payments Solutions, NCR Corporation.
“Canadians have embraced this technology because it is convenient and secure,” he added.
More than 20 financial institutions in Canada are now offering mobile cheque deposit to their customers.