Mobile banking customers at SunTrust Bank (NYSE: STI) finally have an idea of when the highly-demanded mobile check deposit feature will arrive — sometime before the fall season.
“Everything we’re hearing from clients is [that] they can’t wait. On social media we’re hearing about it all the time: ‘Hey you launched a new mobile app, where’s the picture deposit? You’re missing picture deposit,’” Thomas McDermott, senior vice president of cross-channel strategy for SunTrust, told American Banker.
The Atlanta, Ga.-based bank is trying to release the feature as soon as possible and expects it to be available by the third quarter of 2012.
With the new technology, SunTrust checking customers would be able to digitally deposit checks by taking photos with their smartphones.
Currently, SunTrust’s mobile apps offer standard mobile banking functionality including the ability to check balances, view transaction histories, pay bills, make fund transfers and locate nearby branches and ATMs.
In September, SunTrust gave its mobile app a visual overhaul to replace a generic look with a design that offered a more vibrant mobile experience.
“I’ll reopen an account with SunTrust once they add mobile deposit on their app. I’m sticking with Charles Schwab until that happens,” said one reviewer of SunTrust mobile application on Google Play, the app store for the Android mobile platform.
The bank did not share more specific details on a launch timeline.
“We’re constantly enhancing existing capabilities such as adding more account types and making enrollment easier as well as evaluating new capabilities,” said a SunTrust spokesperson.
Some other big U.S. banks that have been laggards in deploying mobile deposit are Bank of America®, Ally Bank and ING Direct, all of which have plans for launch this year.
The popular technology is on the top of consumers’ “most wanted” list due to the convenience. Industry experts see mobile deposit as more than a game-changer — it’ll be a necessity for mobile banking apps.