Check use may be on the decline, but those little slips of paper don’t seem to be going away. In fact, in its latest iOS update, BBVA Compass, a digital-forward bank, essentially doubled down on checks.
The latest app update (v. 4.6) from BBVA Compass offers up a more robust remote-deposit capture. From the release details:
Multi-Check Deposit. We have improved Mobile Deposit again! You can now deposit multiple checks in one go. Plus, you can now switch the camera mode to manual so that you can jump right in to snap the picture!
BBVA Compass was reported as being a Mitek customer back in 2013. We have reached out to the bank for more information on this latest update and will update this post if appropriate.
Fiserv reported at its recent client forum that checks accounted for 19% of bill payments in 2015, down from 37% in 2009, and that RDC may be the most popular consumer use case with Fiserv’s online banking suite. Business use is likely higher. Yet, it’s often said in fintech circles (even by Deluxe) that many millennials have never written checks. But even passionate digital bankers may someday find themselves in possession of those pieces of paper they need to deposit into their accounts.
The BBVA Compass update,
which has not yet arrived for Android, also includes more information for mortgage customers, including current interest rate, escrow balance, taxes paid, and more, according to the update description. Taken together, the app update amounts to a notable advancement for BBVA Compass’s mobile functionality.