CIBC was the first ‘Big 5’ Canadian bank to launch ‘photo chequing’ in their mobile app, which let customers deposit paper cheques using their smartphone camera. Today, the bank has announced over one million cheques have been ‘eDeposited’ this way, since the feature launched last November:
“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, which is why CIBC continues to innovate to help our clients bank when, where and how they want.”
Back in May, NCR data noted Canadians had topped 1 million ‘photo chequing’ deposits led by CIBC and Tangerine. In the same month, CIBC was ranked the top Canadian ‘Big 5’ bank in terms of mobile banking features by Forrester Research.
Not sure why other ‘Big 5’ banks haven’t matched CIBC’s implementation of photo chequing yet. Have you been using the CIBC app to deposit cheques?