CIBC says that over a million echeques have been deposited using its mobile app for iOS and Android.
It was only just back in late May when it was revealed that a million echeques across all banking institutions in Canada had been deposited. Now it looks like that number has likely grown by three or four times at least, given that CIBC users have hit a million.
The feature allows personal and small business clients to deposit cheques to their CIBC account simply 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,” said CIBC’s Aayaz Pira. “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.”
“Clients who receive paycheques or who run their own business really benefit from the ability to deposit cheques with their smartphone, and we’re finding that once these clients try the service they use it often,” added Pira.
CIBC was the first to launch a mobile banking App in Canada in 2010, followed by its mobile payment App in 2012. Last year, CIBC was first among the Big 5 Canadian banks to deliver eDeposit to personal and small business clients. More recently, it was the first bank in Canada to bring eDeposit to business banking clients who receive a larger volume of cheques. These clients use a special desktop scanner to securely scan and upload images of cheques for deposit.