Posts Tagged ‘Mobile Banking’

Business Spotlight: Chase Bank

Tuesday, July 20th, 2010

From time to time I run across a business that makes exceptional use of technology. I will be highlighting these firms in this Business Spotlight series.

JP Morgan Chase & Co. (Chase) recently purchased Washington Mutual and gained a large presence in California in the process. Since that time there have been a lot of ads about the innovative banking services provided by Chase.

  • Deposit checks and cash at an ATM without an envelope
  • Receive a text message when your account is running low
  • Free account alerts by phone or email
  • Free mobile and online banking

While Chase is not the first bank to offer free online banking, mobile banking, or online bill payments, it is still commendable to utilize these features. Even more commendable are the innovative features. Depositing a check without an envelope seems pretty far-fetched at first glance, but when you look closer it makes a lot of sense. Chase scans the check and shows you an image on the screen. If you are satisfied with the image, you accept the check for deposit and it transfers the money to your account. You have the option of having the check printed onto your receipt for peace of mind. The concept of scanning checks isn’t new, as banks have been allowing businesses to scan them for a while. Scanning a check at an ATM though is pretty impressive.

Chase’s mobile banking and messaging services are also innovative. Being able to text BAL to CHASE to get your current account balance is pretty convenient. Receiving a text message when your account is running low is also convenient. These technologies aren’t exactly new, but in the field of banking they are.

I wonder why more banks haven’t figured this out yet? It is likely that security concerns have played at least some role in their hesitation. Chase is clearly confident that your account is secure, and has gone out of its way to offer convenience. I think that other banks will follow along soon. If not, Chase will be gaining a lot of their customers. Add to the convenience and cool technology the fact that Chase is offering a $125 to new customers, and you will see a large migration over to Chase.

Chase has shown how new technology can be adopted in an old industry. The bar has been set. I am looking forward to seeing what other businesses start using advanced technologies to better serve their customers. If you know of a business that should be featured in this segment, be sure to let me know in the comments or by using the contact form linked to in the top menu.

I learned after posting this that the iPhone app from Chase lets you scan your check for deposit from home, or anywhere else for that matter. You scan both sides of the check and the funds are deposited. They just need to make an Android app now.

Update 2:
I also learned that you can modify your ATM experience through the mobile site. You can set the default language (English or Spanish), how much money is considered to be “Fast Cash”, and whether you want to be prompted for a receipt or automatically print or refuse a receipt. This should make visiting an ATM a much more pleasant experience. Connecting the web to an ATM machine was definitely a good move.