USAA, a privately held bank and insurance company. is making preparations in creating a new application that will let their customers use the  camera of an iPhone to deposit checks.

“We’re essentially taking an image of the check, and once you hit the send button, that image is going into our deposit-taking system as any other check would,” said Wayne Peacock, a USAA executive vice president. Mr Peacock also added that only customers who are eligible for credit and has an insurance through USAA will qualify for the said feature.

“Mobile is going to be a bigger part of how people do commerce and how they interact with their financial institutions,” Mr. Peacock said.  “The great value that we see is the time savings.”

Most of the bank’s nowadays have an option to do a mobile banking. and based on a recent study it showed that more than 15 million people in the united states use this kind of service. and it is expected to grow as networks become faster and more people migrate to smartphones.

via mobiledia