SCOTTSDALE, Ariz.—Mobile check deposit usage by consumers is markedly rising, according to Cornerstone Advisors’ new 2020 Mobile Deposit Benchmark Report, which ranked the top 20 U.S.-based banks on their mobile deposit user experience.
According to the study, more than half (54%) of mobile banking customers used their mobile banking app's check deposit capability in the past year.
In addition, 52% said depositing a check was one of the most important mobile banking features, Cornerstone’s Ron Shevlin noted in the Forbes report.
Two-thirds of respondents between the ages of 18 and 24 said mobile deposit is now their preferred method for depositing paper checks.
“There's a new leader at the top of the scoreboard: JPMorgan Chase. The bank knocked Capital One off the pedestal, which it sat atop for the previous two rankings,” Shevlin said.