Last week I did something amazing: I used my iPhone to deposit a physical, paper check. Using Chase’s mobile application, I entered a few bits of information, snapped photos of the front and back sides of the check, and was done. I received a confirmation email a few moments later, and destroyed the check once the deposit was confirmed.
The only thing more amazing than this experience was telling some colleagues and friends about my newfound deposit method, and having them respond, with no guile, that they don’t even trust ATMs! Mind, you, these are technology-centric people, young people, people on the cutting edge. And they actually wait to see a human teller to deposit a check, because they don’t trust ATMs!
(I worked at a bank nearly 20 years ago, and even then we learned that ATMs were significantly more accurate at dispensing cash and accepting deposits than their error-prone human counterparts.)
I would say that, as cool as the Chase iPhone app (and other banking apps) may be, there is a long uphill battle ahead to convince people that money in the cloud is as safe and secure as a human-to-human transaction.