Australian banks cool on new cheque technology

by Richard Kilner

Story link: Australian banks cool on new cheque technology

The “Remote Deposit Capture” product, a measure that allows consumers to bank cheques themselves via the internet has not been enthusiastically received by Australian banks.

The technology works by scanning the cheques into an individual’s home computer, saving them the time and effort of paying them in at a bank.

Although technology has been available to make banking cheques easier for some time this is the first time it has been aimed at consumers’ own homes.

Australia has been quick to see the advantages of technological progress, with the majority of banking related activities now accessible through the internet or mobile phones.

The ease of access granted by the electronic age has meant that banks believe the new concept will not prove popular, as consumers have ceased using cheques, by and large.

Commonwealth Bank, Westpac and ANZ have all indicated they do not intend to invest in the new technology, as it would not be used by enough customers to be of value.