CASH & CHEQUES

Technology level resets the cheque landscape

By Jason Schwabline

I

t’s simple. Consumers want convenience. And in today’s world of big-name online retailers, we’re conditioned to expect effortless and immediate responses with slick apps and eye-catching appearances. The banking climate is no different, putting pressure on long-standing, traditional brick-and-mortar institutions to adapt or be left behind. And because of this, it’s no surprise that we’ve seen such a tremendous growth of mobile banking and remote cheque deposit as compared to other in-person transactions. No longer is a physical branch location required to expand the client base and meet the needs of the customer, thereby eliminating what were once geographical inhibitors of growth. In fact, a December 2018 study from Abacus Data reported that 91 per cent of Canadians believe technology has made banking more convenient, with mobile and app-based transactions continuing to grow. 6

PAYMENTSBUSINESS

SPRING 2020