September 11, 2013

Fidelity Introduces New Mobile Check Deposit for Advisors

‘Mobile check deposit, a wildly popular consumer app, was a given to adapt for our anywhere advisors,’ says Fidelity’s O’Brien

A screen shot of Fidelity's mobile check app. A screen shot of Fidelity's mobile check app.

Fidelity Institutional has launched a mobile check deposit technology that RIAs, broker-dealers and family office professionals can use on the go, the financial services firm announced Tuesday.

Using Fidelity’s mobile check deposit technology, advisors can take a picture of a check using the camera on a smartphone or tablet and securely deposit the funds directly into their clients’ brokerage accounts.

The application’s launch comes as advisors increasingly use mobile devices outside of the office. Almost 77% of advisors use at least one mobile device for business purposes, according to research and consulting firm Kasina’s “e-Business Compass.” In addition, there have been more than 22,000 downloads of Fidelity Institutional’s mobile applications, representing 42% of users on Fidelity’s clearing and custody platforms.

The new app underscores Fidelity’s commitment to supporting the “anywhere advisor” with the right tools, according to Edward O’Brien, senior vice president and head of platform technology for Fidelity Institutional.

“Mobile check deposit, a wildly popular consumer app, was a given to adapt for our ‘anywhere advisors’ and family office professionals, allowing them to spend less time processing checks and more time engaging with their clients,” O’Brien said in a statement.

With the new app, Fidelity expects to see improved efficiencies and reduced expenses associated with the current process required to ship checks overnight. Mobile check deposit extends to financial advisors who custody with Fidelity Institutional Wealth Services; broker-dealers clearing with National Financial, a Fidelity Investments company; and family office clients of Fidelity Family Office Services. Home office review and approval is required for mobile deposits from National Financial clients.

Fidelity Investments’ early investment in mobile technologies helped Fidelity Institutional adapt the firm’s mobile check deposit for individual investors to the broker-dealer, advisor and family office audiences.  Fidelity individual investors have widely embraced mobile check deposit since it was first introduced in 2011, depositing nearly $2.5 million a day using the mobile app, according to company data.

Fidelity Institutional’s sign-up for the phased roll-out of mobile and remote check deposit includes a qualification and enrollment process.

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Read 10 Ways to Connect With Clients Using Your iPad from Pershing at ThinkAdvisor.

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