Fidelity Introduces New Mobile Check Deposit for Advisors

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.