Leveraging its mobile check deposit technology, financial advisors and family office professionals can click a photo of a cheque using a camera on a smartphone or tablet and securely deposit the funds directly into their clients’ brokerage accounts.
The launch comes after the company realized that nearly 77% of advisors use at least one mobile device for business purposes and there have been over 22,000 downloads of Fidelity Institutional’s mobile applications, representing 42% of users on Fidelity’s clearing and custody platforms.
The new technology enables financial advisors, broker-dealers, and family office clients can boost efficiencies and slash cost associated with the current processes required to ship cheques quickly.
Fidelity Institutional platform technology head and senior vice president Edward O’Brien said that this new mobile offering illustrates its commitment to anticipating technology shifts and helping its clients leverage innovations effectively.
Using Fidelity’s remote and mobile check deposit, advisors, broker-dealers and family office professionals can get real-time account validation to decrease errors, slash courier and overnight expenses associated with the current model.
Additional advantages include reduced cycle time for posting deposits to clients’ brokerage accounts, integration with Fidelity’s brokerage bookkeeping system, subscription-based, near real-time alert notification of remote check deposit status.
Instituted in 1946, Fidelity Investments served more than 20 million individuals and institutions and had assets under administration of $4.3trn, as of 31 July 2013.
