|[September 10, 2013]
Fidelity Introduces Mobile Check Deposit Technology for Financial Advisors and Family Office Professionals
BOSTON --(Business Wire)--
Fidelity Investments® today announced the availability of
mobile check deposit for registered investment advisor, broker-dealer
and family office clients. Using Fidelity's mobile check deposit
technology, financial advisors and family office professionals 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
accounts1. This mobile application underscores Fidelity's
commitment to supporting the "anywhere advisor" with the right tools to
increase productivity and create a better client experience.
Financial advisors and family office professionals are conducting more
business than ever outside the office and see the value of their mobile
devices. Almost 77 percent of advisors use at least one mobile device
for business purposes2 and there have been more than 22,000
downloads of Fidelity Institutional's mobile applications, representing
42 percent of users on Fidelity's clearing and custody platforms. Using
mobile check deposit, 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 may be able to
improve efficiencies and reduce expenses associated with the current
processes required to ship checks overnight.
"This new mobile offering illustrates our commitment to anticipating
technology shifts and helping our clients leverage new innovations
effectively," said Edward O'Brien, senior vice president and head of
platform technology, 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."
Mobile check deposit for advisors and family offices exemplifies
Fidelity's scale and commitment to bringing emerging technologies to
bear for both personal and institutional investors for the purpose of
creating the best customer experience via the company's innovation
catalyst, the Fidelity Center for Applied Technology (FCAT). The firm's
early investment in mobile technologies has helped Fidelity
Insttutional adapt the firm's mobile check deposit offering 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 dollars a day using the mobile app3.
In addition to mobile check deposit, remote check deposit is now also
available to Fidelity Institutional Wealth Services clients, enabling
them to use a Fidelity-approved desktop scanner to deposit client checks
directly into their brokerage accounts. Since 2010, National Financial
broker-dealers have been heavily using remote check deposit, depositing
more than $27 billion in checks scanned from their desktops4.
With these technologies, Fidelity can offer a range of options to suit
customers' specific needs. Depending on the firm, they can work with a
desktop scanner, a mobile device -- or both -- to deposit checks.
Clients can work with Fidelity to determine the solution that is right
Using Fidelity's remote and mobile check deposit, advisors,
broker-dealers and family office professionals can benefit from a
faster, less expensive check depositing process, while also experiencing:
Real-time account validation to reduce errors
Reduced courier and overnight expenses associated with the current
model that require checks to be shipped overnight for deposit
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
Process efficiencies due to reduced administrative tasks
For additional information about mobile check deposit, watch this video http://go.fidelity.com/MobileDeposit.
For pricing information or to sign up for the phased roll-out of mobile
and remote check deposit, which includes a qualification and enrollment
process, call your relationship manager or home office.
About Fidelity Investments
Fidelity Investments is one of the world's largest providers of
financial services, with assets under administration of $4.3 trillion,
including managed assets of $1.8 trillion, as of July 31, 2013. Founded
in 1946, the firm is a leading provider of investment management,
retirement planning, portfolio guidance, brokerage, benefits outsourcing
and many other financial products and services to more than 20 million
individuals and institutions, as well as through 5,000 financial
intermediary firms. For more information about Fidelity Investments,
The registered trademarks and service marks appearing herein are the
property of FMR LLC.
Clearing, custody or other brokerage services may be provided by
National Financial Services LLC, or Fidelity Brokerage Services LLC.
Members NYSE, SIPC.
200 Seaport Blvd, Boston, MA 02210.
Fidelity Investments Institutional Services Company, Inc., 500 Salem
Street, Smithfield, RI 02917
Fidelity Institutional Wealth Services provides brokerage products and
services and is a division of Fidelity Brokerage Services LLC.
© 2013 FMR LLC. All rights reserved.
1 Home office review and approval is required for mobile
deposits from National Financial clients.
2 "e-Business Compass (News - Alert)," Kasina, June 1, 2013.
3 Fidelity Investments company data, July 2013.
4 National Financial company data, August 2013.
5 There will be a qualification and enrollment process.
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