We’re rapidly approaching a time when every conceivable human action will have an associated iPhone application. While still in the early stage of exploring the App-space, I’m impressed by the amount of financial transactions that can be accomplished from your cell phone. USAA, a smaller bank and insurance company that is a pioneer in mobile account access, has just upgraded its iPhone App to include deposits by check. Just start the App, take some pictures of the check, and you’ve got money in the bank. It takes less than 2 minutes! Check out the promotional video after the break .

While I haven’t used the USAA iPhone App, I do have some experience with their previous generation of online deposits. My old roommate used to borrow my scanner all the time to send checks to USAA. The scanning software (akin to a Java applet) was hard to use at first, but became much easier with practice. USAA has had that technology in place for 3 years. A fact I often consider while trudging uphill both ways in the snow to my local bank’s ATM.

USAA isn’t even in the top 20 of US financial institutions, but with only one branch in the country (San Antonio) it has to focus on banking anytime, anywhere. A good philosophy when a large part of your customer base is overseas military personnel. About one million of USAA’s 7.2 million clients access their accounts via their phone by text or online access. They require you to pass a credit check, and have some form of insurance with the company. About 60% of their total clientele qualify. While less than 3% of the million mobile users may own an iPhone, USAA is confident that just having the option will draw customers and raise brand awareness.

Read More