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Remote Deposit Capture (RDC) is an easy three-step process of scanning, verifying, and depositing a check. It reduces the time required to deposit checks and simultaneously facilitates savings by eliminating the cost of going to the bank, photocopying checks, purchasing deposit slips, dedicating employees for depositing checks, and many other business activities.
Our research reveals that the money lost by having checks sit around outweigh the costs of merchant RDC. The benefits also include improved cash flow, same day ledger transaction, enhanced customer service, and the convenience of depositing checks in-house.
RDC has become a necessity because paper checks still form one of the most popular methods of payment; accounting for around 75% of initial B2B payments. Around 30 billion checks were written in 2006 alone. The conventional process of depositing checks means that a business loses a lot of time and money. As RDC can drastically reduce the time and cost of depositing checks, almost every bank is now offering RDC to cater to new customers as well as to retain existing ones.
RDC has shown an impressive growth rate of 70% from 2004 to 2008. The process was initially adopted by banks and financial institutions as branch deposit capture. This was followed by the adoption of the bank’s commercial base wherein the major targeted segment was big businesses where banks held their core deposit and asset base. As banks turned their focus to merchants, they initially targeted small and medium size businesses with annual revenue of $1 million to $25 million.
While RDC adoption has lagged behind expectations with 2% in 2007, this market segment is now on the upswing with its current adoption rate at around 30%. Micro business segments with annual revenue of $25,000 to $1 million account for 70% of all printed checks, and promise to be an attractive market if banks can learn how to crack it.
Early adoption of large established treasury and cash management customers provided ‘low hanging fruit’ for banks. But these customers represented a small percentage of the bank’s total commercial base. Banks were content with their initial efforts that RDC was available for customers who required the solution. The smaller banks, community banks, and credit unions saw the opportunity missed by the larger FIs and slowly began to enter this market by first becoming a referral bank for their core processor and eventually becoming a processing bank.
With the systems in place, banks began focusing on small businesses. As the technology stabilized, the cost dropped and banks could be innovative with the business model, placing RDC with almost any customer. Realizing that one size does not fit all, large banks also launched solutions for small businesses.
Banks can benefit by viewing RDC as a means to an end. Electronic payments have increased at an annual growth rate of 12.5%, while the use of checks is declining at a rate of 6.5%. The pot of gold at the end of the rainbow is not how many scanners the banks can deploy; rather, RDC is the first step to expand into other merchant payment solutions. This is an area in which banks wish they could do better.
As most banks have realized that one size does not fit all, the development of solution for businesses or merchants with low volume checks or low deposit amounts can create a niche segment for RDC adoption. Thus, innovative product offerings will play a major role in the development of the RDC market. Moreover, the integration of industry participants, i.e., the banks, scanner manufacturers, and application service providers will help them to provide more effective and cost saving solutions.
Scope of the report
Strategy formulation
This section seeks to provide a schematic of the marketplace under study; and to enable the report user to determine their competitiveness and positioning in the market. Through our in-depth understanding of the financial services industry, we size the market, identify the trends and drivers, and develop the right framework for strategy formulation to help users maintain or enhance their market position.
Business Model
This section seeks to identify the already existing business models; and to optimize these models in order to help FIs enter new and lucrative markets.
Vendor Selection
This section seeks to profile the companies supporting the market under study. We profile the top vendors and analyze user perspectives to help you make the best decision for your financial institution. Every report includes in-depth reviews of the top vendors.
What makes our report unique?
A strong heritage of providing cutting-edge research:
MarketsandMarkets provides clients with ground breaking marketing research. M&M’s unique research methodology and expert analytical capabilities will provide you the tools to apply the best marketing practices to your Financial Institution.
Ensure that your strategy is viable:
Our study will help you examine the breadth of possibilities you may encounter when planning future strategies and product launches. It will help you create plans that are resilient enough to meet the full range of unanticipated events.
Discover new opportunities:
This market research study will forecast the future roles, uses, and acceptances of new products, services, and applications emerging in the marketplace. It will identify opportunities where companies can get a leg up on the competition.
Key questions answered
- Which are the high-growth segments and how is the market segmented in terms of applications, products, services, ingredients, technologies, stakeholders?
- What are market estimates and forecasts; which markets are doing well and which are not?
- Where are the gaps and opportunities; what factors are driving market growth?
- What are the key playing fields and winning-edge imperatives?
- What is the competitive landscape; who are the main players in each segment; what are their strategic directives, operational strengths, key selling products, and product pipelines? Who is doing what?
Powerful Research and analysis
The analysts working with MarketsandMarkets come from renowned publishers and market research firms globally, adding their expertise and domain understanding. We get the facts from over 22,000 news and information sources, a huge database of key industry participants and draw on our relationships with more than 900 market research companies.
Table of Content
1. Executive summary
2. Introduction
2.1. Report purpose
2.1.1. Report catalyst
2.2. Report structure
3. Research objectives
4. Study methodology and sample
5. Strategy formulation
5.1. Market definition
5.1.1. Industry overview
5.1.1.1. About Remote Deposit Capture (RDC)
5.1.1.2. Current market trends and strategies
5.1.1.2.1. Marketing channels of major commercial banks
5.1.1.2.2. Marketing channels of major community banks
5.2. Market size
5.2.1. In terms of installed scanners
5.2.2. In terms of financial institutions offering RDC
5.2.3. In terms of check transactions
5.2.4. In terms of business segments by annual revenues
5.3. Situation Analysis
5.3.1. Current status of the market
5.3.1.1. Current market trends
5.3.1.1.1. Current product offerings
5.3.1.1.2. Risks associated with RDC
5.3.1.1.3. Current market strategies of banks and vendors
5.3.1.2. Identification of market gaps and opportunities
5.3.1.2.1. Why low adoption rate?
5.3.1.2.2. Cost benefits of RDC over Non RDC
5.3.1.2.2.1. Cost analysis of RDC Banks v/s Non RDC banks in New York for major industries (Atlantic Bank of New York and Citibank)
5.3.1.2.2.1.1. Healthcare
5.3.1.2.2.1.2. Universities
5.3.1.2.2.1.3. Hotels
5.3.1.2.2.1.4. Trading Centers
5.3.1.2.2.1.5. Retail Dealers
5.3.1.2.2.1.6. Infrastructure
5.3.1.2.2.1.7. Advertising Firms
5.3.1.2.2.2. Cost analysis of RDC Banks v/s Non RDC banks in Chicago for major industries
5.3.1.2.2.2.1. Hotels
5.3.1.2.2.2.2. Healthcare Institutions
5.3.1.2.2.2.3. Universities
5.1.2.2.2.4. Advertising Firms
5.3.1.2.2.2.5. Hardware Firms
5.3.1.2.2.2.6. Commodity and Stock Trading Firms
5.4. Key drivers for success – Strategy Formulation
5.4.1. How to increase the adoption rate?
5.4.2. How to provide cost effective solutions?
5.4.3. Enhanced marketing strategies – selling and installation
5.4.4. Customer relationship management strategies – training, grievance handling and servicing (equipment)
6. Business Models
6.1. Live Business Case
6.1.1. Introduction
6.1.2. Challenge faced during the implementation of the RDC
6.1.3. Strategies adopted against the challenge
7. Vendors
7.1. Vendors Profile
7.1.1. Independent Sales Organizations (ISO)
7.1.1.1. Fidelity
7.1.1.2. Profitstars
7.1.1.3. Wausau
7.1.1.4. Net Deposit
7.1.1.5. Fiserv
7.1.1.6. RDM Corporations
7.1.2. Banks
7.1.2.1. J.P. Morgan
7.1.2.2. BNY Mellon
7.1.2.3. Citibank
7.1.2.4. Wells Fargo
7.1.2.5. Branch Banking and Trust
7.1.2.6. Mansfield Bank
7.1.2.7. Orange County Business Bank
7.2. Benchmarking of vendors
7.2.1. Strategic Benchmarking
7.2.1.1. Marketing strategies of Commercial Banks
7.2.1.2. Marketing strategies of Community Banks
7.2.1.3. Marketing strategies of ISOs
7.2.2. Functional Benchmarking
7.2.2.1. End-to-End Solution Provider
7.2.2.2. Mid-to-End Solution Provider
7.2.2.3. Single Component Provider
7.2.2.3.1. Scanner Provider
7.2.2.3.2. Technology/Solution Provider
7.2.3. Technological Benchmarking
7.2.3.1. Web based/Software based
7.2.3.2. Technical Support
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