Remote deposit capture solutions are emerging as a boon during the coronavirus pandemic. The unprecedented increase in infection cases among individuals in India, Brazil, and Europe is leading to business opportunities for companies in the remote deposit capture market. Restricted movement of people and short working hours at banks and other financial institutions are contributing to market growth.
Financial institutions and people are turning toward online channels to take over as much of their daily transaction volume as possible. Such trends are anticipated to boost revenue opportunities for stakeholders in the remote deposit capture market. They are witnessing a dramatic increase in mobile deposit usage; however, many financial institutions are not seen capitalizing on this technology to serve its clients in the time of ongoing crisis.
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Non-assurance in Image Processing, Duplicate Detection Hinder Market Growth
The remote deposit capture market is expected to advance at a robust CAGR of ~11% during the forecast tenure. However, issues such as non-assurance in image processing of RDC and the need for duplicate detection are inhibiting market growth. Hence, All My Papers (AMP) – a provider of core server technology is increasing its focus in RDC processing to overcome issues in image processing and duplicate detection.
Stakeholders are working closely with RDC vendors and internal development teams of financial institutions to digitalize transactions, as clients and customers are looking for easy and fast ways to interact with their banks.
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ATM Imaging, Retail Clients Help Expand Revenue Streams
Companies in the remote deposit capture market are targeting retail banking clients who are being offered choice and control over their deposits. NCR – a technology provider of software, hardware, and services for banks & retailers is unlocking growth opportunities by innovating in ATM imaging, transaction gateway, and mobile deposits, among others, to expand its revenue streams.
The remote deposit capture market is likely to reach a valuation of US$ 1 Bn by the end of 2031, since RDC is being publicized as a less costly transaction channel for banks aiming to reduce processing costs for customers. Vendors are increasing the availability of technologies that verify ATM deposits within minutes of a check imaging transaction whilst optimizing customer service.
Data Analytics Techniques Help in Fraud Prevention, Practice Transaction Monitoring
There is a growing need to reduce risks and enhance product capabilities in the remote deposit capture market. Fiserv – a global fintech and payments company, is leveraging growth opportunities in RDC by taking efforts to enhance its data analytics capabilities that enable real-time detection of fraud and a multilayered approach to practice transaction monitoring.
In order to boost credibility credentials, vendors in the remote deposit capture market are making use of data analytics techniques and predictive models to help financial institutions assess and manage risks. This has opened up opportunities to analyze every aspect of mobile deposit capture transactions and acquire an appropriate risk score.
SaaS-based Software, Expediting Funds Availability Catering to Customer Convenience
True multi-factor authentication, advanced user role definition for customers, and compliance with FFIEC (Federal Financial Institutions Examination Council) guidelines are being preferred by clients and customers. Companies in the remote deposit capture market are offering SaaS (Software as a Service)-based applications to enable online & real-time mobile deposits, decreased transportation costs for business customers, and simplify merchant setup for the bank.
RDC technologies are expediting funds availability to allow customers with quick access to their funds. Companies in the remote deposit capture market are becoming aware that even banks are offering additional fee-based expedited availability services as an extension of their in-branch service for clients outside of branch hours. Thus, companies are helping banks to expand their revenues whilst providing convenience for customers using an ATM or mobile device.
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