Remote Deposit Capture Market Scenario Highlighting Major Drivers & Trends, 2022-2031

COVID-19 Anticipated to Accelerate Mobile Deposits in Near Future

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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Remote Deposit Capture Market: Overview

  • The latest research report published by Transparency Market Research pertains to the global remote deposit capture market for the historical period of 201820192020 is the actual year and the forecast period is 20212031. Across the globe, adoption of remote deposit capture technologies has increased to improve productivity and increase revenue in a rapid and automated manner. Remote deposit capture services allow checks to be truncated and cleared electronically. Hence, remote deposit capture services provide better convenience, deposit option, low transportation cost, and reduced risk in the check deposit process. This, in turn, is anticipated to propel the remote deposit capture market during the forecast period.
  • In terms of revenue, the global remote deposit capture market is estimated to reach the value of US$ 1 Bn by 2031, expanding at a CAGR of ~11% during the forecast period

Rising Demand for Remote Deposit Capture Solutions from Financial Institutions

  • Remote deposit solutions enable a customer to access his or her account from anywhere. It also helps real-time transmission to ensure fast clearing, optional continuous posting, and fraud detection to update account balances. Integrated capture points detect and prevent duplicates and fraud in real-time allows customized business rules for eligibility and deposit limits, and automates information. They reduce the burden on employees to manage customers by replacing branch traffic.
  • Financial institutions also maximize the success of their remote deposit capture solutions through effective marketing campaigns, offering a web-based administration tool that provides customizable permission levels for risk and security, and risk and funds availability management. Data analytics techniques and predictive models help financial institutions assess and manage risk, and track mobile deposits and other actionable mobile banking data, which, in turn, are boosting the remote deposit capture market.
  • COVID-19 has effectively reset the banking industry. Presently, technology is critical for the banking sector, as banks, credit unions, etc. can use technology to customize or provide touchless services to customers. For instance, demand for mRDC (mobile remote deposit capture) has been increasing during the COVID-19 pandemic.

Integration of Internet of Things (IoT) with Payment Systems

  • Internet of Things (IoT) is an evolving technology that helps send and receive data from Internet-enabled devices. The integration of IoT with payment applications provides significant opportunities for the extension of payment solution offerings and development of enhanced payment technologies. Furthermore, IoT-powered devices can make secure payments and promise greater convenience for recipients as well as consumers.
  • Therefore, it is anticipated that Internet of Things will boost more payments through digital technologies during the forecast period. This is expected to create lucrative opportunities for the remote deposit capture market during the forecast period.

Remote Deposit Capture Market: Competition Landscape

  • Detailed profiles of providers of remote deposit capture solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global remote deposit capture market are
    • Checkalt LLC
    • CSI Inc.
    • EFT Network
    • FIS Global
    • Harland Clarke Corporation
    • Jaguar Software
    • Yardi Systems, Inc.
    • Alogent (Goldleaf Financial Solutions, Inc.)
    • Deluxe Corporation
    • Digital Check Corp.
    • e-Zest Solutions
    • Financial Transmission Network, Inc.
    • Finastra
    • Fiserv, Inc.
    • Jack Henry & Associates, Inc.
    • Mitek Systems, Inc.
    • NCR Corporation
    • Parascript, LLC
    • ProgressSoft Corporation

Remote Deposit Capture Market: Key Developments

  • Key providers of remote deposit capture, such as Fiserv, Inc., Jack Henry & Associates, Inc., Mitek Systems, Inc., NCR Corporation, Parascript, LLC, and Deluxe Corporation are focusing on the development of cost-effective remote deposit capture solutions to attract more customers. Additionally, players active in providing remote deposit capture are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach in the remote deposit capture market.
  • Some other key developments in the global remote deposit capture market are highlighted below:
    • February 2021, Digital Check Corporation acquired Benchmark Technology Group, Inc., a provider of cash management automation solutions to combine check and cash automation software solutions in order to enhance solution capabilities
    • In July 2019, Urban FT Group, Inc. acquired CFC Technology Group, a remote deposit capture (RDC) specialist to enhance digital banking and payments solutions
  • In the global remote deposit capture market report, we have discussed individual strategies, followed by company profiles of providers of remote deposit capture. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global remote deposit capture market.

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