Imaging in the Retail Channel 2009: Retail Remote Deposit Comes of Age
Branch image capture adoption continues unabated despite the financial crisis. Over 3,400 new implementations occurring in the past year alone will result in an estimated 12,780 branch image capture financial institutions through 2009. The number of US financial institutions offering RDC to consumers and micro businesses numbers over 100.
Once shunned for fear of image quality and fraud issues, retail RDC may be adopted by as many as 250 US financial institutions by year’s end, serving over half a million users. Unlike previous RDC approaches, which required financial institutions to purchase and deploy specialized check scanners, retail RDC uses flatbed or multi-function scanners users already have, significantly reducing solution cost.
Fueled by accelerating image exchange adoption and the increasing cost of processing paper checks, branch capture solutions have now been installed or are being installed at 78% of US financial institutions. As traditional paper check processing infrastructures are dismantled, distributed capture models will become a practical necessity among the remaining financial institutions.
According to a new report, Imaging in the Retail Channel 2009: Retail RDC Comes of Age, Celent expects a 95% adoption rate of branch and/or teller capture solutions, across some or all branches, within the next three years. Image ATM adoption will be far more measured by comparison. For most financial institutions, the ATM channel will be the last domino to fall in their image migration.
"Retail RDC, with its use of TWAIN compatible scanners has come of age over the past year," says Bob Meara, senior analyst with Celent's Banking Group and author of the report. "A short while ago, most financial institutions shunned this approach, citing compliance and risk fears. But as the number of successful implementations grow, attitudes toward retail RDC have changed."