Seizing the Small Business RDC Opportunity: New Products Are Changing Everything

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23 April 2015


Note: This report was updated in November 2015.

Banks seeking to migrate high-cost branch transactions to digital channels finally have what they need for the important small business segment.

As more banks seek to improve branch channel efficiency and effectiveness, migrating routine transactions to digital channels becomes key. Banks are well on their way to doing so among consumers, but have farther to go with SMBs. Closing the gap is important because SMBs visit bank branches much more frequently than consumers do. Celent SMB surveys suggest most small businesses are still visiting their local branch frequently to make check deposits. Banks could migrate these transactions to low-cost channels if more SMBs used RDC.

Remote deposit capture has become a staple treasury management product. Desktop solutions employing specialized check scanners are offered by most every US bank with a commercial client base. Similarly, mobile RDC usage has exploded among consumers. However, things aren’t so rosy among small businesses. Product cost and complexity alongside eligibility restrictions have hampered sales efforts at many banks. Traditional desktop products are too expensive for most SMBs, while mobile RDC offerings designed for consumers also miss the mark. Newly available vendor solutions now give banks what they need to seize the SMB RDC opportunity.

“New branch designs are incompatible with heavy transaction-oriented foot traffic. Thus banks need to offer customers convenient ways to transact using digital channels,” says Bob Meara, a senior analyst with Celent’s Banking practice and author of the report. “With roughly 70% of SMB branch visits tied to counter deposits, a low-cost and easy-to-sell mRDC solution appropriate for SMBs is the missing ingredient.”

The report begins with an argument for why small business RDC matters, both for its ability to meet customer needs and for its ability to migrate branch transactions to digital channels. The report then looks at historic SMB RDC adoption barriers and how new solutions can dramatically change the market opportunity. A solution landscape section follows, offering a brief comparison of recently launched commercial mRDC solutions.

This report contains 14 figures and 3 tables.