State of Remote Deposit Capture 2010: Unintended Consequences

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6 November 2010


The financial crisis, a poor economy, and the FFIEC Guidance on RDC risk conspired to dampen the growth of remote deposit capture in 2009. However, in 2010, industrywide client base growth is 49%.

The FFIEC Guidance on RDC Risk, published in January 2009, caused a stampede of compliance activity that virtually trampled new product activity for a full year. In 2010, with most of the compliance scare over, client adoption returned to center stage. The result has been impressive: an industrywide gain of 230,000 RDC clients, or 49%, according to the Celent report, State of Remote Deposit Capture 2010: Unintended Consequences. Adoption of RDC solutions was comparatively modest, just under 1,000 financial institutions in the past year (a 14% gain), which is to be expected for a market reaching maturity. Celent estimates that 75% of US banks and 50% of US financial institutions offer one or more commercial RDC solutions.

“With such rapid adoption of RDC, it is probably good that the FFIEC ‘timeout’ occurred,” says Bob Meara, Senior Analyst with Celent’s Banking Group and author of the report. “The unintended consequences of the FFIEC guidance—a virtual lockdown of market-facing RDC activity—appear to be largely behind us now, and significant market opportunity lies ahead.”