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Remote Deposit Capture And Its Impacts On Mobile Banking

By Expert Author: Jennifer Lewis

Financial institutions are quickly adopting the concept of remote depositing. A survey says that more than 58 percent iPhone users have found this service enviable. It further reveals that around 48% mobile bankers would use this service interestingly, if given an opportunity. The rapidly advancing smart phones have allowed this technology to create a buzz among mobile banking users. It has also pulled the interest of users not using mobile banking, to use this technology. Many researches and surveys have clearly depicted the user's desire to use mobile Remote Deposit Capture technology. A research concluded last year says that 40% of all consumers and 66% mobile banking users desire to use RDC. 25% users and 48% mobile banking users accepted that they used RDC in last 90 days. Around 15% said that they want to use RDC, but their banks are still reluctant from adopting this concept. Through Remote Deposit Capture (RDC), users can scan a check and send the file to the bank to claim payment. This concept eases the payment process for banks. The same technology could be used to add funds to your account in a quicker manner.

A survey conducted by Javelin Strategy and Research involving 25 top retail banks from the US, revealed that 64% of 25 banks were using RDC and most of them initiated this service last year. At present Android and iPhone has a market share of 48% and 32% respectively and the survey says that RDC service has a good prospect, as one of every five customers will use this service. This technology is best for business owners because they deal with a number of checks, which contain few for bigger amount processing and needing an extra attention while processing. A manual process takes a longer time, which affects the productivity of the businesses. Faster processing means faster payment and faster delivery of the products. This use of RDC has gained a sudden boom because it is an electronic process and consumes less time.

Banking experts say that this is just the beginning and with the growing number of smart phone users, more and more customers will become familiar with this service and use them. They say that rising numbers of smart phone mobile banking users are making banks rethink on their strategies and mull over how to re-engineer mobile banking service and provide an enhanced mobile banking experience. In addition, the swiftly rising number of mobile banking users has pressurized financial institutions to implement RDC and stay in the competition. The research conducted by Javelin says that the usage of Mobile Remote Deposit Capture has grown in recent times as one of every four smart phone users has joined the bandwagon in the past three months.

The Executive Vice President of a reputed bank says that banking institutions and credit unions would be wrong, if they rest on the laurels achieved. They should not think that getting an app to smoothen the mobile banking process is sufficient for their institution. Time is running out and banking institutions must look to offer this service before its absence start affecting the customers, and they start going hither and thither. Thus, it has become very urgent for the banking sector and financial institutions to adopt RDC concept, as it will help them in augmenting their business and revenue as well.

However, as I always say that every coin has two faces, it is equally important for them to pay attention towards tackling the fraud and conning that RDC concept will introduce.

The author is associate with one of the trusted enterprise mobile application development company. The android application development companies in Noida provides enterprise mobility consultants and solutions to various industry verticals.

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