Aug 16 2013   remote deposit capture and its impacts on mobile banking
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Aug 16 2013   remote deposit capture and its impacts on mobile banking Aug 16 2013 remote deposit capture and its impacts on mobile banking Document Transcript

  •     Remote  Deposit  Capture  and  Its  Impacts  on  Mobile  Banking     By  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.