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Digital Technology Allows Risk-free Banking Solutions Outwardly

A digital check is sent electronically to the bank to be cashed the same way as the paper check, however faster. The banks use the digital check scanner, which employs magnetic ink character recognition (MICR) to read data on a check. The MICR works by reading the line on the check that includes data such as check number, bank number, and routing number. The process has become easier and remote as with the technology, the process takes place electronically and can save time and paper. The digital check scanner works by using light sensors to pick up the contrast that if found adequate, replicates the check's appearance.

Banks are upgrading their digital platforms and technology solutions to improve customer experience in online banking. Banks presently offer a united solution with a pre-installed check scanner in the particular bank's ATM. The user or accountholder can scan the check and begin the payment process without any delay. Increased digital platforms and improvements in out-of-the-bank services are offering immense growth opportunities to the digital check scanning solutions market. Furthermore, digital check scanners dwindle fraud by validating and verifying each check process. Many financial institutions are now turning checks into digital formats in their branches so that deposits can be received electronically. These factors are driving the digital check scanning solutions market.

digital check scanning solutions market segmentation

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Digital Check Scanning in Limited Travel Permissions Due to COVID-19 Gains Traction

Many individuals are stuck in their homes due to the risk of the COVID-19 virus. Moreover, several governments have imposed a strict lockdown that limits the travel for consumers and working hours for banks, making it hard for bank transactions and check cash withdrawals. Technology and digital services are helping people to do almost all of their tasks from near homes. The digital check scanning solutions are helping banks and customers to cash the digital checks without customers having to move to the bank. In addition, as the security provided in the digital check scanners is proving to be more secure, customers are preferring digital transactions over conventional ways. This factor is propelling the digital check scanning solutions market.

Moreover, business activities are being affected by usual business challenges such as interruptions in the supply of manufacturing materials and volatile demand. However, the digital check scanning solutions market and electronics manufacturing are far from experiencing the desolating effects of the COVID-19 outbreak compared to healthcare, airlines, and hospitality industries. Many companies are seen to have sufficient inventory stocks and are adopting innovative technologies to manage production activities. With risks in public places including banks, customers are likely to prefer visiting ATMs and other check scanning places, which will drive the digital check scanning solutions market.

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Government Sector Increasingly Focus on Digital Banking Solutions

Banks and major enterprises are mainly focusing on the adoption of new technologies in the digital check scanning process. Banking solutions include all-in-one capture solutions to upgrade the work performance of the system, enhance security, and improve productivity. Digital check scanning solutions are expected to prove efficient for better cash flow, eliminate branch visits, and simplify the customer and banking relationship. Furthermore, there has been a significant rise in investment in advanced technology solutions for asset management, and is likely to expand in the future, which is projected to propel the digital check scanning solutions market during the forecast period.

Most banks are highlighting the installation of advanced ATM solutions with in-built digital check scanning, which will help users to process accountholder’s checks digitally within a short time. This has improved the awareness about the benefits of digital check scanning solutions among customers and enterprises. With rise in awareness, government institutes are moving toward the adoption of digital banking solutions to sustain records of all financial documents, increasing the speed of check payment for different government departments. The rising use of technological devices in financial institutions and the government sector are expected to propel the digital check scanning solutions market during the forecast period.

Rise in Global Investments in Digital Banking to Improve Consumer Convenience

According to Federal Reserve information, more than 84% of accountholders visit banks at least once a year. Due to this, solution providers are proposing electronic banking solutions for banks and credit unions. Banks that operate through multiple branches are installing digital check scanner devices. However, the devices require high maintenance for the system to work for a long time. Nevertheless, manufacturers are improving the production quality and using advanced technology to overcome the maintenance challenges that will prove important to raise the demand. Owing to these factors, the global digital check scanning solutions market is expected to reach US$ 3.3 Bn by 2031, expanding at a CAGR of ~11% during the forecast period.

digital check scanning solutions market infographic

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Analysts’ Viewpoint

The growing adoption of digital check scanning solutions, owing to increasing customer awareness is providing cost-effective solutions for all enterprise sizes, maintaining security standards. Most enterprises prefer check payments in business transactions and advanced payment solutions are proving significant and convenient options. However, the initial cost of the system or device is high for new start-ups and small businesses, which is retraining the global market growth. Solution providers must focus on less expensive and low maintenance products to dominate the digital check scanning solutions market with rising demand. Small enterprises are driving the demand for single-feed check scanning solutions to process check payments through digital platforms as well as adopting freely available payment application solutions for limited use.

Digital Check Scanning Solutions Market: Overview

  • According to Transparency Market Research’s latest research report on the global digital check scanning solutions market for the historical period of 20192020 and the forecast period of 20212031, increasing adoption of asset management tools to fuel the efficiency of operations in commercial spaces is a key factor that is expected to boost the global digital check scanning solutions market during the forecast period
  • In terms of revenue, the global digital check scanning solutions market was valued at ~US$ 1 Bn in 2020 and expected to reach US$ 3.3 Bn by 2031, expanding at a CAGR of ~11% during the forecast period

Increasing Digitalization in Financial Institutions and Government Sector: Key Driver

  • Rising demand for digital payment systems for payment processing among financial institutions and banks that help increase the processing speed is likely to boost the demand for digital check scanning solutions worldwide
  • Banks are increasing the adoption of digital solutions for check payment processing, which takes more time in a manual process. According to Deloitte, in 2018, banks globally planned to invest US$ 9.7 Bn on digital banking solutions to enhance the payment processing speed and the customer experience in banking. There is an early adoption of new technologies and advanced business solutions to improve business operations and create new trends in the global digital check scanning solutions market. In North America, financial solution providers are focusing on offering advanced hardware solutions and devices such as ATMs and digital scanners for financial documents.
  • Most banks are emphasizing on the installation of advanced ATM solutions with digital check scanning, which helps users to process account holder’s checks digitally within a limited time. This helps increase awareness about the benefits of digital check scanning solutions among end users. Government sectors have also increased the adoption of digital process solutions to maintain records of all financial documents, which increases the speed of check payment for different government departments. Hence, increasing digitalization in financial institutions and government sectors is estimated to boost the demand for digital check scanning solutions during the forecast period.

Rising Adoption of Advanced Technologies for New Product Innovations Driving Digital Check Scanning Solutions Market

  • Solution providers are focused on the adoption of new technologies in image capture processing or digital check scanning solutions to offer more innovative solutions to banks and enterprises. According to the Federal Reserve information, more than 84% of account holders visit banks at least once a year. Hence, solution providers are offering automated banking solutions for banks and credit unions.
  • Solution providers, such as Panini S.p.A. and Digital Check Corp., are offering advanced banking technologies to the KeyBank, the U.S. Bank, and the American National Bank. Therefore, solution providers are adopting technologies in image capturing or all-in-one capture solutions to improve work efficiency of the system and employees, and to manage the payment process and customer footfall.
  • Increasing awareness and adoption of digital check scanning solutions in enterprises is prompting solution providers to offer more advanced and cost-effective solutions for all enterprise sizes, maintaining security standards. Hence, rising adoption of advanced technologies for new product innovations is expected to fuel the market for digital check scanning solutions during the forecast period.
  • On the other hand, majority of enterprises are adopting the check payment system during the business process. Companies are investing in advanced payment solutions to improve their business processes. The initial cost of the system or device is high for new start-ups and small businesses, which restrain the digital check scanning solutions market. Most small enterprises prefer single feed check scanning solutions to process check payments through digital platforms as well as adopting freely available payment application solutions for limited use.
  • Availability of the open-source payment processing solution for commercial sectors with limited features restrains the adoption of digital check scanning solutions. Banks are operating through multiple branches and have installed digital check scanner devices that require high maintenance for the system to work for a long time. However, users are relying on digital payment software solutions, which can be offered by operating banks and government departments.
  • Individual users depend more on software platforms instead of the check payment process to maintain the cash flow. Hence, high initial cost and adoption of payment transaction applications or mobile payment apps is expected to restrain the digital check scanning solutions market.

Digital Check Scanning Solutions Market: Competition Landscape

  • Detailed profiles of providers of digital check scanning solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global digital check scanning solutions market include
    • ARCA Tech Systems, LLC
    • Canon U.S.A., Inc.
    • Digital Check Corp
    • Epson America, Inc.
    • Fujitsu Limited
    • MagTek Inc.
    • NCR Corporation
    • Panini S.p.A.
    • RDM, (A Deleux Company)
    • The Eastman Kodak Company
    • Nimble
    • Alogent

Digital Check Scanning Solutions Market: Key Developments

  • Key providers of digital check scanning solutions, such as Epson America, Inc., Digital Check Corporation, and Panini S.p.A. are focusing on advanced technologies and cost-effective digital check scanning solutions to attract more commercial customers. Some other key developments in the global digital check scanning solutions market have been highlighted below:
    • In March 2021, Epson America, Inc. announced a partnership with Cranel, Inc. to distribute the Epson document scanning solutions and other office equipment solutions through its national distributing network
    • In February 2021, Digital Check Corporation acquired Benchmark Technology Group Inc. to improve the payment processing technology and expansion of the product portfolio to improve market share
    • In October 2019, Panini S.p.A. announced technological partnership with Alogent Corp. to focus on the development of all-in-one check capture solutions for financial institutions and commercial sectors
  • In the global digital check scanning solutions market report, we have discussed individual strategies, followed by company profiles of providers of digital check scanning solutions solution. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global digital check scanning solutions market.

Digital Check Scanning Solutions Market – Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global digital check scanning solutions market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the digital check scanning solutions market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the digital check scanning solutions market will progress during the forecast period of 2021-2031.

The report offers intricate dynamics about the different aspects of the digital check scanning solutions market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the digital check scanning solutions market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the digital check scanning solutions market, and estimate statistics related to the market progress in terms of value (US$ Mn).

The study covers a detailed segmentation of the digital check scanning solutions market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the digital check scanning solutions market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Digital Check Scanning Solutions Market

The report provides detailed information about the digital check scanning solutions market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the digital check scanning solutions industry, so as to help them make successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue out of the advantages of digital check scanning solutions?
  • What are the various trends in the global digital check scanning solutions market across the world and key market opportunities?
  • What will be the revenue share of the global digital check scanning solutions market in terms of industry?
  • What will be the Y-o-Y growth of the digital check scanning solutions market between 2021 and 2031?
  • What are the competitive strategies of key players operating in the U.S. and the global market?
  • Which type is expected to generate maximum revenue in digital check scanning solutions during the forecast period?

Research Methodology – Digital Check Scanning Solutions Market

The research methodology adopted by analysts for combining the digital check scanning solutions market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the digital check scanning solutions market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the digital check scanning solutions market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the digital check scanning solutions market.

Digital Check Scanning Solutions Market – Segmentation

TMR’s research study assesses the digital check scanning solutions market on the basis of type, end user, and region. Revenue data is estimated for all the abovementioned segments.

Type
  • Single-feed Check Scanning System
  • Multi-feed Check Scanning System
End User
  • Banks
  • Credit Unions
  • Government & Non-profit Organizations
  • Enterprises
    • Small & Medium Enterprises
    • Large Enterprises
Region
  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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Digital Check Scanning Solutions Market