RDC is a three-step method of scanning the digital image, check, verifying it and then depositing it into the bank. It minimizes the time needed to deposit checks and at the same time facilitates savings, thereby removing the need of buying deposit slips, photocopying checks, engaging employees for depositing checks, and various other business activities. RDC also includes intelligent document and character recognition, ability to feed internal systems, data management through business rules, smart clearing capabilities which is further adding value to the banking industry. Presently, the basic requirement for an RDC service includes a check scanner, an internet connection, a personal computer (PC), and a service provider such as the current bank. Checks which are received at the bank or corporate location are scanned to create a digital deposit. Then this digital deposit is transmitted to the concerned RDC bank or service through an encrypted internet connection. The RDC service allows for the checks to be truncated and cleared electronically. Hence, RDC service provides better convenience, deposit availability and low transportation cost and risk in the check deposit process.
The rising benefits of merchant RDC such as same day ledger transaction, improved cash flow, efficient customer service, and convenience of depositing checks in-house are boosting the growth of global RDC market. Furthermore, the introduction of new innovative products and low-cost scanners are further expected to bolster the global RDC market. The evolution of new advanced smartphones and other electronic gadgets such as tablets are further providing greater accessibility to these services, thereby bolstering the market demand worldwide. For instance in 2009, the United Services Automobile Association (USAA) became the first bank that allowed its customers to deposit checks with the help of smartphones. Moreover, various awareness initiatives taken by International Organization for Standardization (ISOs) and banks is further fueling the RDC market worldwide. Additionally, rise in volume and value of check transactions with a significant hike in paper checks processing fees are other factors contributing to the growth of global RDC market. However, the lack of optimal solutions, decreasing use of checks, and lack of proper training and awareness are hindering the global RDC market.
The global RDC market is segmented on the basis of different businesses size, and geography. On the basis of different businesses, the market is segmented into small, medium and large sized businesses. With the growing stabilization in technology and lower operational cost, the bank industry is aiming to focus at all levels of customers. The different bank industries are launching solutions for small businesses that would suit all customers. In addition, as the banks are switching their focus towards merchants, they are targeting small and medium size businesses. Geographically, North America is expected to be the most prominent region for the RDC market owing to the presence of largest U.S. banks such as Bank of America, Citibank, Chells, and Wells Fargo offering the facility of mobile deposit. Asia Pacific is expected to be one of the fastest growing regions for the market due to growing penetration of smartphones and tablets, thereby encouraging the use of mobile deposit.
Some of the key players in the global RDC market include Bank of New York Mellon Corporation, Branch Banking and Trust Corporation, Citibank, Mansfield Bank, Bank of America, Metavante Technologies, Inc., and Fiserv, Inc., among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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