Remote Deposit Capture Market
Remote Deposit Capture Market (Component: Software/Platform and Services; Deployment: Cloud and On-premise; and End User: Banks, Credit Unions, Government & Non-profit Organizations, and Enterprises) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
COVID-19 Anticipated to Accelerate Mobile Deposits in Near Future
Remote deposit capture solutions are emerging as a boon during the coronavirus pandemic. The unprecedented increase in infection cases among individuals in India, Brazil, and Europe is leading to business opportunities for companies in the remote deposit capture market. Restricted movement of people and short working hours at banks and other financial institutions are contributing to market growth.
Financial institutions and people are turning toward online channels to take over as much of their daily transaction volume as possible. Such trends are anticipated to boost revenue opportunities for stakeholders in the remote deposit capture market. They are witnessing a dramatic increase in mobile deposit usage; however, many financial institutions are not seen capitalizing on this technology to serve its clients in the time of ongoing crisis.
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Non-assurance in Image Processing, Duplicate Detection Hinder Market Growth
The remote deposit capture market is expected to advance at a robust CAGR of 10.7% during the forecast tenure. However, issues such as non-assurance in image processing of RDC and the need for duplicate detection are inhibiting market growth. Hence, All My Papers (AMP) - a provider of core server technology is increasing its focus in RDC processing to overcome issues in image processing and duplicate detection.
Stakeholders are working closely with RDC vendors and internal development teams of financial institutions to digitalize transactions, as clients and customers are looking for easy and fast ways to interact with their banks.
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ATM Imaging, Retail Clients Help Expand Revenue Streams
Companies in the remote deposit capture market are targeting retail banking clients who are being offered choice and control over their deposits. NCR - a technology provider of software, hardware, and services for banks & retailers is unlocking growth opportunities by innovating in ATM imaging, transaction gateway, and mobile deposits, among others, to expand its revenue streams.
The remote deposit capture market is likely to reach a valuation of US$ 1 Bn by the end of 2031, since RDC is being publicized as a less costly transaction channel for banks aiming to reduce processing costs for customers. Vendors are increasing the availability of technologies that verify ATM deposits within minutes of a check imaging transaction whilst optimizing customer service.
Data Analytics Techniques Help in Fraud Prevention, Practice Transaction Monitoring
There is a growing need to reduce risks and enhance product capabilities in the remote deposit capture market. Fiserv - a global fintech and payments company, is leveraging growth opportunities in RDC by taking efforts to enhance its data analytics capabilities that enable real-time detection of fraud and a multilayered approach to practice transaction monitoring.
In order to boost credibility credentials, vendors in the remote deposit capture market are making use of data analytics techniques and predictive models to help financial institutions assess and manage risks. This has opened up opportunities to analyze every aspect of mobile deposit capture transactions and acquire an appropriate risk score.
SaaS-based Software, Expediting Funds Availability Catering to Customer Convenience
True multi-factor authentication, advanced user role definition for customers, and compliance with FFIEC (Federal Financial Institutions Examination Council) guidelines are being preferred by clients and customers. Companies in the remote deposit capture market are offering SaaS (Software as a Service)-based applications to enable online & real-time mobile deposits, decreased transportation costs for business customers, and simplify merchant setup for the bank.
RDC technologies are expediting funds availability to allow customers with quick access to their funds. Companies in the remote deposit capture market are becoming aware that even banks are offering additional fee-based expedited availability services as an extension of their in-branch service for clients outside of branch hours. Thus, companies are helping banks to expand their revenues whilst providing convenience for customers using an ATM or mobile device.
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Since malicious activities and cybercrimes are on the rise due to vulnerabilities created by the COVID-19 pandemic, real-time detection of potentially fraudulent deposits has become the need of the hour, thus creating future growth opportunities. Vendors in the remote deposit capture market are innovating in software that generates automated responses and suspends suspicious transactions immediately. However, comparison of OCR (Optical Character Recognition) with RDC is leading to downstream rejections and returns. Hence, companies should increase their R&D capabilities to improve technology of RDC as compared to OCR and work with Internet development teams of financial institutions to incorporate customized features in software technology.
Remote Deposit Capture Market: Overview
- The latest research report published by Transparency Market Research pertains to the global remote deposit capture market for the historical period of 2018–2019; 2020 is the actual year and the forecast period is 2021–2031. Across the globe, adoption of remote deposit capture technologies has increased to improve productivity and increase revenue in a rapid and automated manner. Remote deposit capture services allow checks to be truncated and cleared electronically. Hence, remote deposit capture services provide better convenience, deposit option, low transportation cost, and reduced risk in the check deposit process. This, in turn, is anticipated to propel the remote deposit capture market during the forecast period.
- In terms of revenue, the global remote deposit capture market is estimated to reach the value of US$ 1 Bn by 2031, expanding at a CAGR of 10.7% during the forecast period
Rising Demand for Remote Deposit Capture Solutions from Financial Institutions
- Remote deposit solutions enable a customer to access his or her account from anywhere. It also helps real-time transmission to ensure fast clearing, optional continuous posting, and fraud detection to update account balances. Integrated capture points detect and prevent duplicates and fraud in real-time allows customized business rules for eligibility and deposit limits, and automates information. They reduce the burden on employees to manage customers by replacing branch traffic.
- Financial institutions also maximize the success of their remote deposit capture solutions through effective marketing campaigns, offering a web-based administration tool that provides customizable permission levels for risk and security, and risk and funds availability management. Data analytics techniques and predictive models help financial institutions assess and manage risk, and track mobile deposits and other actionable mobile banking data, which, in turn, are boosting the remote deposit capture market.
- COVID-19 has effectively reset the banking industry. Presently, technology is critical for the banking sector, as banks, credit unions, etc. can use technology to customize or provide touchless services to customers. For instance, demand for mRDC (mobile remote deposit capture) has been increasing during the COVID-19 pandemic.
Integration of Internet of Things (IoT) with Payment Systems
- Internet of Things (IoT) is an evolving technology that helps send and receive data from Internet-enabled devices. The integration of IoT with payment applications provides significant opportunities for the extension of payment solution offerings and development of enhanced payment technologies. Furthermore, IoT-powered devices can make secure payments and promise greater convenience for recipients as well as consumers.
- Therefore, it is anticipated that Internet of Things will boost more payments through digital technologies during the forecast period. This is expected to create lucrative opportunities for the remote deposit capture market during the forecast period.
Remote Deposit Capture Market: Competition Landscape
- Detailed profiles of providers of remote deposit capture solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global remote deposit capture market are
- Checkalt LLC
- CSI Inc.
- EFT Network
- FIS Global
- Harland Clarke Corporation
- Jaguar Software
- Yardi Systems, Inc.
- Alogent (Goldleaf Financial Solutions, Inc.)
- Deluxe Corporation
- Digital Check Corp.
- e-Zest Solutions
- Financial Transmission Network, Inc.
- Fiserv, Inc.
- Jack Henry & Associates, Inc.
- Mitek Systems, Inc.
- NCR Corporation
- Parascript, LLC
- ProgressSoft Corporation
Remote Deposit Capture Market: Key Developments
- Key providers of remote deposit capture, such as Fiserv, Inc., Jack Henry & Associates, Inc., Mitek Systems, Inc., NCR Corporation, Parascript, LLC, and Deluxe Corporation are focusing on the development of cost-effective remote deposit capture solutions to attract more customers. Additionally, players active in providing remote deposit capture are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach in the remote deposit capture market.
- Some other key developments in the global remote deposit capture market are highlighted below:
- February 2021, Digital Check Corporation acquired Benchmark Technology Group, Inc., a provider of cash management automation solutions to combine check and cash automation software solutions in order to enhance solution capabilities
- In July 2019, Urban FT Group, Inc. acquired CFC Technology Group, a remote deposit capture (RDC) specialist to enhance digital banking and payments solutions
- In the global remote deposit capture market report, we have discussed individual strategies, followed by company profiles of providers of remote deposit capture. 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 remote deposit capture market.
Remote Deposit Capture 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 remote deposit capture 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 remote deposit capture market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the remote deposit capture market is expected to progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the remote deposit capture market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the remote deposit capture market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the remote deposit capture market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the remote deposit capture market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the remote deposit capture 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 Remote Deposit Capture Market
The report provides detailed information about the remote deposit capture 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 remote deposit capture market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable for remote deposit capture market players?
- Which factors will induce a change in demand for remote deposit capture during the assessment period?
- How will changing trends impact the remote deposit capture market?
- How will COVID-19 impact the remote deposit capture market?
- How can market players capture low-hanging opportunities in the remote deposit capture market in developed regions?
- Which companies are leading the remote deposit capture market?
- What are the winning strategies of stakeholders in the remote deposit capture market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the remote deposit capture market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the remote deposit capture market?
Research Methodology – Remote Deposit Capture Market
The research methodology adopted by analysts to compile the remote deposit capture 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 remote deposit capture 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 the interviews of genuine sources, analysts have emphasized the changing scenario of the remote deposit capture 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 remote deposit capture market.
Remote Deposit Capture Market – Segmentation
TMR’s research study assesses the remote deposit capture market on the basis of component, deployment, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the remote deposit capture market.