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The Market for Remote Deposit Capture in the U.S.
Synergistics Research Corporation, Jan 2010, Pages: 54
This study examines consumer reaction to remote deposit using a PC or mobile device, as well as consumer issues related to security and privacy. The research involved a United States Internet Survey focusing on 1,000 consumers age 18 or older.
Research Issues and Benefits
The Federal Reserve has called remote deposit capture (RDC) “the most important development the U.S. financial services industry has seen in years.” Many financial institutions are now rushing to design and implement their own RDC services. RDC allows depository institution customers to scan checks they wish to deposit and transmit the scanned images to the institution for posting and clearing. The basic requirements include a PC, an Internet connection, and a scanner. In addition, some providers have been introducing mobile deposit services that can be performed using a mobile phone.
With mobile deposit, a picture of the front and back of the check being deposited is taken with the mobile phone's camera and the image is sent to the depository institution. Regardless of the device, the benefits of the service for providers include reduced risk and costs related to transportation and processing. For consumers, RDC provides increased convenience and improved deposit availability. The primary barrier to adoption among consumers has been the cost associated with the equipment necessary. However, with advances in technology and mobile phones, these costs continue to decline and have made this service viable for the consumer market.
Are there segments of the market, beyond younger consumers, which are important targets for this service, such as homebased businesses? Do consumers prefer mobile remote deposit over RDC through a PC, and why?
Synergistics' survey examines consumer awareness of this service and measures current and potential usage, as well as the advantages and disadvantages of PC and mobile RDC. It also assesses consumers' security concerns and the potential impact on other channels. Understanding the consumer perspective will be key in designing, implementing, and marketing a successful remote deposit program.
** Please note that due to restrictions this report cannot be sold to clients in the US or Canada**
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