In our latest post, we talked about how mobile payments will impact mobile banking apps in the near future, and how customers are using cash less frequently. In an environment heading towards digital wallets and mobile payments, and with banks reducing their physical branch numbers, it becomes crucial that your financial institution provides an easy way for customers to make their funds available as quickly and conveniently as possible. One of the best ways to accomplish that is through a robust Remote Deposit Capture application, but as you can imagine, there are compliance and risk issues to address in the midst of all this convenience.
As the image above highlights, 45% of people in the 25-44 demographic are interested in mobile transactions. Those are the professionals most likely to use Remote Deposit Capture (and mobile banking apps in general), and they're also becoming one of the most important demographics for banks and credit unions to target in an age of financial disruption. With that in mind, we asked mobile banking expert Terrie Cloud a few questions related to RDC and its benefits and dangers:
Q: What tech features do bank customers ask for the most?
A: Mobile capture, Remote deposit capture, mobile banking and personal financial management are the top requested trends among both retail and commercial customers.
Q: How have emerging technologies affected remote deposit technology?
A: With the exponential advances in mobile banking and the camera technology within today’s smartphones, mobile capture is rapidly becoming a requested and used feature among mobile banking users. In fact, a study recently released shows that 38% of mobile banking users have used mobile capture.
Q: Why should my financial institution consider/expand RDC?
A: Mobile and remote deposit capture allows your customers to scan checks from their location, increased availability of funds and the potential for a new source of non-interest fee income for the financial institution.
Q: What are the risks of using/deploying Remote Deposit Capture?
A: As with any banking technology, fraud is always a concern and so there are certainly things that banks and credit unions need to consider as it relates to policies and procedures around mobile and remote deposit capture.
Join me on 6/26 for The Profits and Perils of Remote Deposit Capture. I’ll provide you with tips, tools and techniques for setting up, implementing, deploying, maintaining, and growing mobile and remote deposit capture at your financial institution. Register today!
Don't miss the opportunity to hear Terrie's advice on RDC and get the chance to ask him questions. Mr. Cloud has more than 26 years of experience in the financial services industry and is a Vice President and Product Manager with Cardinal Software. He is responsible for all bank technology product direction as well as all vendor partnerships for Cardinal Software, and his experience includes project management, relationship banking, web banking strategies, technology planning and implementation, strategic planning, regulatory compliance, technology consulting, development, and training.
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