Remote Deposit Capture for the Consumer

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Boston, MA
January 2008

Remote Deposit Capture for the Consumer

NEW RESEARCH REPORT BY MERCATOR ADVISORY GROUP

Mercator Advisory Group is pleased to announce the release of its latest report, "Remote Deposit Capture for the Consumer". This new report looks at the RDC in the consumer market, specifically RDC at the ATM and a few of the fairly unknown at home applications currently out in the marketplace. Wells Fargo and Bank of America have stepped up deploying these ATMs with some positive results. There are many different flavors of RDC at the ATM depending upon the ATM manufacturer's hardware and software configurations and the functions the ATM Driver/Network/Processor can support, but cost and effort aside, consumers are responding favorably.

The at home solution seems to be the natural path of evolution for consumer RDC but FI apprehension over check fraud a the consumer RDC level is high. "Remote Deposit Capture for the consumer, while slow to be deployed, is beginning to emerge at the ATM and now a few institutions have even implemented at home solutions," comments Patty Hayward, Senior Analyst of Mercator's Debit Advisory Service. "The at home consumer solutions, compared to commercial RDC, are the very lowest level of functionality, imaging the check for presentment and clearing." The few institutions daring to deploy at home consumer RDC tend to target a specific segment of their overall population, similar to the commercial RDC solutions. One size does not fit all.

Highlights of the report include:

• Remote Deposit Capture is about check imaging but with checks on the decline should FIs invest in consumer RDC?
• Remote Deposit Capture grew dramatically in the commercial market in 2007 but RDC for the consumer is just beginning. RDC at the ATM began to emerge with Wells Fargo and Bank of America stepping up their deployment. For the small to mid-sized FI, deploying these advanced functions becomes a challenge if the ATM host/network/driver does not readily support these features.
• The top 3 ATM manufacturers offer a RDC solution at the ATM but they are all alike? A review of their image depository options reveals significant differences.
• Wells Fargo shares some insight into deploying RDC ATMs.

• At home consumer RDC solutions: who is doing it, and why?

   

This report is 31 pages long and contains 18 exhibits.