January 06, 2014

As more banks plan to roll out mobile RDC solutions for consumers and commercial clients, and some looking to replace the solutions they already offer, the RDC vendor market will grow more competitive over the next year, according to a new study from Celent, titled “Remote Deposit Capture Solutions 2013: ABCD Vendor View.”

Only 10% of US financial institutions currently offer mobile RDC to consumers, the report noted, with many banks planning to launch this year for both retail and consumer clients.

And some banks are also beginning to think about replacing their current RDC offerings, the report showed. A Celent survey found that 12% of banks that offer RDC solutions are considering replacing their current solution with another vendor, and 5% plan to do so in the next year.

[Check Out: Mobile RDC for Commercial Clients On the Horizon]

All of this will lead to a hot market over the next year with new and improved solutions available, Bob Meara, the report’s author, said. “There’s going to be lots of vendor selection occurring over the next year or so. Current solutions offer powerful risk and compliance management capabilities that earlier products lacked,” he explained. “Banks no longer have to play it safe.”

The report compares 13 different RDC vendors and their solutions based on their technology, functionality, customer base and client services.

ABOUT THE AUTHOR
Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...