Payments

10:36 AM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

Celent: Banks Looking to Replace RDC Solutions

A new Celent report breaks down an increasingly competitive remote deposit capture market and analyzes various vendors.

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.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
1/8/2014 | 4:04:53 PM
re: Celent: Banks Looking to Replace RDC Solutions
Only 10% offer mobile RDC for consumers, I'm sure many more offer some sort of RDC solution to businesses. But there are many smaller institutions out there that still don't have mobile RDC. And some bigger ones too. I used to bank at M&T up until this summer, and they didn't have it. I also have an account with a credit union that doesn't offer it. But lots of these smaller institutions have it in their near-term plans to offer it.
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
1/7/2014 | 2:39:28 PM
re: Celent: Banks Looking to Replace RDC Solutions
Only 10% offer RDC currently? That number seems a little low, doesn't it? All of the large banks offer it, and many smaller community banks offer it or will offer it soon.
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
1/6/2014 | 9:53:06 PM
re: Celent: Banks Looking to Replace RDC Solutions
That was what Bob was saying, solutions have gotten better since the initial wave of mobile RDC, so it's natural that banks looking for a competitive advantage might want to upgrade.
Byurcan
50%
50%
Byurcan,
User Rank: Author
1/6/2014 | 9:44:23 PM
re: Celent: Banks Looking to Replace RDC Solutions
True, they might now be looking to roll out the "2.0" version of the service.
Yaldez4FSI
50%
50%
Yaldez4FSI,
User Rank: Apprentice
1/6/2014 | 5:23:06 PM
re: Celent: Banks Looking to Replace RDC Solutions
Not really that surprising as some banks have not offered it and others probably threw it together to be competitive, and now that it is here to stay, have decided that they need a real platform to full automate it, to take the cost out of it.
Byurcan
50%
50%
Byurcan,
User Rank: Author
1/6/2014 | 3:59:17 PM
re: Celent: Banks Looking to Replace RDC Solutions
Kind of surprising some banks are already looking to replace their mobile RDC offerings, it's only a technology that's been around for a couple of years now
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Slideshows
Video