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June 2008
Oil Prices, Credit Crises - Alternate Routes to Remote Deposit Capture Growth


Today's challenging environment of increasing oil prices and stressed financial institutions is impacting remote deposit capture (RDC) especially in the small business market. On the one hand, RDC is becoming more attractive to businesses and consumers as rising gas prices make a trip to the bank more costly. On the other hand economic uncertainty is making businesses less willing to invest in a dedicated check scanner costing from $500 to $1,500 and to enter into long term service commitments.

Many banks, who in the past might have provided the equipment free to good customers/prospects, are facing a crises of their own, with growing loan losses, declining capital, declining earnings, falling stock prices, laying off employees and closing branches. Not the kind of environment conducive to making large investments, and $500 to $1,500 for a large number of customers is a big investment for any size institution.

There are however some emerging solutions that can put RDC in the hands of small businesses and consumers without the need for large capital expenditures by either small businesses or banks. These solutions involve using equipment small businesses and consumers already own — fax machines, and general purpose scanners. While not as elegant as solutions based on dedicated scanners, and requiring somewhat more human intervention; they are not investment intensive and are cost effective for all parties. Before the current economic crunch, solutions using a customers existing equipment made sense. In today's environment they are even more attractive.

A consumer RDC solution using a PC and flat bed canner was introduced by USAA over a year ago. Earlier this year Fiserv announced a similar solution available to its bank customers. Other service providers have similar offerings in the works. A number of patents have been filed for using fax machines as the image capture device, including one by Lighthouse Consulting Group, and development efforts are underway.

As customers often only have a fax or a flat bed scanner, but not both, it is likely over time that in order to reach all its target markets banks will need to offer RDC solutions that accept fax, flat bed scanner, as well as dedicated check scanner input. The current economic environment may encourage banks who want to grow RDC to embrace these alternative input devices. This would create a win-win situation for the financial institutions and their customers.




RESEARCH

March 2011
Small and Home Busines Check Deposit Practices 2010-11 Survey Results


October 2007
Small Business RDC Survey Results


ARTICLES



2012
Some Small and Home Businesses Willing to Pay Large Premium for RDC

Small and Home Businesses Are Not All the Same – An RDC View

2011
Lighthouse Consulting Group, LLC Granted Patent for CheckFaxRDC Application

2010 Survey of Small and Home Business Check Deposit Practices Now Closed

2010
LCG Sets Up LinkedIn Small and Home Business Depositor Group

CheckFaxRDC Compared to Other Remote Deposit Capture Solutions

2009
Looking Beyond the Averages When Offering RDC to Small and Home Businesses


2008
Oil Prices, Credit Crises - Alternate Routes to Remote Deposit Capture Growth


What will the role of branches be in 2015?

Remote Deposit Capture Creates Market Segmentation Opportunities


2006
Fax Machines - Check Scanners
Small Business Already Have


2005
Small Business - A Remote Capture Opportunity

Remote Check Image Capture -  Business Case Behind the Marketing Opportunity

2004
Check 21 a Marketing Opportunity!


2003
Check 21 Act Passes Congress - Opportunities and Concerns


When Will Banks Get On

Board for Check Imaging?


Customer Relationship Management - Why Expectations Go Unmet


Recover from a Disaster or Risk Customer Attrition


Internet Attacks May Be the Least of Your Worries!

Losing the Paper Chase


2002
Fewer Checks to Be Written and Even Fewer to Be Posted

Depositing Checks from Your Office
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