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Banking on Mobile Deposit Fee Revenue Opportunities

Tuesday, February 27, 2018 (RemoteDepositCapture.com / RemoteDepositCapture.com)

The perceived value of mobile RDC is increasing among end-users, suggesting ample opportunities exist for offering FIs to grow revenue streams from mobile deposit.
Mobile remote deposit capture holds real value for end users, and the perceived value is growing. That’s good news for banks and credit unions looking for new opportunities to boost fee revenues.
 
More than a quarter of participants in the latest Poll Central query at RemoteDepositCapture.com said it is worth up to $2 per transaction to deposit a check using their mobile devices rather than having to visit a financial institution branch or ATM. One in 5 said it was worth up to $1 per transaction.
 
RemoteDepositCapture.com’s Poll Central has been tracking the pulse of the RDC industry since January 2015. Twelve polls are posted on an on-going basis, and each month visitors to RemoteDepositCapture.com are encouraged to cast votes on a featured poll. (Visitors can cast votes on any poll at any time, but only once in a 12-month period.) This month the featured poll asked “For mobile deposit users, what is the value of mobile deposit to you, per transaction?
 
Of 62 votes cast in the featured query, the largest share, 26%, put the value of mRDC at up to $2.00 per transaction; 21% placed the value at up to $1.00 per transaction. This represents a notable shift from responses to the same poll query last year, when 26% of participants put the value of mobile deposit at up to $1.00 per transaction and just 15% put the value at up to $2.00 per transaction.
 
When the query was first posted, in 2015, the largest vote-getter, at 33%, was a value up to 25-cents per transaction. This year, fewer than 20% of respondents put the value of mobile deposit at up to 25-cents per transaction.



We believe the rising value proposition users attach to mobile deposit positions mobile deposit as a valuable revenue opportunity for banks and credit unions. According to the 4th Annual Mobile Remote Deposit Capture Industry Study most financial institutions offer consumer mobile deposit for free, and about 1 in 5 offer it as a fee-based service for small and mid-sized business customers. The study also indicated that most financial institutions offering mRDC plan to expand those offerings, and that a majority of those are planning expansions into the SMB market. (A report on that study is available now. Click here to learn about pricing and to order your copy.)
 
Mobile deposit for SMBs provides offering FIs with significant opportunities to grow fee revenues. A report published last fall by Aite Group suggested a $90 million annual revenue opportunity for FIs offering mRDC solutions that address the business needs of SMBs, such as the ability to capture multiple check images in a single deposit along with invoices and related documents. (See article posted here.)  
 
Visit Poll Central and Vote
The Poll Central question featured in this article has been reset and can be taken again. Votes will be tallied anew in 12 months. In the meantime, click here to vote on the featured Poll Central question for March, if you haven’t already. The question is:  For Financial Institutions: What is the monthly Dollar Limit for your Consumer Mobile Deposit Clients?
 


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