Remote Deposit Capture, and specifically Mobile Deposit, has been around for over a decade. Today, tens of millions of consumers regularly use Mobile Deposit. In their latest quarterly conference call, Mitek Systems indicated the annual growth rate in Mobile Deposit volumes was around 15%. Sure, some Financial Institutions enjoy significantly higher growth rates, while others may be lagging, but the data from Mitek should be a good barometer for the overall industry.
So, in late February, RemoteDepositCapture.com began polling the industry to verify if the 15% growth rate was a valid benchmark for the industry. Then, in March, everything changed.
The current Coronavirus pandemic quickly put Remote Deposit Capture and Mobile Deposit in the spotlight as a “more important now than ever” / must-have service capability. Not surprisingly, recent votes in the industry poll reflect a dramatic increase in volumes and usage. Just looking at the votes since March 18th, over 60% are seeing year-over-year growth in excess of 30%.
As of March 29th, the poll showed the following;
- Over 40% of FIs are seeing growth rates in excess of 30%
- Over 2/3 of FIs are seeing growth rates in excess of 20%
- NO Financial Institutions are seeing volume declines vs. a year ago.
Given the dramatic changes underway in our industry we will be featuring this poll again in April and encourage all FIs to participate. We will keep everyone posted as new results and insights develop.
RemoteDepositCapture.com is here to help
RemoteDepositCapture.com has published an article outlining the 5 steps every FI should take to adapt to the current situation while also managing risk. This article is available to our members by clicking here. In addition, please post questions, insights, etc. to the Industry Discussion Boards by clicking here. The Discussion Boards are open to (and FREE) to the entire industry. Industry Polls are open to the entire industry as well.