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Small & Mid-Sized Business RDC Solution Priorities; Walk Before You Run

Monday, September 30, 2019 ( /

Following on the great discussions about SMB RDC Solutions which have emerged during our RDC Forum one-day seminars around the country, we decided to solicit feedback from the overall industry by offering the following poll; “What are the top service capabilities a great SMB RDC solution should have”? The results were… interesting. They often appeared to show what many financial institutions were working on or had seen marketed by vendors, as opposed to what may actually be needed in the industry.

The Results
The top two results, Mobile Multi-Check Capture and Omni Channel, are clearly focused upon improving the overall user experience, enabling them to capture more items via mobile, while providing a seamless experience across mobile and desktop.

Next came client / system capabilities specifically focused upon the capture and use of data. Data on how to account for, apply and report on the transaction and the customer is critical to the success of any business and a unique business requirement (compared to consumer applications).

“Client Usability” made up the next 2 or 3 items on the priority list; MAC & Windows compatibility, Mobile Auto Capture and Client Reporting. Clients do indeed want to be platform agnostic, utilize a “smart” capture system to help ensure the images captured are correct, and have the ability to report on their overall deposit activities (ideally across all of their depositing entities). -And the closer to real-time this reporting is, the better.

The final items on the list of priorities amount to what I would consider some fundamental capabilities required especially as FIs offer this service to increasingly sophisticated business clients. Separation of duties makes increasing sense as both businesses and FIs push the payment capture points farther out in an increasingly distributed capture model, leveraging low-volume desktop scanners and mobile capabilities. As the number of capture points increases, there is a greater demand by the business to be able to review / edit / approve deposits before they are sent to the FI, so as to avoid any errors, etc.. And the final item on the priority list are Network-Based Scanners which can help ensure MAC and Windows Compatibility, increase scanner uptime and reduce the cost and expense associated with software drivers and related issues.

Walk before you Run…
While all of the items identified on this list can be critical factors in the ability to offer a great SMB RDC Solution, which ones are most important? If you were to build a roadmap for the development of your SMB RDC Solution, which items would you focus upon first / how would you prioritize this list? One of the key criteria in determining the layout of your development roadmap is truly understanding your FI’s SMB client needs.

Across hundreds of conversations and even more data points, we have seen many FIs make the mistake of developing certain higher-profile capabilities before having the “basics” in place. The results have been lackluster (or no) actual adoption and competitors who lure away clients because they have what clients actually need. We will soon publish a follow-up article on this very subject.

In the meantime, I challenge you to consider the following; if you were to prioritize this list of capabilities across a development timeline, how would the order change, and why? Feel free to discuss this topic further in the RDC Discussion Boards, and view Webinars on this topic in the Webinar Library.

About RDC Poll Central
To participate in close to a dozen ongoing polls, please visit RDC Poll Central. Once you vote, you can see the overall results of each poll. -And be sure to participate in this month’s new poll: For FIs offering Mobile Deposit: Does your FI use Geo-Location in your deposit acceptance decisioning process?

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