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Thursday, April 30, 2020
(RemoteDepositCapture.com / RemoteDepositCapture.com)
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Some interesting insights from the data;
• 35% of respondents are seeing annual Mobile Deposit growth of over 30%.
• 56% of respondents are seeing annual growth of over 20%.
• 82% of respondents are seeing at least some growth in Mobile Deposit volumes.
• 12% of respondents are seeing no growth.
• 6% of respondents are seeing a decline in Mobile Deposit volumes vs. year-ago levels.
Growth across the globe and across channels
The growth in RDC usage is not confined to the United States, as evidenced by this recent article which states HSBC and Lloyds in the UK are experiencing growth of over 25% vs. pre-pandemic levels. -And the growth is not confined to just Mobile Deposit. Discussions we’ve had with financial institutions and scanner fulfillment service providers indicate desktop RDC is seeing significant gains as well. One scanner fulfillment provider even said “Our RDC scanner fulfillment service volumes are the highest we’ve ever seen. This will be a record year.”
Those who adapt will survive and thrive.
Some financial institutions have not seen growth and some have even seen declines versus year-ago levels. How is this even possible?? Here’s a theory: If customers experience a greater need to deposit more items and a larger amount, but their financial institution is incapable or unwilling to meet those needs, those customers will find a different provider who can. A simple search on twitter tells this story over and over again. Depositors, frustrated by how their bank or credit union hasn’t adapted to this new need, are switching.
Financial Institutions who have been flexible with deposit and volume limits, have made an effort to make RDC services available to a larger percentage of their customer base, have been smart about using technology to manage risk (see our recent Webinar and Article), and who have worked with their service partners (think scanner fulfillment) to support a growing customer base have already seen higher volumes, more deposits and happier customers.
There will be many lessons learned by the financial services industry during the course of this pandemic. One of the lessons; RDC is a critical service. Another lesson; Financial Institutions need to continue to adapt, quickly, to customer needs. Those who do not will see their customers leave for another provider. Which type of financial institution is yours?
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