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Tapping New Revenue Streams with Mobile Deposit for SMBs

Wednesday, September 20, 2017 (RemoteDepositCapture.com / Patti Murphy)

Potential fee revenues from mobile RDC solutions for small and mid-sized businesses exceed three-quarters of a billion dollars annually, according to one calculation. Free on-demand webinar explores FI opportunities and strategies for success.
The potential revenue opportunities for banks and credit unions offering mobile RDC to small and mid-sized businesses is enormous. Using recent data suggesting some 4 million SMBs have yet to adopt any RDC solution, Deluxe Corporation has calculated that migrating these businesses’ check deposits to mobile RDC, and charging 40-cents per deposited item, could generate as much as $768 million in annual revenues to offering financial institutions.
 
“The numbers are there to justify the opportunity,” said Mehul Patel, Senior Director, Software Product Strategy & Service at WAUSAU, a Deluxe company. “Financial institutions need solutions that are tailored to this market.”
 
John Leekley, Founder and CEO of RemoteDepositCapture.com, concurred. And he cautioned FIs against trying to respond by repackaging consumer mRDC offerings as business offerings. “There’s a fundamental disconnect some financial institutions may be missing when they offer a consumer-style RDC service to business customers,” Leekley said. Businesses require more robust solutions than simply being able to deposit checks on the run, he explained. Solutions that address SMBs’ unique needs and challenges, like receivables management, and control and oversight of deposit activities, are key. “To get business customers to pay for mobile deposit you need to provide differentiated value-added services,” Leekley said.
 
Leekley and Patel provided insights on market challenges and solution requirements for SMB mobile deposit during a recent webinar – The Next Generation of RDC: Solutions for Small & Mid-Size Business Markets. In addition to Deluxe’s data insights, the webinar featured key data points from the 2017 mRDC Industry Study. For example, Leekely revealed that 60% of FIs currently offer mRDC to SMBs and 25% of those charge fees for the service.
 
During the webinar, Leekley and Patel presented a compelling examination of the unique needs of SMBs and different end-user requirements, which, when addressed, can drive mRDC usage and revenue streams. They also provided insights on how best to deliver value to different SMBs with mRDC, and considerations for evaluating mobile deposit solution sets and providers.
 
Recorded on September 13 and sponsored by WAUSAU, The Next Generation of RDC: Solutions for Small & Mid-Size Business Markets is available free for viewing in the RemoteDepositCapture.com Webinar Library. Click here to access this timely and informative webinar and discover how your FI can tap into new revenue streams that can flow from mRDC offerings developed for SMBs.

 


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