BOSTON — By the end of 2008, 40% of all U.S financial institutions will have adopted remote deposit capture as credit unions continue to use the tool to court the small business market, according to new Celent report.
The research firm's report, "State of Remote Deposit Capture 2008: Sprint Becomes a Marathon," noted that more than 3,000 new implementations will result in an estimated 7,200 RDC deploying financial institutions through 2008. Once largely a bank phenomenon, a growing number of credit unions have acquired RDC solutions as well with the majority of corporate credit unions now providing turnkey branch capture and remote deposit solutions for member credit unions.
"Many credit unions are overtly courting business memberships and see RDC as a viable tool to do so given their relatively under-branched infrastructure compared to banks," Celent reported.
Celent said there is a debate surrounding the use of "household" scanners supporting the Twain standard, which is typically used as an interface between image processing software and a scanner or digital camera. In interviews with credit unions, Celent found no concern from them with excessive processing costs using the Twain approach. The research also showed more vendors being assisted by resellers that host vendor solutions such as those through corporate credit unions.
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