August 13, 2015, Mt. Prospect, IL— According to a recent Federal Deposit Insurance Corp. (FDIC) report, brick-and-mortar bank branches remain highly relevant; however, they must continually adapt to rapidly evolving environments and customers.1
Remote Deposit Capture (RDC) is a viable solution that banks can deploy to reduce costs and inefficiencies in the branch while providing a better customer experience. Additionally, the growing focus on the economy of self-service transactions makes commercial RDC a powerful tool for branch transformation. Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions, as well as ATMs, shares how financial institutions (FIs) can realize a broad range of benefits by adopting RDC within their branch transformation strategy.
RDC’s Role in Branch Transformation
Research highlighted in the FDIC report reveals that while brick-and-mortar bank branches remain prevalent in today’s financial services industry, the way that customers interact with their FI is changing. Banks are experimenting with new branch designs, reduced footprints, and a variety of self-service choices — from expanded ATM features to interactive video — all with the goal of making every penny and square foot count while enhancing the customer experience.
Additionally, increasing commercial customer’s usage of RDC helps improve branch efficiency, enabling branches to decrease the number of full time employees required to process commercial check deposits.With fewer employees, the branch footprint and costs can be reduced. And self-service transactions can also simplify customer bank visits, improve teller efficiency and reduce costs for FIs. In fact, a recent survey revealed that 24 percent of banks believe RDC helps them attract new commercial accounts, and 11 percent reported that RDC helps lower operational costs. 2
Implementing Widespread RDC Adoption
It is estimated that by the end of 2015, more than 5,000 of the 7,000 financial institutions in the U.S. will have an RDC solution in place, and there will be more than 40 million customers using RDC services.³ For FIs to reap the many benefits of RDC services, helping to implement their widespread adoption requires just a few simple steps:
Grow Awareness: Customers may be aware that there is a service called RDC, but are unsure of what it is. Customer awareness often needs enforcing — it may require more than one contact with the customer to provide them with a thorough understanding of how they can benefit from the service.
Understand Your Customer: By learning about customers’ specific situations, FIs can help them visualize how an RDC solution can save them time, ultimately saving them money.
It’s All About the Equipment: At the core of a successful RDC program is the equipment, and if it is not accurate and fast, it can be a deterrent to RDC adoption. Providing customers with the fastest, most accurate scanners will add great value and assist in expanding RDC adoption.
For more information on the benefits of increasing RDC adoption as part of your branch transformation strategy, visit www.cumminsallison.com.
1 Federal Deposit Insurance Corporation, Brick-and-Mortar Banking Remains Prevalent in an Increasingly Virtual World, FDIC Quarterly, 2015, Volume 9, No. 1.
² Cummins Allison, New Survey from Cummins Allison Reveals Perceived Benefits and Barriers to Electronic Deposit, August 6, 2013.
³ More Than 40% of FIs in US Adopt Remote Deposit Capture, Security the Main Threat. Let’s Talk Payments. http://letstalkpayments.com/more-than-40-of-fis-in-us-adopt-remote-deposit-capture-security-the-main-threat/.
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.