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Session Description:
Like the U.S.
North American expansion in the nineteenth century, remote
deposit capture (RDC) is rapidly gaining territory. But,
just how far will it expand and how fast? Based on three
separate quantitative surveys, Celent concludes that broad
based adoption by small and micro businesses (SMBs) is
indeed manifest destiny for RDC, and will come about in
large measure over the next three years. Banks with large
branch footprints have long held a stranglehold on small
business financial services. Remote deposit capture will
change that - for banks willing to think and act
differently.
Although as many as 60% of US financial institutions have
remote deposit solutions according to Celent research, two
thirds offer the same product to large and small businesses
alike. But 30% of retail banks are planning separate remote
deposit initiatives aimed specifically at small businesses.
Historically, such initiatives were rare, due to high
solution cost and back-office infrastructures that weren’t
ready to efficiently process the incoming check images.
Celent sees this trend continuing as a number of factors
align to foster significant small business adoption through
simultaneously improving client demand and eroding those
historic FI barriers.
This presentation begins with a perspective suggesting the
manifest opportunity small business RDC represents as a
vehicle for low cost deposit growth, particularly given
today’s challenging lending and interest rate picture. The
session then presents an overview of small business
landscape, highlighting the significant opportunity among
businesses having revenues less than US$1 million. It then
details the centrality of checks to SMBs, demonstrating
RDC’s tangible value - both for customers and deploying
financial institutions. The presentation then offers a
forecast for SMB RDC adoption along with key variables that
will impact client adoption. Finally, the session presents a
number of practical suggestions for seizing the SMB remote
deposit opportunity based on interviews with highly
effective financial institutions.
This session is appropriate for senior financial services
executives with responsibility for Remote Deposit Capture,
Treasury Services, Check 21, Small Business and Middle
Market Banking, Market Research and Strategy groups.
About Bob Meara:
Bob Meara is a
senior analyst in Celent's banking group. Mr. Meara’s
research focuses on check processing with emphasis on branch
capture, remote deposit capture, and deposit automation, as
well as check conversion, image exchange, and image
replacement document (IRD) solutions.
Before joining Celent, Mr. Meara was the director of product
marketing at Alogent. In this role, he positioned and
launched a series of Check 21 payments solutions.
Prior to Alogent, Mr. Meara was a senior consultant at
Stonebridge Technologies, where he developed e-marketing,
CRM, and Internet branding strategies for clients. He has
also held positions in marketing and brand management at
Telemate.net Software, BellSouth, Hayes Corporation, and
Procter & Gamble.
Mr. Meara earned a B.S. in Applied Physics and Electrical
Engineering from Case Western Reserve University.
About Celent:
Celent, LLC is a research and advisory firm dedicated to
helping financial institutions formulate comprehensive
business and technology strategies. Celent publishes reports
identifying trends and best practices in financial services
technology and conducts consulting engagements for financial
institutions looking to use technology to enhance existing
business processes or launch new business strategies. With a
team of internationally experienced analysts, Celent is
uniquely positioned to offer strategic advice and market
insights on a global basis.
www.Celent.com
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