RDC: 3 ways it helps make money and 3 ways it helps save money

Growing businesses and established corporations need full-service receivables solutions. That’s where Remote Deposit Capture (RDC) adds significant value for financial institutions. The opportunity that RDC presents to FIs over the next 10 years is substantial. In fact, it’s projected to be $221 million*. But beyond being an added revenue stream, deploying the right RDC strategy can actually help save your FI money as well. Here are three ways RDC can help make you money and three ways RDC can help save you money.

1. Helps make you money by generating non-interest revenue streams

Scanner hardware can be used as an additional revenue source or by bundling it as part of a business package that offers both desktop and mobile RDC (mRDC) solutions, you can help companies maximize convenience and efficiency across their business footprint. An RDC solution helps you increase the number of deposits being made since the deposits are no longer bound by branch hours. Looking to take the revenue even further? Consider offering a solution that provides integrated options for additional upsell services as customer needs grow or change.

2. Helps save you money by freeing up branch staff 

An Aite Group study recently estimated that 70% of small business branch visits had been tied to counter deposits*. It can be time-consuming to manually process and record payments, so adopting RDC can help save your staff time on check deposit interactions. By offering remote online deposits to account holders, your branch staff has more time to focus on higher-margin customer interactions.

3. Helps make you money by being able to target small business customers

A strong commercial mobile remote deposit offering is a must-have to attract and retain small business customers. Many businesses may be using a solution that does not fit their specific needs or are perhaps even using a consumer version. Providing a business-focused mobile RDC product opens the door to the small business market – an underserved segment that values new products that can save them time and money. Over two-thirds of businesses make branch deposits weekly and one-third visit the branch every day, so banks can add a completely new revenue stream by converting these valuable customers from branch deposits to mRDC. Differentiating yourself by offering the latest RDC capabilities can attract and retain more long-term business customers.

4. Helps save you money by reducing per-deposit costs

We already discussed the labor cost that financial institutions can save by eliminating manual, physical check deposits but the savings go beyond that. It costs far less to process an electronic deposit compared to a physical check. When bypassing the use of paper, digital Remote deposit capture also increases the completion speed of check processing.

5. Helps make you money by attracting more digitally savvy consumers

These days, smartphones and payments go hand-in-hand. The ability to deposit checks remotely is a major convenience factor for consumers. Digitally savvy consumers are more likely to adopt mobile remote check deposit and the number of these users continues to rise. Providing them with this technology helps keeps your financial institution in line with these consumer trends.

6. Helps save you money by reducing customer support costs

Choosing the right type of scanners can help FIs cut implementation and ongoing support costs by 50% or more. Updated scanners offer driverless, one-touch setup and are easy to use. After deploying these updated scanners to their small business customers, one Deluxe client noted that they had reduced the number of calls its technical support center received by more than 50% within the first 6 months. From onboarding through daily use, RDC keeps customers running smoothly so your FI can focus on what’s next.

Team up with a leading remote deposit vendor

The vendor that you choose can also make a difference, so you’ll want to choose one that can scale with you as your remote deposit capture program grows. Working with a single provider who can support your needs at every stage of the RDC lifecycle also drives significant value. Deluxe can help you provide your customers and bank staff the capability to remotely capture check payments and process them through a state-of-the-art Remote Deposit Capture suite of solutions. We’re connected to more than 150,000 desktop scanners and help facilitate RDC deposits made by more than 500,000 mobile phone users.

Bonus: Deluxe helps make you money by generating new leads

In a competitive RDC market, customer outreach counts. By teaming up with a remote deposit capture provider like Deluxe that provides lead generation and marketing support, you can shorten your time to revenue without adding internal resources. In fact, targeted outreach programs can increase RDC sales leads by up to 20%**. Team up with a partner that can provide proven scale, proven partners and proven hosting.

* Aite Group Research
** Deluxe Treasury Management Solutions "RDC Lead Accelerator Program Case Study"