7 strategies to grow your RDC market share with new and existing users

FIs, are you capturing all sales opportunities with your current RDC platform and provider?

Nearly every business receives checks as part of its payment mix, yet relying solely on lockbox or regular trips to the bank branch isn’t sufficient to handle all paper payments. It’s why Remote Deposit Capture (RDC) remains a core service for banks and credit unions. There are RDC options for consumers, SMBs, enterprises (and every use case in between).

Even as RDC matures, there remains a substantial untapped market for financial institutions (FIs) to grow their customer base and revenue. It all hinges on working with the right RDC platform and provider.

7 ways to grow your RDC market share

In the next decade, analysts estimate there is $221 million* in RDC opportunity for banks and credit unions. It’s the right time to review your RDC strategy, assess your platform’s capabilities (and the support you receive from your current RDC provider), and make a strong plan for the future.

These seven strategies can help you grow sales and demonstrate value to both new and existing RDC customers.

1. Add users and locations

One of the simplest ways to expand your RDC revenue is by helping current RDC customers keep pace with their changing business needs. Yet too often, FIs with limited resources neglect to check in with existing RDC users. Make outreach a priority, with a focus on adding new users and growing deposit volumes.

2. Help SMBs ditch tedious trips to the bank

Small businesses often take a backseat to enterprise customers, yet SMBs can be loyal, profitable, and motivated users of receivables solutions. Offering a mRDC solution that’s tailored to SMB needs (rather than a consumer mRDC tool) will help your FI lock-in deposit revenues and provide an easy first step to expand your banking relationship.

3. Solve orphaned checks for lockbox users

Even when the majority of a company’s checks move through lockbox, there’s still a need for RDC to capture the “orphaned” payments that arrive outside the normal workflow. Remind your lockbox users of their options and demonstrate how easy it can be to integrate RDC data into their current lockbox files.

4. Bundle mobile and desktop capabilities

When your desktop and mRDC solutions work in concert, feeding data to a single repository and using the same deposit limits and controls, it streamlines the receivables process for all involved. How many current desktop RDC users could also leverage a mRDC application to capture checks in the field? Are your mRDC users ready to add even more comprehensive capabilities with complementary desktop RDC at their office or point-of-sale location?

5. Make desktop scanning even easier

The right hardware can enhance the RDC experience and your bank’s brand. If you’re still relying on outdated equipment, consider the impact of new driverless network scanners. This “plug and play” solution will save FIs and RDC customers time and hassle during implementation, training, and software updates. There’s nothing to download; users are up-and-running in just minutes.  

6. Take current users to the next level

RDC has evolved over the last decade, but many early adopters remain on outdated platforms. Now is the time to help power users and high-volume businesses do more by introducing RDC solutions with modern features. 

Can your RDC suite stand out in a crowded market? Look for platforms that enable scanning both checks and accompanying correspondence, that integrate easily with popular accounting platforms like QuickBooks, enable custom notes and fields, and more.

7. Integrate RDC deposits with powerful receivables tools

When every payment method requires handling a separate data stream and process, there’s little efficiency gained for accounts receivable (AR). Enhance customer satisfaction and grow your revenue across your portfolio of receivables solutions when you help RDC users consolidate and improve their data. The right RDC provider will help you connect RDC with lockbox, integrated receivables, or remittance matching.

A single provider for every stage of the RDC lifecycle

Perhaps the most essential strategy for RDC growth is simply to work with the right provider and solutions. Deluxe is a single provider of comprehensive RDC tools and powerful receivables solutions that can work with FIs and businesses at every stage of the RDC lifecycle.

Often, FIs struggle with multiple providers and systems, in order to meet the needs of all your audiences: consumers, small businesses and large corporations. This adds extra legwork for bank staff who need to manage implementation, training, and service across different tools. It also makes it challenging to move customers from one solution to another as their business grows or RDC needs change.

From expert advisory services and dedicated support teams to templates, tools and resources, Deluxe arms your bank with everything you need to deepen client relationships and create lasting value for your customers.

Working with the right RDC provider makes it far easier to capture your FI’s share of the available RDC market. Value is more than just the core platform; it’s also the ongoing service, support and trust you receive.

*Aite-Novarica Group Research