Research and Markets: The Market for Remote Deposit Capture in the U.S. - Advances in Technology Opens Market for Consumer

August 31, 2011

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DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/6c85b0/the_market_for_rem) has announced the addition of the "The Market for Remote Deposit Capture in the U.S." report to their offering.

This study examines consumer reactions to remote deposit using a PC or mobile device, and consumer issues related to security and privacy. The research involved a United States Internet Survey focusing on 1,000 consumers age 18 or older.

Research Issues and Benefits

The Federal Reserve has called remote deposit capture (RDC) the most important development the U.S. financial services industry has seen in years. RDC allows depository institution customers to scan checks they wish to deposit and transmit the scanned images to the institution for posting and clearing. Basic requirements include a PC, Internet connection, and scanner.

Some providers have been introducing mobile deposit services that can be performed using a mobile phone. With mobile deposits a picture of the front and back of the check being deposited is taken with the mobile phone's camera and the image is sent to the depository institution. Regardless of the device, the benefits of the service for providers include reduced risk and costs related to transportation and processing. For consumers, RDC provides increased convenience and improved deposit availability.

The primary barrier to adoption among consumers has been the cost associated with the equipment necessary. However, with advances in technology and mobile phones, these costs continue to decline and have made this service viable for the consumer market.

Are there segments of the market, beyond younger consumers, which are important targets for this service, such as homebased businesses? Do consumers prefer mobile remote deposit over RDC through a PC, and why?

Synergistics' survey examines consumer awareness of this service and measures current and potential usage, as well as the advantages and disadvantages of PC and mobile RDC. It assesses consumers' security concerns and the potential impact on other channels. Understanding the consumer perspective will be key in designing, implementing, and marketing a successful remote deposit program.

For more information visit http://www.researchandmarkets.com/research/6c85b0/the_market_for_rem