Remote Deposit Capture (RDC) hit the credit union industry fast and hard. Simply, RDC is the ability to deposit a check into a credit union account without having to physically deliver the check to the credit union. In the past it was usually accomplished by use of a table-top scanner connected to a desktop computer. The scanned digital image of the check was then email to the credit union for deposit. But with smartphones all that has changed.
Smartphones can now allow anyone at anytime and at anyplace (that has cell coverage) to deposit checks. This delocalization of banking is empowering members to take control of their own check transactions just like Amazon empowered shoppers to abandon brick-and-mortar stores for virtual shopping.
RDC was a hot button item for a period of time that had a lot people saying “I have to have that”. Now that the excitement has subsided, like it does for all new technology, stronger heads are prevailing. Personally, I am not saying RDC is gone or going away, by any means; but I will say that credit union executives are starting to research their options a bit more which is good for everyone.
I found an article that CUES just ran on things to consider when deploying RDC (titled “Play It Safe“). The article encompasses almost every talking point that I share with credit unions when they are considering the addition of RDC to their arsenal of member solutions. RDC is a really great solution for the minority of members that will use it. Given that, now you have to consider the cost associated with the deployment of that solution. Like so many other solutions (online ATM/debit, Shared Branching, mobile banking, and more) there is more to the solution than meets the eye. Security, speed, availability, phone availability, cell coverage and the list goes on. But I digress, this CUES Article will help you ask the right questions when considering this solution.
Shaun Murray, Chief Elbow Rubber