Credit Unions Lag in Check 21 Adoption, Aite Group Says
BOSTON -- Credit unions are way behind their big competitors when it comes to the introduction of remote deposit technology, according to a new report from Aite Group. The firm found that all 20 of America's largest banks have adopted the technology, as have 45% of small banks. Only 4% of credit unions have adopted the technology, the research and advisory group said in a new report. Uptake is rapidly moving downstream, however, the think firm said, estimating that 2,494 banks and credit unions adopted the technology in 2007 and another 1,564 will do so for the first time this year or replace first-generation solutions. Aite Group also said that three vendors dominate the market: Goldleaf, Fiserv and Jack Henry & Associates, together responsible for 73% of all deployments.