Celent Research Finds Branch Capture Frenzy
Deployment of branch image capture solutions continued unabated in the past year, recession or not, according to a new report.
Analysts with Boston-based Celent said there were an estimated 2,300 implementations among American banks and credit unions last year, bringing the total to more than 12,000.
About 80 percent of all financial institutions use branch capture or are planning to, and 97 percent receive electronic images, Celent said, with the "dismantling of paper check processing infrastructure" soon to force the hand of the rest.
The report also found that credit unions were moving much faster than banks on ATM image capture and somewhat faster on branch capture.
An estimated two-thirds of American credit unions now use branch capture, based on its "conversations with multiple corporate credit unions and solution providers," the report's author said.
"Credit unions enjoy the reputation of being a cooperative lot," said Bob Meara, Celent Banking Group senior analyst. "Their reputation is supported by observing the rate at which credit unions have jumped on the BIC (branch image capture) bandwagon. The smallest credit unions may be the last to adopt, because many literally carry their branch deposits to nearby bank or credit union branches for collection."