The top reason why some business owners have not adopted remote deposit capture is because they were not aware that their financial institution even offered the service.

That's according to a new survey from check processing provider Cummins Allison and marketing firm Branmark Strategy Group.

The survey, “Check Imaging, RDC and ICLs: Depositor and Bank Experiences and Viewpoints,” revealed that 44% of respondents offered RDC to stay competitive with other financial institutions while 24% believed RDC helped them attract new commercial accounts. Another 11% reported the service helped lower operational costs.

Due in large part to these perceived benefits, 75% of bank respondents offer RDC to commercial accounts. However, two-thirds of banks that offer RDC still have less than 5% of commercial accounts using the service, according to the survey.

Despite this slow adoption, the majority of depositors who were surveyed said they would be interested in a service that would allow them to scan and transmit check images to their financial institution.

“Herein lies one of the most surprising disconnects: over half of the banks surveyed feel as though they actively market RDC to commercial accounts. However, depositors responded that the number one reason they do not use electronic deposit is because they are unaware that their FI offers the service,” Matthew Gniech, product manager of check imaging for Cummins Allison, said in a press release.

“Clearly, awareness is still a barrier to commercial RDC adoption,” he added.

To reconcile this awareness gap, financial institutions must ensure they are effectively marketing RDC to their commercial accounts by promoting the benefits that matter most to depositors, the survey noted.

“Contrary to what banks believe, time saved by not traveling to their bank or credit union to make a deposit is not the primary benefit of electronic deposit for commercial customers,” according to both firms that conducted the survey.

Meanwhile, 45% of depositors felt that time savings when preparing deposits was the overwhelming benefit of electronic deposit. Additional benefits mentioned by depositors included:

Cost savings from financial institution by not depositing paper checks
Time savings from not going to the bank or credit union to make a deposit
Extended deposit deadlines
Quicker access to funds vs. conventional deposits

One improvement businesses would like to see is more accurate and faster check scanning equipment, the survey revealed. Two-thirds responded that they would be more productive if their scanner were faster and more reliable.

Instant Insights /

Businesses Want to Adopt RDC But Unaware of Availability

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