Remote Deposit Capture Market 2021 - COVID-19 Anticipated to Accelerate Mobile Deposits in Near Future

Remote deposit capture solutions are emerging as a boon during the coronavirus pandemic. The unprecedented increase in infection cases among individuals in India, Brazil, and Europe is leading to business opportunities for companies in the remote deposit capture market. Restricted movement of people and short working hours at banks and other financial institutions are contributing to market growth.

Financial institutions and people are turning toward online channels to take over as much of their daily transaction volume as possible. Such trends are anticipated to boost revenue opportunities for stakeholders in the remote deposit capture market. They are witnessing a dramatic increase in mobile deposit usage; however, many financial institutions are not seen capitalizing on this technology to serve its clients in the time of ongoing crisis.

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Non-assurance in Image Processing, Duplicate Detection Hinder Market Growth
The remote deposit capture market is expected to advance at a robust CAGR of ~11% during the forecast tenure. However, issues such as non-assurance in image processing of RDC and the need for duplicate detection are inhibiting market growth. Hence, All My Papers (AMP) – a provider of core server technology is increasing its focus in RDC processing to overcome issues in image processing and duplicate detection.

Stakeholders are working closely with RDC vendors and internal development teams of financial institutions to digitalize transactions, as clients and customers are looking for easy and fast ways to interact with their banks.

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