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March/April 2018 Issue: Front Page > VolCorp Spotlight
VolVoice


Service Spotlight
Mobile Remote Deposit Capture;
A Game-Changing Strategy
Taking a photo of a check with a smartphone Remote Deposit Capture is not a new technology. In fact, as a practice, it first became legal in the United States in 2004 --- the same year Facebook launched and 3 years before the first iPhone.

In 2004, Remote Deposit Capture (RDC) was used on desktops as a way to deposit checks to financial institutions without visiting a branch. In 2018, the purpose of remote deposit is much the same; however, better technology and a higher degree of customization have led to a much superior, almost indispensable product for credit unions.

Today, remote deposit is a "mobile-first" product. It is no longer an optional feature but instead a fundamental building block of mobile banking for credit unions of all sizes. Mobile Remote Deposit Capture (mRDC) has rapidly gone mainstream. According to a recent credit union study1, 40% of existing members started using it this year and another 27% started using it between 1 and 2 years ago. With more than 80 million Americans expected to use mobile banking by the end of 2018, it's no wonder that mobile RDC is becoming a required offering for banks and credit unions of every size.

So why this dramatic shift to mobile RDC? Because members have proven they will switch financial institutions to get this service.

Mobile Remote Deposit Capture is a winning proposition for credit unions large and small. In a recent industry study2 conducted by Remote Deposit Capture.com, 95% of respondents believe that the benefits of Mobile RDC "outweigh" the costs and risks and 63% said the benefits "far outweigh" the costs and risks. The study went on to conclude that Mobile Remote Deposit Capture "drives real value for offering institutions and despite some concerns expressed early on, broad adoption has not triggered massive losses from duplicate deposits".

VolCorp's Mobile RDC program has the following advantages:

  • Saves the member time, money and provides them with a desired convenience
  • Increases a credit union's deposit activity
  • Strengthens the relationship with the member
  • Attracts new members, especially the younger demographic
  • Presents an opportunity for the credit union to market to both individuals and small businesses

In addition, the VolCorp Mobile RDC Program can be purchased as a branded, stand-alone application or integrated into an existing mobile App.

It's safe and it's simple – the member now has the ability to deposit checks anywhere, anytime and with just a few taps on their smartphone or tablet. They simply key in their deposit amount, snap a picture of the front and back of their endorsed check and submit it for review. All transactions are transmitted with multiple layers of security and fraud protection.

Now more than ever, mobile remote deposit is an increasingly mainstream component of a credit union's marketing strategy. For your members, there is no safer, faster or simpler method to deposit checks. The age of mobile remote deposit is here and we at VolCorp look forward to assisting you in any way we can.

For additional information or to request a no obligation demo of our Mobile Remote Deposit solution, contact Marketing at:
615-232-7900 or 800-470-3444 option 3
marketing@volcorp.org

1Futurion's "2017 Mobile Remote Deposit Benchmark Report"
2RemoteDepositCapture.com's "4th Annual mRDC Industry Study" 2017



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