The Next Big Thing in Green Banking?
Remote mobile deposit capture, also called Mobile RDC, may be one of the biggest green banking innovations ever if it takes off like some expect that it will. A Mercatus Mobile RDC Adoption Research Study conducted in December 2009 of retail banking consumers concluded that the ability to deposit checks via their mobile phone or smartphone will be very useful and ultimately…very popular. A Mercatus spokesperson stated,
“We expect consumers to significantly embrace mobile remote deposit capture and it will be the killer app. With consumers placing a premium on convenience, mobile RDC has the potential to significantly change retail banking’s business model by providing a way for people to do basic banking without branches. Retail financial service companies have the game-changing opportunity to provide both increased convenience and lower costs. Mobile RDC definitely levels the playing field across competitors.”
The technology for mobile RDC has been present for a few years, but the delay for banks in marketing the product has been concerns over security and fraud detection. Several companies have now come out with products that they feel address these issues and are offering banks and credit unions the technology to make mobile RDC a reality. The environmental advantages of mobile could be significant. To name a few:
- Less paper to process checks
- Less energy expended by bank consumers driving to and from bank branches
- Less energy costs transporting checks and storing them
- And potentially a decreased need for physical branches of banks as more consumers become adapted to online banking and mobile banking
Bank customers should also like the service. After all, the faster that a check clears, the faster they can earn money on their checking account, savings account, or money market account. Stay tuned to Green Bank Report for the latest news on mobile RDC.