Poll IDs Growing Value Proposition Around Mobile RDC
The adoption curve for mobile remote deposit capture has been unlike any other product innovation in modern banking. It also has the potential to be a money maker for banks and credit unions, based on a poll conducted by RemoteDepositCapture.com earlier this year.
The poll, announced in the January RDC Newsletter, ran for approximately three weeks and elicited 71 verified responses. It asked simply “For mobile deposit users, what is the value of mobile deposit to you, per transaction?” Sixty-nine percent of respondents indicated the value was greater than 25-cents per transaction. When we posed that same question to visitors in 2014, 64% of respondents put the value at more than 25 cents.
“Despite the increases in perceived value, we believe the true value of mobile RDC remains under-appreciated,” said John Leekley, Founder and CEO of RemoteDepositCapture.com. “Especially considering that it costs more than $8 to deposit a check at a branch office!”
The Federal Reserve has estimated that the mean distance travelled by Americans to a bank branch is 3 miles. So the round trip cost is $3.36 based on the current IRS mileage reimbursement allowance. Assuming it takes 15 minutes to travel to a branch, the cost to a business of dispatching a $20 per hour employee to make a deposit is $5. That’s a total all-in cost of $8.36 per deposit. “Obviously the more checks there are that make up a deposit the lower the per-check cost. Nonetheless, taking checks to the bank remains a costly proposition,” Leekley added.
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