Boston, MA, May 11, 2009 – A new report from Aite Group, LLC examines key characteristics of the community banks most likely to deploy remote deposit this year. The report provides remote deposit technology vendors with insight into the factors that drive community bank decisions to deploy remote deposit. It also considers community bank attitudes toward technology and other IT priorities. Additionally, it explores the industry best practices for driving increased end-user adoption, as well as recommendations to banks and technology vendors for improving customer success with remote deposit.
Despite low overall end-user adoption, remote deposit has become a "must-have" technology for any institution wanting to remain competitive. As a result, the number of financial institutions deploying remote deposit continues to grow. In fact, in an Aite Group survey of more than 700 community banks with less than US$3 billion in assets, conducted together with the Independent Community Bankers of America (ICBA) in February 2009, 36% of participants stated that the deployment of a new remote deposit solution was either a high priority or a strong consideration for their institution this year.
"Banks taking a strategic approach to remote deposit by assigning staff specifically to this product and emphasizing end-user education have not only seen higher adoption levels, but have also enjoyed deposit growth, new customer acquisitions, and an expanded geographic footprint from the product," says Christine Barry, research director with Aite Group and author of this report. "As more and more banks seek to implement remote deposit technology, and adoption spreads to small businesses and retail consumers, technology providers should see a huge upswing in business."
This 27-page Impact Note contains 22 figures. Clients of Aite Group's Wholesale Banking service can download the report.