A new report from Aite Group has analysed the major trends currently shaping the US remote deposit market, and the new demands of bank customers. Remote deposit has become a ‘must-have’ technology in today’s competitive financial services landscape. Aite Group estimates that almost one-half of US banks have already deployed the technology, and the number of institutions deploying it over the next few years will continue to be significant, especially among small institutions. Forty-five per cent of banks with less than US$10bn in assets have already deployed remote deposit, and Aite Group forecasts that 65% will have done so by year-end 2009. Some institutions are even considering offering the service to consumers. As demand for the technology grows, so too does the level of competition, and the market is saturated with a long list of technology providers striving to leverage both innovation and technological sophistication in an effort to differentiate themselves. These providers are enhancing their solutions with more advanced remittance capabilities, tighter integration with accounts receivable solutions and more advanced reporting and research capabilities. “Enthusiasm for remote deposit technology remains high, and while vendors are seeing a continuous flow of new deployments, they are also being challenged to keep up with demands and differentiate themselves from a large field of players,” says Christine Barry, research director with Aite Group and author of this report. “But challenges create opportunities for vendors to rise and fall. Signs of an emerging replacement market are already being seen, and 5% to 7% of the deployments this year are expected to be vendor replacements.”
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