There was magic in the air in Orlando last week, and it wasn’t limited to Disney. As a lead sponsor of the RDC Summit we worked some magic, bringing to the stage a captivating and memorable performance by David Harris, a renowned corporate entertainer. David’s little sleight of hand tricks captivated many in the audience, especially when he made me magically appear from behind a rotating screen.
For me, the RDC Summit offered an opportunity to take in just how much remote capture has evolved over the past few years, and it is quite significant. The fact that we refer to the process as remote capture now rather than as RDC is testimony to this. But the fact that consumers now can and do make bank deposits anytime, anywhere they take their mobile phones is the real proof that remote capture is no longer just about truncating checks.
There were hundreds of bankers, corporate treasury execs, regulators and solutions providers at the RDC Summit, and the excitement over the evolution of the technology was electrifying. (Dare I say magical?) I and others from Cachet had many opportunities during the Summit to share our insights on the value remote capture brings to banks and other financial services companies, and to learn from them. We discussed hurdles to RDC success, too, and we showcased our latest mobile applications, including Select Mobile™ and CheckReview™.
At Cachet we think the hurdles to broad implementation of remote capture technologies are significant, but not insurmountable. That’s because of the ubiquity of mobile phones, and the rock star status remote check deposit has taken on since many large banks (like JPMorgan Chase and Citi) began running catchy ads for their offerings. As Terri Ferrise, Cachet’s Vice President for Sales, noted in a presentation (aptly titled Remaining Relevant in a Changing Payments Landscape) banks remain trusted providers of financial services among consumers, but it won’t stay that way for those banks that ignore remote capture.
With the power and convenience that are made available by remote capture solutions, like our RDC Select offerings, banks and credit unions of any size can now deliver world-class customer service which can help to attract and build sticky relationships. And even pursue new customer segments, like the underbanked.
The unbanked and underbanked have financial needs, just like everybody else. Remote capture, particularly cloud-based offerings like RDC Select, eliminates the need for financial institutions to build costly RDC infrastructures, and offers an efficient and inexpensive channel for reaching the un/underbanked; small business customers, too.