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Mobile Remote Deposit Capture The Next Wave in Payments

By: By: Muhammad Faaiz Tameem

April 2 - The explosive growth of smartphones has not only uncovered a new business channel for financial services organizations, it has led to an alternate revenue growth channel as well. Consumers are becoming more and more smartphone savvy, embracing newer methods of carrying out financial transactions. In parallel, the industry itself is going through a transformational change in accepting and offering financial products over a mobile platform. One of the key areas affected by changes in regulatory environment and innovation in technology, is Payments. With the advent of technology and opening up of mobile channels, consumers now enjoy an increasingly wider choice to execute their financial transactions.

With mobile banking adoption on the rise, Mobile Remote Deposit Capture, sometimes also referred to as mobile check deposit, will usher in the next wave of check processing due to its ease and convenience for customers. While reducing the cost of operations, it will bring about better customer servicing and in many cases, create a viable alternate revenue model for banks.

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