Updated: Aug 9, 2021
RDC in the financial world stands for Remote Deposit Capture. First introduced in 2004, Remote Deposit Capture has grown to be a huge aspect of the banking business. Understanding this will provide more insight on how to develop or implement RDC programs in your bank or credit union. RDC could ultimately open new avenues of profit and attract new customers.
What is Remote Deposit Capture (RDC)?
The Balance defines RDC as an alternative method to processing check payments independently of physically sending or submitting to banks or credit unions. This is made possible through scanning checks with a check scanner. Customers no longer have to organize checks or documents and travel into a bank or credit union to process payments. Customers who process checks in their business utilize RDC services. Industries that engage in RDC include lawyers, real estate, medical practices, accountants and other small businesses. Not having to physically go into a branch to make a deposit helps drive customer satisfaction in a variety of ways.
Benefits for Your Customer
The benefits of RDC, from a customer’s point of view, are very apparent. Customers not only gain freedom with processing payments or scanning checks outside of bank hours, but also gain valuable time without one more errand to run. Improving customer satisfaction is important to any business with customers. Banks and credit unions offer RDC programs to help serve business customers with a focused solution. Customers love the ease of being able to deposit their checks quickly and efficiently all while staying in the comfort of their office.
Benefits for Your Financial Institution
Customers taking control of payment processing through RDC programs also brings big benefits to banks and credit unions. Providing RDC services can attract more business customers to your financial institution and reduce processing costs. Freeing your tellers from huge business deposits also allows for increased customer interaction during other types of in-branch transactions.
The benefits of RDC can be hard to see in terms of actual value. Check out this RDC calculator that will help provide a better understanding of how much money you can save with an RDC program. This will put an actual dollar amount on what RDC could do for your bank or credit union.
How can Avivatech help you implement and maintain an RDC program?
Understanding RDC is easy but executing an RDC program might require a little help. We have been assisting financial institutions implement and manage RDC programs since the inception of RDC in 2004. When RDC was still just a thought, we have worked closely with check scanner manufacturers and financial institutions to help develop the first check scanner models and provided the first online fulfillment tool still used by Treasury Management departments today.
Avivatech offers both hardware and service solutions for your RDC program. We provide life cycle services that start with the procurement of check scanners all the way to the installation of the hardware and required software to your customers. Our online ordering fulfillment tool, TraxIT, is a beneficial option for Treasury Management departments because it provides one place where your team can manage orders, track serial numbers, order software installations and more. With fantastic RDC support options, financial institutions have everything to gain from offering a Remote Deposit Capture program.