RDC Usage Continue to Grow as Consumers Adopt Digital Banking Tools
RDC is no longer a novelty for mobile banking; it is now the cornerstone of any mobile banking application, driving both adoption and engagement. During the COVID-19 pandemic, RDC has proven to be an essential service to a financial institution’s customers.
Timely access to funds is paramount for those hit hardest in these challenging times, and RDC offers a fast, safe, and easy alternative to ATM or drive-through banking services. RDC adoption by new users and employment by existing users has grown considerably as customers come to rely on it as their primary deposit channel. In fact, since March 2020, Vertifi Software’s DeposZip® RDC data shows an increase in both active RDC users and in the volume of transactions, early evidence of a trend that is expected to continue upward.
The robust infrastructure and proprietary technology behind Vertifi’s DeposZip RDC for mobile and desktop has more than enough capacity to meet the anticipated channel growth. The system’s built-in, customizable administrative tools for system registration, funds availability management, and risk mitigation allow financial institutions to respond to their customers’ specific needs. And, the system is flexible enough to allow financial institutions to update settings to respond to the changing economic and fraud landscape as well.
System changes implemented to accommodate customers during the coronavirus pandemic should be reviewed first in the context of your financial institution’s risk tolerance and policies and operational considerations. Although banking regulators are encouraging financial institutions to be flexible in their practices, including check handling, we encourage you to do so thoughtfully and using all available risk mitigation tools. Check and mobile deposit fraud are expected to rise, and financial institutions must reevaluate the balance between customer service and risk aversion during these unprecedented times.