"The Banking Industry's Next Revenue Rush? Young Small Business Owners"
Financial institutions have already heard the latest industry buzz surrounding small businesses and business mobile RDC. Despite a multitude of industry research that tells banks to offer this product, a lot of questions remain unanswered. How much money does the small-business banking space actually hold for institutions with the right product portfolio and strategy? Are SMBs even willing to use enhanced mobile functionality? How would we communicate the value of business mobile RDC?
Far too many banks continue to treat small businesses as consumers by offering consumer rather than business-oriented capabilities. That's a mistake. They're missing out on a huge business opportunity. Most small businesses still receive checks and are still running to the bank to deposit them. They know their time could be better spent. Demand for remote deposit capture is on the rise. Today, that demand is twice what it was two years ago, and businesses — especially those owned by millennials and Gen-Xers — say RDC would be a factor in switching banks. So the demand is there, the time is now. Yet most banks are not enjoying that enhanced revenue stream that would come with it. Why? They're offering the wrong thing.
SMB, especially those owned by millennials, would use these RDC capabilities if their bank offered them:
Record payment details such as invoice numbers with check
Create files to update your AR solution
Capture images of the check along with the invoice or other related documents
Integrate with and update balances in QuickBooks or other AR systems
Customized capabilities specific to industry
Capture multiple check images and deposit them in a single transaction
The ability to switch between mobile and scanner-based deposits
Integrate with lockbox image workflow
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