How one bank’s creative thinking generated $90,000 in potential RDC revenue—in just 25 days
Time is money. We’ve all heard that old adage. It implores us to work smarter rather than harder, in order to achieve our goals. And trite as it may sound, it’s still solid advice for 2018, especially as you consider this year’s sales and revenue goals. Identifying new ways to move forward—with speed and efficiency—are paramount.
- The faster you can onboard a new business, or help an existing customer launch an additional banking service, the greater your revenue potential.
- The more quickly you can realize sales, the greater your market share and competitive advantage.
- The more concentrated the window of opportunity in your market, the more critical it is to act immediately, and proactively.
But understanding how time translates to money is far easier than being able to make it happen. After all, whether you work in treasury or product, compliance or IT, few will find their role becoming less complicated or demanding in the coming months. From new digital tools to heightened customer expectations, financial institutions must balance a range of competing priorities. Inevitably, there’s more to be done than hours or resources available.
That’s where new thinking and creative solutions apply.
Immediate RDC revenue opportunity
Take Remote Deposit Capture (RDC), for instance. Businesses of all sizes have embraced its convenience. Financial institutions have deployed over 300,000 new desktop scanners since 2015, and launched a range of mobile (mRDC) solutions—all well received by customers.¹
This rapid adoption comes precisely because today’s businesses share many of the same challenges as banks and credit unions. Like you, they have a finite supply of time and resources. They’re grappling with increased customer expectations, new technologies, and are anxious for new ways to improve their productivity and reduce their costs.
Businesses that are eager for digital tools translate to a significant opportunity for banks and credit unions. Analysts estimate that seven in ten SMBs would pay for a product that eliminates branch deposits.² All that interest adds up to a projected $768 million in new RDC revenue with SMBs. An additional 10% annual growth is projected for desktop RDC scanners.¹
It’s a significant windfall for those financial institutions who can act rapidly.
Teaming up to show RDC’s value to customers
Out-of-the-box thinking and new partnerships enabled one leading financial institution to capitalize on this immediate market opportunity. The organization wanted to grow their RDC market share, but lacked the internal resources to engage their customers quickly and efficiently.
Finding in-house resources is a common challenge for banks and credit unions. Staff and budgets are stretched, as financial institutions work to revamp internal systems, comply with new regulations, and deliver more personalized customer experiences. However, putting off the RDC opportunity was not an option for this financial institution.
Instead, they reached out to their RDC provider—in this case, Deluxe Treasury Management Solutions—for ideas. The result was complimentary participation in our RDC Lead Accelerator Program.
Working together, we were able to deploy experienced B2B resources—at no cost to the financial institution—for one-on-one, proactive customer outreach. This innovative approach allowed the financial institution to generate $90,000 in prospective, annual RDC revenue—all in just 25 days.
It’s a great reminder, as we start 2018, that it’s never too late to see our challenges from a new perspective. A little creative thinking can help financial institutions—and your business customers—unlock more value, in less time.
This new infographic shows how simple and effective a focused customer outreach program can be when it comes to accelerating your RDC sales and revenue.
¹Celent, “State of Remote Deposit Capture 2017: The Final Stretch,” March 2017
²Aite Group, “Unlocking the Revenue Potential of Business Mobile Capture,” September 2017