News

Remote deposit still in infancy

March 26, 2006

BOSTON - According to a new report released by Aite Group LLC, the number of U.S. banks offering remote deposit is expected increase more than 1,000 percent by 2009.

Despite all the hype, most financial institutions have taken a wait-and-see approach, as they wait for the technology to emerge from infancy.

"Though remote deposit produced better-than-expected results for those banks offering it, 2005 was nothing more than the year of the pilot," said Aite's director of research and author of the report, Christine Barry. "This technology will take off over the next few years as image exchanges better communicate, a shift is made toward thin-client solutions, concerns about fraud are mitigated, and greater adoption rates are achieved by both banks and their business customers."

To date, less than 100 banks in the United States have deployed remote-deposit technologies, according to the report. By 2008, that number is expected to exceed 500.