Visitors Center - Image Technology Survey Results

Abound Resources, Inc., a leading technology advisory firm for community banks, has conducted a survey in conjunction with the Independent Bankers Association of Texas (IBAT) to gain insight into the adoption of image technology, such as branch capture and remote deposit capture, among Texas banks. The survey finds that Texas is well prepared and adopting these technologies rapidly, staying competitive in the marketplace.

Abound Resources, Inc. and the Independent Bankers Association of Texas have made public the results from a survey conducted in September 2007 that identifies where Texas banks are currently with the adoption of image technology, such as branch capture and remote deposit capture. Texas banks are rapidly adopting the technology that allows commercial customers to avoid going to the branch by transmitting deposits electronically.

The survey shows 85% of banks have a strategy for full migration to check image exchange.

“Of the 85% of respondents that said they have a strategy for check image exchange, 70% are already live with branch capture and 40% are live with remote deposit capture” says Sharon Sokol, Vice President of Research and Product Development at Abound Resources. “The majority of Texas community banks appear to be well prepared for image exchange.”

Abound partnered with IBAT last month to survey their members. The goal was to gain insight into the adoption of check imaging technologies, such as branch capture and remote deposit capture, also called remote capture, remote image deposit or merchant capture. These technologies allow commercial customers to transmit check images to their bank electronically, saving customers a considerable amount of time and money.

Abound Resources conducted the 10 question survey online with 142 IBAT members responding.

“We were pleased with the response rate and felt that this sample is representative of the Texas market as a whole and their position with imaging technology and remote deposit capture. In today’s marketplace remote deposit capture is the necessary technology to position community banks as leaders,” says Ramona Jones, President of IBAT Services. “Texas is moving fast and pricing remote deposit capture well above the national average.”

Abound presented the initial results during two webinars to IBAT members at the end of September and have made public the results which can be downloaded here. In addition to the survey details, the summary compares the statistics to national data and offers comments and recommendations from Abound about how to implement a successful program.

IBAT banks are significantly ahead of the national averages for branch capture installation, and an additional 30% have signed with a vendor or are evaluating options now. Although the percentage of IBAT member banks with assets under $1 billion that are live with remote deposit capture is below the national average, an additional 34% have signed with a vendor or are evaluating options now.

“The adoption of remote deposit capture is the fastest adoption rate of any technology in banking. It’s surpassing the adoption rate of internet banking," says Brad Smith, President and co-founder of Abound Resources, Inc. “Banks must get in the game to stay competitive and to take advantage of growth opportunities as well. The results from this survey show that Texas banks are rapidly migrating towards being fully image capable.”

Abound Resources, Inc. is a leading technology advisory firm for community financial institutions. Whether rolling out remote deposit capture, negotiating technology contracts, evaluating a core processor, or starting a de novo bank, Abound Resources helps community financial institution executives make the right technology decisions. Abound Resources has also developed an online tool called RightTech™ Select that guides community financial institution executives through the decision making process for remote deposit capture.

Abound Resources also offers free webinars for banks and credit unions. Sign up here.

The Independent Bankers Association of Texas is a trade association representing more than 2,000 Texas community banks and branches. Members enjoy a wide variety of services directed by some 150 volunteer leaders and an experienced and dedicated staff with a combined experience of over 100 years of service to the banking industry.