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Evaluating the vendors of remote deposit 4/6 Aite 45% of small banks have deployed remote deposit. By year-end 2009, Aite forecasts that at least 65% of small banks will have deployed it. Aite analyzes the major trends currently shaping the US remote deposit market, & the new demands of bank customers. The report looks at the leading technology vendors that provide remote deposit capabilities. Remote deposit has become a ‘must-have’ technology in today’s competitive financial services landscape. Aite estimates that ½ of US banks have deployed the technology, & the number of institutions deploying it over the next few years will continue to be significant, especially among small institutions. 45% of banks with less than US$10b in assets have deployed remote deposit, & Aite forecasts that 65% will have done so by yearend 2009. Some institutions are even considering offering the service to consumers. As demand for the technology grows, so too does the level of competition, & the market is saturated with a long list of technology providers striving to leverage both innovation & technological sophistication in an effort to differentiate themselves. These providers are enhancing their solutions with more advanced remittance capabilities, tighter integration with accounts receivable solutions & more advanced reporting & research capabilities. ‘Enthusiasm for remote deposit technology remains high, & while vendors are seeing a continuous flow of new deployments, they are being challenged to keep up with demands & differentiate themselves from a large field of players,’ says Christine Barry, Aite. ‘But challenges create opportunities for vendors to rise & fall. Signs of an emerging replacement market are being seen, & 5% - 7% of the deployments this year are expected to be vendor replacements.’