According to Federal Reserve information, more than 84% of accountholders visit banks at least once a year. Due to this, solution providers are proposing electronic banking solutions for banks and credit unions. Banks that operate through multiple branches are installing digital check scanner devices. However, the devices require high maintenance for the system to work for a long time. Nevertheless, manufacturers are improving the production quality and using advanced technology to overcome the maintenance challenges that will prove important to raise the demand. Owing to these factors, the global digital check scanning solutions market is expected to reach US$ 3.3 Bn by 2031, expanding at a CAGR of ~11% during the forecast period.
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A digital check is sent electronically to the bank to be cashed the same way as the paper check, however faster. The banks use the digital check scanner, which employs magnetic ink character recognition (MICR) to read data on a check. The MICR works by reading the line on the check that includes data such as check number, bank number, and routing number. The process has become easier and remote as with the technology, the process takes place electronically and can save time and paper. The digital check scanner works by using light sensors to pick up the contrast that if found adequate, replicates the check’s appearance.
Banks are upgrading their digital platforms and technology solutions to improve customer experience in online banking. Banks presently offer a united solution with a pre-installed check scanner in the particular bank’s ATM. The user or accountholder can scan the check and begin the payment process without any delay. Increased digital platforms and improvements in out-of-the-bank services are offering immense growth opportunities to the digital check scanning solutions market. Furthermore, digital check scanners dwindle fraud by validating and verifying each check process. Many financial institutions are now turning checks into digital formats in their branches so that deposits can be received electronically. These factors are driving the digital check scanning solutions market.
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Digital Check Scanning in Limited Travel Permissions Due to COVID-19 Gains Traction
Many individuals are stuck in their homes due to the risk of the COVID-19 virus. Moreover, several governments have imposed a strict lockdown that limits the travel for consumers and working hours for banks, making it hard for bank transactions and check cash withdrawals. Technology and digital services are helping people to do almost all of their tasks from near homes. The digital check scanning solutions are helping banks and customers to cash the digital checks without customers having to move to the bank. In addition, as the security provided in the digital check scanners is proving to be more secure, customers are preferring digital transactions over conventional ways. This factor is propelling the digital check scanning solutions market.
Moreover, business activities are being affected by usual business challenges such as interruptions in the supply of manufacturing materials and volatile demand. However, the digital check scanning solutions market and electronics manufacturing are far from experiencing the desolating effects of the COVID-19 outbreak compared to healthcare, airlines, and hospitality industries. Many companies are seen to have sufficient inventory stocks and are adopting innovative technologies to manage production activities. With risks in public places including banks, customers are likely to prefer visiting ATMs and other check scanning places, which will drive the digital check scanning solutions market.
Government Sector Increasingly Focus on Digital Banking Solutions
Banks and major enterprises are mainly focusing on the adoption of new technologies in the digital check scanning process. Banking solutions include all-in-one capture solutions to upgrade the work performance of the system, enhance security, and improve productivity. Digital check scanning solutions are expected to prove efficient for better cash flow, eliminate branch visits, and simplify the customer and banking relationship. Furthermore, there has been a significant rise in investment in advanced technology solutions for asset management, and is likely to expand in the future, which is projected to propel the digital check scanning solutions market during the forecast period.
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Most banks are highlighting the installation of advanced ATM solutions with in-built digital check scanning, which will help users to process accountholder’s checks digitally within a short time. This has improved the awareness about the benefits of digital check scanning solutions among customers and enterprises. With rise in awareness, government institutes are moving toward the adoption of digital banking solutions to sustain records of all financial documents, increasing the speed of check payment for different government departments. The rising use of technological devices in financial institutions and the government sector are expected to propel the digital check scanning solutions market during the forecast period.
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