Cheque Scanner Market is Emerging with 5.3% of CAGR by 2027 – ARCA, MagTek, NCR Corporation, Eastman Kodak Company, RDM Corporation

April 13 11:12 2021
Cheque Scanner Market is Emerging with 5.3% of CAGR by 2027 - ARCA, MagTek, NCR Corporation, Eastman Kodak Company, RDM Corporation

Cheque Scanner Market SWOT Analysis 2021-2028
According to our latest market study on “Cheque Scanner Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Single-feed Cheque Scanners and Multi-feed Cheque Scanners) and Applications (Banks, Enterprises and Financial Institutions),” the market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028.

At present, one of the demanding technologies in the banking sector is cheque scanners. The cheque scanner enables remote deposit capture benefits with reduced time of transaction recording, cost of transportation, and less dependence on courier services. The banks, specifically in the US, are adopting the cheque scanner technology to improve the customer banking experience. For instance, according to the Federal Reserve, around 84% of the US customers visit the bank counter at least once a year. Hence, to provide enhanced service, banks are adopting automated systems. The Panini, one of the prominent market players in the US is serving the advanced banking technologies for multiple banks, such as U.S. Bank, KeyBank, and American National Bank.

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The countries such as the UK and France are promoting remote deposit capture services. For instance, in October 2017, all-banks in the UK started to offer an image clearing system (ICS) for check deposit applications. The solution introduced in the country is enabling customers to exchange cheque images and data instead of visiting the bank with a physical paper document. The UK banks are processing the check with the image alone; there is no requirement for bank check documents. Such legislative changes from the country to enhance banking service is creating a substantial growth opportunity for market players in the UK.

Technological advancements have led to a highly competitive market in the region as population is getting attracted toward digital technologies. With the high adoption of automation technologies in operations, smart devices with remote connectivity are enhancing the service experience for bank customers. Significant innovations in retail banking through digital technologies improve customer personal banking experience, while commercial banking is pressurized to catch up. Increasing demand for innovation at banks for a faster and smooth transaction drives the market growth in North America. The bank counter in North American countries is being transformed to automated desks for improved and fast service applications.

Strategic Insights

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

•             In 2020, Kodak formed alliance with Southern Lithoplate Inc. (SLP). In this alliance, Southern Lithoplate became a key supplier of Kodak solutions. This arrangement leverages Southern Lithoplate’s strong customer relationships and expertise within the newspaper sector and Kodak’s world-class products and technology.

•             In 2019, Digital Check declared Micro Adaptive Cheque and Full-Page Document Scanner in Brazil. The SmartSource Micro Adaptive cheque and document scanner launched to the Brazilian market, at the CIAB FEBRABAN conference.

•             In 2019, Panini announced its partnership with the Alogent Corp. With this partnership, the company’s focus on developing the first operating system agnostic, all-in-one check capture solution used to meet the branch capture requirement of financial institutions and small businesses and merchants.

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