- Investments of banks & financial services companies for upgrading digital platforms driving adoption of advanced image capture & processing systems; consumer convenience and security of transactions attract end users
- Asia Pacific to witness substantial demand for digital check scanning solutions, pivoting on governments' focus on digitalization of financial services
ALBANY, N.Y., Nov. 10, 2021 /PRNewswire/ -- Digital Check Scanning Solutions Market: Broad Contours
Digital check scanning solutions providers have gained enormously from digital transformation of financial services in various countries. The trend has led banks to increasingly deploy high-volume document capture and scanning systems, propelling the prospects of the digital check scanning solutions market. Over the years, players in the banking and financial services industry have increasingly leveraged these solutions to improve customer convenience on one hand, and reduce footfalls at the teller windows of the branches on the other.
Merchants, small and big, are warming up to e-checks for their benefits of better security, faster settlement, and more flexibility of deposit options. As a result, banks have ramped up their investments on digital platforms, nudging players in the digital check scanning solutions market to expand their offering. The demand for secure and error-free systems for digital checks scanning has thus been growing. According to a study by TMR, the global valuation is projected to reach US$ 3.3 Bn by 2031.
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Key Findings of Digital Check Scanning Solutions Market Study
- Continued Digital Transformation in Financial Services to Bolster Adoption: Governments in various countries are steadily pushing for digitalization of financial systems to boost productivity of banking and financial services industry. In the recent years, several economies have witnessed increased awareness among customers about the benefits of digital systems, both in convenience and security aspects. Concurrently, regulations have been evolving to support the shift toward digital systems for meeting almost all banking needs. The onset of COVID-19 pandemic has accelerated that shift in recent months. The stringent mobility restrictions in some countries had led customers to avoid branch visits. As a result, financial technology companies have been constantly developing products that will support the trend of digital transformation, thereby boosting the digital check scanning solutions market.
- Providers Offering Secure, Cost-effective Solutions for All Enterprises: Advancements in sensors and imaging capture technologies have made digital scanning solutions more secure and the underlying system less prone to fraudulent activities. Stridently, solutions providers are keenly geared toward catering to the needs of both large and small-sized merchants. In particular, a number of players are offering products that are cost-effective and those that need less maintenance, notes the TMR study on the digital check scanning solutions market. A case in point is the demand for single-feed check scanning solutions among small enterprises.
- Combination of Advanced Hardware and Software to Boost High Volume Check Scanning Systems: Continued product innovations will include a combination of hardware and software for high volume check scanning systems. The installation of advanced ATMs integrated with digital check scanning has boosted the prospects of players in the digital check scanning solutions market, finds the TMR study. In the near future, as more retail banks deploy integrated and scalable platforms, the demand is slated to rise, and will set the tone for collaborations between software providers and equipment manufacturers.
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Digital Check Scanning Solutions Market: Drivers
- Globally, policymakers are increasingly embracing digital transformation of financial services. Various policies that support new business models in the banking and financial services industries have spurred product innovation in paperless processes. This has propelled the deployment of various automated banking systems for speeding up financial transactions, aimed at boosting consumer experience. The drive for digital check scanning market stems from these trends.
- Continued technological advancements in connectivity of digital systems and in data processing systems have allowed fintech and financial services companies to expand array of remote and accurate check processing systems. These developments will further open up new frontiers in the digital banking solutions.
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Digital Check Scanning Solutions Market: Regional Growth Dynamics
- North America has been a lucrative digital check scanning solutions market. Its growth has been fueled by the massive investments in digital banking solutions over the past few years. Furthermore, remarkable growth in fintech and big tech credit has bolstered product innovation in the North America market.
- Asia Pacific market is replete with opportunities, underpinned in large part by strides made by financial technology industry in recent years, notably in China, India, and the ASEAN
Digital Check Scanning Solutions Market: Key Players
Some of the key players in the digital check scanning solutions market are Alogent, The Eastman Kodak Company, Panini S.p.A., NCR Corporation, Fujitsu Limited, Epson America, Inc., Canon U.S.A., Inc., and ARCA Tech Systems, LLC.
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Global Digital Check Scanning Solutions Market: Segmentation
Digital Check Scanning Solutions Market, by Type
- Single-feed Check Scanning System
- Multi-feed Check Scanning System
Digital Check Scanning Solutions Market, by End User
- Banks
- Credit Unions
- Government & Non-profit Organizations
- Enterprises
- Small & Medium Enterprises
- Large Enterprises
Digital Check Scanning Solutions Market, by Region
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America
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