Over on the Credit Slips blog, Adam Levitin writes about the implications of remote deposit capture for the banking industry.
I see a parallel between what’s happening with RDC and what happened 20+ years ago in the credit card business with the deployment of electronic draft capture POS terminals. What was essentially a paper-based local business was transformed into a business with no local support requirements – enabling national scale players to emerge and compete effectively for that business. As a result, most local banks exited the credit card merchant acquiring business and it became the province of a handful of large, national merchant acquirers.
Of course, reality is never so simple – but sometimes the key drivers are. See more of my comments here in response to Adam’s post.
Scott is a founder of Glenbrook with more than 30 years of experience in information technology. He is a co-author of the book “Payments Systems in the U.S.” and a co-inventor of US Patent 6,332,126 and US Patent 7,840,459. At Glenbrook, Scott focused his work on payments innovation, mobile payments, and social media / Web 2.0 in banking and financial services.
Previously, Scott was group executive vice president at First Data Merchant Services and at Visa International, where he led the development of Visa’s global payment systems strategies. Scott began his career as a systems engineer with IBM, where he held a series of technical management and product planning positions over seventeen years. Scott formally retired from Glenbrook in October 2016, but remains important to the firm as both a friend and advisor.