Best practices in product development: A case study of remote deposit capture

The rapid evolution of image technology has brought with it the birth — and dynamic growth — of remote deposit capture (RDC) services. As financial institutions continue to explore new means for converting paper cheques into various electronic forms for processing, RDC has been one of the most successful payment products introduced in the last 30 years. Whether in markets where paper cheques have readily given way to electronic payment methods, or where paper cheque usage is much more abundant, RDC fills a need. This paper profiles the experience of Comerica Bank, which saw the opportunity represented by RDC in the marketplace. Because of the awareness of the opportunity, the bank saw the need to place the development of its solution on a fast but thorough track. It explored the use of its formal project methodology, detailed planning and communication plans as well as risk management. As with all new development, the bank challenged its development standards and tested the recommendations extensively. This dedicated approach to detail and process led to the successful introduction of this product. The paper documents a significant number of important observations throughout this journey, presents a brief history of RDC and shows how the marketplace is embracing it. Most important, however, is the sharing of best practices and lessons learned by this organisation as it developed its RDC solution.