Press
Late Adopting Credit Unions Can Leap Forward with Automated Check and Currency Deposit Processing Solutions
MT. PROSPECT, IL (April 26, 2013) – In the highly competitive financial services industry no financial institution (FI) wants to fall “behind the times”, particularly where technology solutions are concerned. Staying current with regulations often is prioritized over other investments. This can lead to delaying investment in deposit processing solutions that not only enable branch capture and electronic deposit, but also streamline currency processing needs, resulting in simplified daily operations.
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how FIs that were slow to adopt new deposit processing technologies have the opportunity to move into a leadership position – and experience some hidden advantages – thanks to the availability of advanced currency and check processing technology.
Leapfrog Your Competition
In the case of technology adoption, sometimes being a late adopter can have its advantages. For example, many large FIs were quick to adopt branch capture while the solution was still in its infancy. Unfortunately, early branch capture technology, such as check scanners was cumbersome, labor intensive and often resulted in poor image quality.
FIs that were slow to adopt branch capture technology now have the opportunity to make one investment in a single solution that delivers multiple, quantifiable benefits. These FIs can leap ahead of their competition by offering the most efficient form of branch capture: a solution that can capture checks at the teller line. Two-in-one solutions can process checks, currency and transaction documents at the back counter or at the teller line in minutes. Tellers as well as branches become more productive, while customer interactions improve
Expand Service Offerings
FIs can also leverage new check and currency processing technology to expand their service offerings and customer base. For example, offering commercial clients multiple options for submitting deposits electronically. Certified check scanning equipment can actually enhance the performance of remote deposit capture (RDC) solutions and make it possible for RDC-resistant customers to take advantage of image cash letter deposits.
Become Future-Ready
Today’s advanced currency and check processing solutions can be easily upgraded as an FI’s needs – or those of the customers – change. For example, serial number capture, check imaging or other document processing features can be added to existing equipment; eliminating the need to invest in additional or new equipment when your requirements change.
Recent studies indicate that, regardless of asset size, FIs will increase their technology spending by 4% this year.1 Make the most of your investment by selecting solutions that will help move your institution into a leadership position.
For more information on the most advanced currency and check processing solutions, visit www.cumminsallison.com/checks.
1 IT Spending in Banking: A North American Perspective, Celent Research Group, January 8, 2013
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125-year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.