Emerging technologies in the banking sector, such as remote deposit
capture services, enable companies to reduce costs while improving efficiencies.
The image capture solution allows
businesses to scan checks at their office
location and deposit them by transmitting an image file. By eliminating the
need for delivery or mailing of paper
items, transmitted deposits can enter the
collection stream faster and with less
effort, cost and risk than with traditional
methods.
Customers taking advantage of this
technology have longer processing
hours as well as improved funds availability and deposit reporting — all without leaving their office.
“Now is the ideal time to take advantage of the benefits that remote deposit
capture has to offer,” says Joy Gilmer,
senior vice president of treasury management for Comerica Bank’s Western
Market. “As more and more banks are
exchanging check images rather than
paper checks, remote deposit capture
puts a business in the right position to
take advantage of the savings and convenience of image technology.”
Smart Business spoke with Gilmer
about advances in banking technologies
and the benefits that remote deposit capture provides to businesses.
How have advances in technology improved
the ways that businesses can handle their
banking needs?
Through technology, businesses are
able to quickly communicate financial
information to and from their financial
institution. With the advent of remote
deposit capture, companies are taking
advantage of later deposit windows, better processing float, simplified deposit
creation and better record-keeping.
How does the concept of remote deposit
capture work?
The concept is simple. A scanner is
installed at the company and customers access the Web-based application from
their PC workstation or laptop. Checks
are scanned and an electronic deposit
ticket is created. Once the information is
loaded into the deposit capture system,
the information is transmitted to the
bank and made available for deposit processing. Since it is data versus paper
checks being delivered to the bank, processing/desk float and manual processing errors are reduced significantly.
Remote deposit capture services have
proven to be a significant value in disaster recovery plans. Recent fires in
California, for example, caused road
delays that impacted the ability to deliver paper checks to the bank. With
remote deposit capture, there are no ties
to commute-related issues.
In what ways can this function improve
record-keeping?
Deposit information, including images
of deposited checks and electronic
deposit tickets, is stored and available
for retrieval as needed. Having quick
access to this information improves
response time to customer inquiries and
reduces research expense. The capture process gives a company the ability to
update account receivables systems
directly. Reports can be accessed from
anywhere using the Internet.
How can utilizing remote deposit capture
increase productivity while reducing costs?
Remote deposit capture enables a company to make deposits without the
checks physically leaving the office,
thus, reducing expense associated with
time out of the office, courier services
and/or third-party depository banks.
Deposit preparation time is reduced as
information is scanned versus keyed or
written. With the recent enhancements
in the marketplace to Web-based solutions, deposit capture functionality is
improved even further. A company with
multiple locations can review consolidated reports, perform research functions and approve transactions remotely
from any location. A company can now
utilize the convenience of browser-based remote deposit technology.
What role do you envision technology will
play in the future for banking?
Technology will continue to play a significant role in the financial arena. The
movement and management of financial
transactions is a complex process.
Timing of obtaining and reporting information is critical to the health of a business. Having the right systems in place
to improve processes is necessary to the
ever-changing needs of the financial
community.
JOY GILMER is senior vice president of treasury management for Comerica Bank’s Western Market. For more information on deposit capture technology or Comerica Bank’s
Business Deposit Capture, you can reach her at (714) 435-3931 or [email protected].
