"The goal is to eliminate paper altogether," he says, "and increase efficiencies."
More and more consumers and businesses are banking online, which offers benefits such as real-time payment posting for improved cash flow and the ability to manage multiple accounts. Check imaging is another technology that is quickly becoming a standard.
"Businesses want to manage their funds through the Internet," says Kratzer. "Check imaging allows customers to view checks online."
This improves a bank's productivity, because prior to online imaging, an employee investigating a check had to physically move to another room to find it. Kratzer says as this trend continues, more banking documents and transactions will be accessible online, including transactions that occur with other financial companies like brokers and insurance companies.
"Technology is being designed that will aggregate all of a business's or customer's accounts, and they will be accessible online, on a single screen," says Kratzer. "The Internet is being used more and more as this kind of tool."
Customers will be able to get their statements online, and those statements will continually update.
"They'll be able to see the latest and greatest information as it hits their accounts," Kratzer says.
The growth of Point of Sale (POS) sales terminals that electronically transmit sales transactions and communicate directly with the customer's bank will continue to fuel this trend.
"Banks will be able to put more information into the customers' hands," Kratzer says.
And thanks to improved security, technology customer information and transactions will be protected.
"The important thing is all of this information will be secure," says Kratzer. How to reach: RDSI Banking Systems, (419) 783-8800.