Bank branch image capture technology allows financial institutions to create digital images of checks and other documents, reducing the burden and cost of storing and transporting the first paper documents. Because banks transmit more checks than other types of documents, a bank check scanner is the principal tool employed for making the copies. If you manage a bank that will not use image processing technology to create digital images of documents, guidelines several reasons to implement the technology as soon as possible. Physically transporting documents to other locations involves costs eliminated by image processing, including fuel expenses, courier fees, and other standard shipping fees. If a company transports documents having its own fleet, fleet maintenance and driver salaries could drive the cost of transportation greater than it could be with a courier company. Image processing adds to an institution’s important thing by eliminating costly transportation expenses.
As digital processing fees continue to fall, paper processing fees continue steadily to rise. Lately, the Federal Reserve has raised the cost of processing paper documents five to six percent. At once, it has steadily decreased the expense of digital processing. As well as paying lower processing fees, institutions that use digital processing also eliminate the expenses of maintaining a paper processing environment, such as maintenance fees for paper processing equipment, the expense of replacement equipment, and salaries and benefits for many who work in the environment.
Bank remote deposit capture technology helps banks expand the geographical location of customers. Utilizing a bank check scanner, customers create images of checks and transmit them to the bank, irrespective of its location. This permits companies that have several locations to cut back their depository accounts to an individual institution – an arrangement that always improves funds availability. Banks take advantage of the arrangement insurance firms accounts that receive a high number of deposits, thus maintaining a top balance. Disaster recovery planning helps companies remain viable in the wake of a catastrophic event, particularly once the IT network is affected. Disaster recovery plans have four main concerns: data recovery, delivering emergency hardware, choosing an emergency business location, and planning for emergency staff to restore indisposed employees. Because it makes digital images of documents which can be stored offsite, image processing technology helps banks prepare for data recovery in the wake of a disaster. Processing documents with imaging technology reduces clerical errors that occur when documents are manually processed. Reducing clerical errors helps financial institutions increase customer satisfaction, ensures the numbers in depository accounts are accurate, and prevents rework that involves tedious research. It’s not an exaggeration to state that digital individuals are like no other. They participate in a generation that’s more educated, more technology savvy and better connected socially than some other that came before. If they need information, they will research it on the Internet; if they desire advice of a particular purchase, they’ll ask their social network. Their demands fuel innovation in the technology and communications space, giving rise to new, better products that they can’t get enough of. They seek convenience, reach, availability and instant gratification. These expectations have split over with their banking activities too. Now, digital consumers want their banks to acknowledge these needs and fulfill them, just like other retail businesses are doing. Banks are responding by delivering their services over a selection of digital channels like the mobile and the Internet.
Banks in Africa and the Middle East record the greatest quantity of average monthly ATM cash withdrawals. In 2009, this figure was 3,914 in comparison to 1,631 in North America, 2,797 in Western Europe and 2,789 in the Asia Pacific region. In the Middle East, Internet penetration is 33.5% that will be 3.3% of the world’s Internet penetration. Mobile penetration in the UAE has already been in excess of 200% and broadband penetration is expected to attain 100% by 2012. On the African continent, mobile adoption has crossed 50% in 26 nations; South Africa achieved twice that number by the end of last year. As an all-natural progression, this region will really see high rates of adoption of those media as banking channels in the Middle East and African regions.
With the accessibility to alternative modes of banking, consumers started to use multiple channel. They went along to the ATM to withdraw cash and enquire about their account balance. Chances are they started to utilize Internet banking, first to monitor their accounts, and then to create payments and transfer funds. At the same time frame, in addition they made visits to the branch. This is enough time when consumers « banked on multiple channels « .The drawback of this type of banking was that each and every channel was isolated from the other. Data generated on a single wasn’t visible on another, which meant that if a client initiated a transaction at the call center, but resumed it at a department, he would have to explain the whole situation all over again to the staff. Banks too lost the opportunity to render efficient service or cross-sell, to these channel siloes.
With the integration of channels about the same platform, multi-channel banking became reality. Today, banking is integrated across devices, channels, products, and functions to supply seamless experience to customers across all touch points. Accordingly, banks have a 360-degree view of customer activity on every channel at any point of time. Customers enjoy similar visibility, and may also be able to seamlessly transition from one channel to a different, even through the length of a single transaction. A recently available report by a research firm indicates that although branch investment still tops the list of a bank’s spending, investment in other channels like Internet and mobile banking is on the increase. In Middle East and Africa, spending on online banking channels is expected to touch US$ 50 million in 2012.
Multi-channel banking helps banks optimize operating costs and resources. For instance, branch staff engaged in routine operations such as for instance cash disbursement might be deployed in other, more critical functions. With fewer customers walking in, branches may be smaller, and more cost effective to determine and maintain. Channel integration reduces data duplication. Overall, it’s estimated that the expense of serving a person or transaction through Internet and mobile banking is a fraction of that incurred at a branch. Seamless multi-channel banking makes banking convenient for customers because it allows them to transact from anywhere, at any time. Since transactions and data are updated in real-time, customers have use of the most recent information regardless of the channel. Integration also provides customers just one view of all the accounts held by them at exactly the same bank. These facilities improve customer care and eventually, loyalty.
Banks having an advanced multi-channel banking system can attract customers of other banks, which are lagging in channel integration. They are able to also use channels – such as for instance mobile banking – to produce in roads into markets where they’ve insufficient branch presence. By providing a single view of customers and enabling tracking of these channel usage, integrated multi-channel banking improves banks’cross-selling efficiency to bring them more business from existing customers. By reducing cost per transaction as mentioned earlier, and improving sales, multi-channel banking will make a fair affect banks’top and bottom lines.
A multi-channel banking system should really be simple, convenient, affordable and anytime anywhere accessible, providing a single view of customer’s banking relationships for customers along with for relationship managers. True multi-channel banking extends beyond the provision of banking access over multiple channels, to include value through: Seamless customer experience may be the essence of multi-channel banking. A customer should be able to utilize a bank’s service on any one of its channels. Also, having initiated a transaction, he should manage to continue it on another channel without obstruction. For example, if he receives a present about a new high interest deposit on SMS, he should manage to buy engrossed using his mobile, but send all of the supporting documentation via the Internet banking channel. Today’s consumer includes a strong sense of uniqueness that he would like service providers to acknowledge with personalized products and services. He desires personalized banking facilities that enable him to set reminders, quickly access links and »favorite activities », and choose the channels where the financial institution must send alerts or initiate contact. Not just that, he could also want to personalize each channel separately. Multi-channel banking must have the ability to fulfill all these expectations.