Posted by Mark Brousseau
The care and feeding of your scanning operations requires regular audits. ibml President and CEO Derrick Murphy explains:
The television infomercial for a popular kitchen appliance tells viewers that they can, "Set it and forget it!" While that claim might work for rotisserie ovens, it's a bad idea for scanning operations.
Operations require constant monitoring and evaluation to ensure that the right technologies and processes are in place to meet the organization's needs.
Unfortunately, many organizations only take a hard look at their operations when problems become too large to ignore. By then, it's too late.
It's not that organizations are intentionally turning a blind eye to operations challenges. It's that most companies mistakenly believe that implementing state-of-the-art technology -- whether it's software or hardware -- will address their operations needs indefinitely. This thinking couldn't be farther from the truth. Like most things in business, operations requirements and dynamics always are in flux. Documents change. Staff turns over. New business rules are introduced. Technologies evolve.
For instance, there may be opportunities to add technology that has evolved since an initial install, assuming your current hardware and software supports it. You might also have an opportunity to re-engineer your operations based on technology advancements. If neither of these opportunities are available in your current systems environment, the new technology might provide the justification for an upgrade. What's more, as your documents change, you may find that your pre-configured job settings are no longer set for "peak" job performance, since they were designed for other work.
If an operation's infrastructure and processes don't adapt, its effectiveness will suffer.
Organizations must regularly analyze the technology and processes at work in their operations, to identify and correct inefficiencies that may not have existed during their last system implementation. With this information, organizations can be proactive about deploying remedies, ensuring that their business case stays on track, reducing cost, and heading off potential customer service issues.
Elizabeth Herrell, an analyst with Forrester Research, notes that "by evaluating all of the elements of their operations, organizations can identify gaps and recommend changes that will eliminate those gaps and help them better meet their goals." Companies that undertake a review of their processes and technology are better equipped to align their operations with their business objectives, she adds.
This operations review should focus on document preparation, operator proficiency, and scanner maintenance and performance -- the three areas where scanning operations most frequently falter.
Be Prepared
Document preparation is essential to the scanning process.
All staples, tape, paper clips, adhesives and other fastening devices must be removed from all documents prior to scanning. Adequate document preparation aids in keeping the scanners running with minimal downtime due to jams, skews, piggybacks, feeder errors or foreign items interfering with scanner functions. Documents must also be oriented correctly and batched in the right jobs.
Without proper document preparation, operators must correct problems at scan time, significantly reducing throughput. What's more, poor document prep is likely to cause errors on the scanners. Similarly, if staples are not removed, chances are that documents will not be batched correctly.
By auditing its operations, one ibml user determined that scanning its small documents individually would significantly reduce its document preparation time, while increasing scanner throughput. The review also showed that the customer needed a person to back up the operator of its two scanners; the extra person, who removes documents before the feeder tray empties and conducts quick "eyeball" quality assurance tests, has helped eliminate the idle time that previously dogged the customer.
Do Your Best
Well trained and experienced operators also are vital to the scanning process.
An operator who has been running the scanner for a period of time can pick up short cuts that help to minimize downtime from jams, and decrease the amount of time changing from one job to another. For instance, in the event of a jam, experienced operators can identify the last item scanned and pocketed correctly, without having to use a jam recovery wizard. This speeds recovery times.
Conversely, it takes less experienced staff longer to recover from jams and more time to pick up and hand feed documents that need to be scanned. They are more tentative, which slows things down.
As a result of a comprehensive review of its operations, one ibml customer found that it needed to temporarily send someone from its seasoned day shift crew to its night shift to transfer knowledge.
Leave No Trace
Scanner maintenance is absolutely critical to the scanning process.
An operation can have perfectly prepped documents and well-seasoned operators, but if maintenance is not performed properly, and frequently, its scanner will not operate effectively. It is important that maintenance is performed prior to each shift. This includes cleaning the feed tires and reverse belts, making sure the ink jet cartridge is not gummed up and sprays properly, and seeing that all sensors are clear of dust and paper debris. Operators should also record when belts and tires are changed.
Less experienced operators may forget critical steps that seasoned staff know intuitively: how to put belts on the scanner's reverse-belt assemblies or how to put tire assemblies together, as examples.
Through an operations audit, an ibml customer found that operators were placing open drink containers on top of its scanners, where they could spill and damage the machines. The audit also determined that the customer should move trash cans that were placed near the scanner's pocket frame, to avoid accidentally tossing dropped documents -- a hazard to document integrity.
The Payoff
Conducting a regular operations audit can pay big dividends. In the case of one ibml user, a service bureau, the remedies it implemented after an audit resulted in a 60 percent increase in throughput and a 25 percent reduction in jams. Those cost-saving benefits can have a significant bottom line impact.
The key is remembering that your operations requirements won't stop changing just because you implemented new technology. In other words, don't believe everything you see on late-night TV.
What do you think? Post your comments below.
Showing posts with label scanners. Show all posts
Showing posts with label scanners. Show all posts
Sunday, January 10, 2010
Tuesday, June 2, 2009
Remote Deposit Capture Still Has Legs
By Mark Brousseau
With the stratospheric growth of remote deposit capture (RemoteDepositCapture.com says it has reached over 50 percent penetration among financial institutions in less than half the time it took online banking), you might assume that interest in the technology is dying down. You’d be wrong.
At last week’s Windy City Summit in Chicago, a session on remote deposit capture drew a standing room-only crowd (some attendees even sat on the floor), and many corporate practitioners admitted that they still haven’t implemented technology, reports Leilani Doyle, product manager at US Dataworks, Inc. (ldoyle@usdataworks.com).
“While remote deposit capture is no longer new, and the market is saturated with product offerings, the technology is still growing steadily among corporations,” Doyle explains. “Corporate practitioners recognize that truncating paper as soon as possible in the process is always better.”
Doyle believes that there is more growth ahead for remote deposit capture, particularly with ISOs now selling the solution to billers who previously were an untapped audience, and with the introduction of new check scanners especially designed for billers for low transaction volumes (think: small businesses). US Dataworks plans to make product announcements in this area.
Remote deposit capture holdouts (and early adopters of the technology) also are looking for remote deposit capture solutions that allow for the centralized processing and repair of checks captured at the point of presentment. Anticipating this trend, US Dataworks designed its remote deposit capture offering to allow billers to capture items anywhere, correct them anywhere, and clear them anywhere.
Doyle said there also was a lot of talk among treasurers at the Windy City Summit about the need to reduce any excess balances in their demand deposit accounts (DDA). “Using balances to pay for services is too expensive,” Doyle explains, adding that many treasury managers were looking for a place to park their excess funds. “Not only are corporations receiving an ECR of 1 percent or less, but they also are incurring FDIC fees based on the risk category of their financial institution.”
“The macro-economic pressures of banks not willing to lend, and the Federal Reserve fund rates being at an all-time low, have put a unique spin on the treasury management professional’s job,” Doyle says. “Treasurers are spooked by high FDIC rates, the unknown risk of FDIC rate hikes to cover losses, and the fact that they can no longer use DDA balances to pay for non-credit services.”
The challenge for most treasurers is that they can’t move their banking relationship if they have a credit facility with their bank – regardless of the fees the bank changing for its cash management services: “Companies need to have access to that line or another longer term credit facility.”
In addition, some banks are changing their availability schedules, Doyle says. This is another area where Doyle thinks US Dataworks’ technology can help. With a centralized payments hub, like the one offered by US Dataworks, corporations are better prepared to choose the bank with the best availability schedule, or to dynamically change the way payments are collected based on the paying bank. “Better management of the collections side of the treasury function will provide more accurate collected balance forecasting and reduces the amount of collected balances subject to the FDIC assessment,” Doyle says. “Corporations can augment this strategy with a sweep to pay off loans if they are a net borrower, or a sweep to an investment product, if they are a net depositor.”
What do you think? Post your comments below.
With the stratospheric growth of remote deposit capture (RemoteDepositCapture.com says it has reached over 50 percent penetration among financial institutions in less than half the time it took online banking), you might assume that interest in the technology is dying down. You’d be wrong.
At last week’s Windy City Summit in Chicago, a session on remote deposit capture drew a standing room-only crowd (some attendees even sat on the floor), and many corporate practitioners admitted that they still haven’t implemented technology, reports Leilani Doyle, product manager at US Dataworks, Inc. (ldoyle@usdataworks.com).
“While remote deposit capture is no longer new, and the market is saturated with product offerings, the technology is still growing steadily among corporations,” Doyle explains. “Corporate practitioners recognize that truncating paper as soon as possible in the process is always better.”
Doyle believes that there is more growth ahead for remote deposit capture, particularly with ISOs now selling the solution to billers who previously were an untapped audience, and with the introduction of new check scanners especially designed for billers for low transaction volumes (think: small businesses). US Dataworks plans to make product announcements in this area.
Remote deposit capture holdouts (and early adopters of the technology) also are looking for remote deposit capture solutions that allow for the centralized processing and repair of checks captured at the point of presentment. Anticipating this trend, US Dataworks designed its remote deposit capture offering to allow billers to capture items anywhere, correct them anywhere, and clear them anywhere.
Doyle said there also was a lot of talk among treasurers at the Windy City Summit about the need to reduce any excess balances in their demand deposit accounts (DDA). “Using balances to pay for services is too expensive,” Doyle explains, adding that many treasury managers were looking for a place to park their excess funds. “Not only are corporations receiving an ECR of 1 percent or less, but they also are incurring FDIC fees based on the risk category of their financial institution.”
“The macro-economic pressures of banks not willing to lend, and the Federal Reserve fund rates being at an all-time low, have put a unique spin on the treasury management professional’s job,” Doyle says. “Treasurers are spooked by high FDIC rates, the unknown risk of FDIC rate hikes to cover losses, and the fact that they can no longer use DDA balances to pay for non-credit services.”
The challenge for most treasurers is that they can’t move their banking relationship if they have a credit facility with their bank – regardless of the fees the bank changing for its cash management services: “Companies need to have access to that line or another longer term credit facility.”
In addition, some banks are changing their availability schedules, Doyle says. This is another area where Doyle thinks US Dataworks’ technology can help. With a centralized payments hub, like the one offered by US Dataworks, corporations are better prepared to choose the bank with the best availability schedule, or to dynamically change the way payments are collected based on the paying bank. “Better management of the collections side of the treasury function will provide more accurate collected balance forecasting and reduces the amount of collected balances subject to the FDIC assessment,” Doyle says. “Corporations can augment this strategy with a sweep to pay off loans if they are a net borrower, or a sweep to an investment product, if they are a net depositor.”
What do you think? Post your comments below.
Friday, May 2, 2008
Remote Deposit Capture Saves Gas
Posted by Mark Brousseau
An interesting article on remote deposit capture in yesterday's edition of The Charlotte Observer:
Remote deposit saves steps, gas
CHRISTINA REXRODE
In an era of online banking and cash-back at the grocery store, depositing a check is one of the few tasks that forces people to journey to the nearest bank or ATM.
Remote deposit -- or depositing a check online -- could change that.
Half the country's banks offer the service to business customers, touting its convenience. Now some smaller banks, looking for creative ways to distinguish themselves, are considering the same service for consumers.
Remote deposit lets customers scan a check, submit it to the bank online, then destroy it a few days later.
USAA Federal Savings Bank, a Texas-based bank that caters to the military, pioneered remote deposit for consumers when it launched Deposit@Home more than a year ago.
Kerri Herring, a teacher's assistant and part-time photographer in Kannapolis, said she and her husband use it at least a couple of times a month.
People often pay Herring by check for photography work.
"We're checkless most of the time," said Herring, 23, "but there are always going to be grandparents who send birthday money."
Herring hates driving to the bank just to deposit a check. "It wastes time," she said. "I hate standing in line."
Some financial institutions are starting to pick up on that vibe. Massachusetts-based EasCorp, which sells a remote deposit service called DeposZip, says seven credit unions in Massachusetts, New Hampshire, Indiana and Oklahoma now offer it to consumers, and another nine throughout the country plan to do the same.
Charlotte-based NewDominion Bank, which already offers remote deposit for businesses, says consumer remote deposit is "on the drawing board." BB&T Corp. in Winston-Salem also says it's considering it.
Other companies say they're spreading the remote deposit concept, minus the scanner. In February, the Charlotte Metro Credit Union started advertising HomeDeposit, which lets "highly qualified" customers deposit checks by submitting information from the check to the credit union's Web site, then mailing it in.
"They've all had three or four checks laying around for $10, $15," said Nathan Tothrow, the vice president of marketing. "And who wants to get in the car and drive to the bank for that?"
Mitek Systems, a San Diego company, is advertising software that lets consumers deposit checks by photographing them and emailing the image -- all via cell phone.
Biggest thing since ATMs
Charlotte-based Wachovia Corp. and Bank of America Corp. started offering remote deposit for big corporate clients in 2004.At Bank of America, product executive Bob Johnston says the response from businesses has been "phenomenal," especially for global companies who don't want to mail checks across the ocean to their different offices. "Ground courier to an airline, back to a ground courier -- you can imagine the length of time and cost to do that," Johnston said.
Among smaller companies, banks are betting that remote deposit will appeal to niches that still deal often with checks, like property managers or nonprofits.
Akil Boston, the community development coordinator for Charlotte's Second Harvest Food Bank, says that using Wachovia's corporate remote deposit has cut out his almost-daily trip to the bank. "Seven miles roundtrip," said Boston, 27. "When you look at gas prices nowadays, it's pretty economical."
Remote deposit benefits the banks, too. It can enable them to expand their reach, serving customers who don't live near a branch. It can cut down on foot traffic at the branches, which can save money on staffing. Ninety percent of a teller's work involves checks, according to Celent, a financial services research firm.
"There hasn't been a financial services technology that has received so much attention since the adoption of the ATM," said Christine Barry, research director with The Aite Group, a financial services research firm in Boston.
Consumer option unlikely soon
Remote deposit for consumers is in its early stages. A survey of 157 banks, released in March by Celent, found that one-fifth offer or are planning to offer it.
But Wachovia and Bank of America say they have no such plans. Some doubt whether most people would go to so much trouble to deposit a check.
"It would be easier to drop it in an ATM (or) the mail, or walk it into the branch during lunch hour," says Jim Bruene, editor of the Online Banking Report, a trade publication.
Banks usually charge business customers per month and per check for remote deposit, and compatible scanners can cost at least $300. To convince consumers to use remote deposit, Bruene and Barry say, banks will have to drop the fees and make it compatible with low-end scanners.
USAA, the EasCorp credit unions and the Charlotte Metro Credit Union charge no fees for their programs, and USAA and EasCorp say their programs work with most any scanner.
An interesting article on remote deposit capture in yesterday's edition of The Charlotte Observer:
Remote deposit saves steps, gas
CHRISTINA REXRODE
In an era of online banking and cash-back at the grocery store, depositing a check is one of the few tasks that forces people to journey to the nearest bank or ATM.
Remote deposit -- or depositing a check online -- could change that.
Half the country's banks offer the service to business customers, touting its convenience. Now some smaller banks, looking for creative ways to distinguish themselves, are considering the same service for consumers.
Remote deposit lets customers scan a check, submit it to the bank online, then destroy it a few days later.
USAA Federal Savings Bank, a Texas-based bank that caters to the military, pioneered remote deposit for consumers when it launched Deposit@Home more than a year ago.
Kerri Herring, a teacher's assistant and part-time photographer in Kannapolis, said she and her husband use it at least a couple of times a month.
People often pay Herring by check for photography work.
"We're checkless most of the time," said Herring, 23, "but there are always going to be grandparents who send birthday money."
Herring hates driving to the bank just to deposit a check. "It wastes time," she said. "I hate standing in line."
Some financial institutions are starting to pick up on that vibe. Massachusetts-based EasCorp, which sells a remote deposit service called DeposZip, says seven credit unions in Massachusetts, New Hampshire, Indiana and Oklahoma now offer it to consumers, and another nine throughout the country plan to do the same.
Charlotte-based NewDominion Bank, which already offers remote deposit for businesses, says consumer remote deposit is "on the drawing board." BB&T Corp. in Winston-Salem also says it's considering it.
Other companies say they're spreading the remote deposit concept, minus the scanner. In February, the Charlotte Metro Credit Union started advertising HomeDeposit, which lets "highly qualified" customers deposit checks by submitting information from the check to the credit union's Web site, then mailing it in.
"They've all had three or four checks laying around for $10, $15," said Nathan Tothrow, the vice president of marketing. "And who wants to get in the car and drive to the bank for that?"
Mitek Systems, a San Diego company, is advertising software that lets consumers deposit checks by photographing them and emailing the image -- all via cell phone.
Biggest thing since ATMs
Charlotte-based Wachovia Corp. and Bank of America Corp. started offering remote deposit for big corporate clients in 2004.At Bank of America, product executive Bob Johnston says the response from businesses has been "phenomenal," especially for global companies who don't want to mail checks across the ocean to their different offices. "Ground courier to an airline, back to a ground courier -- you can imagine the length of time and cost to do that," Johnston said.
Among smaller companies, banks are betting that remote deposit will appeal to niches that still deal often with checks, like property managers or nonprofits.
Akil Boston, the community development coordinator for Charlotte's Second Harvest Food Bank, says that using Wachovia's corporate remote deposit has cut out his almost-daily trip to the bank. "Seven miles roundtrip," said Boston, 27. "When you look at gas prices nowadays, it's pretty economical."
Remote deposit benefits the banks, too. It can enable them to expand their reach, serving customers who don't live near a branch. It can cut down on foot traffic at the branches, which can save money on staffing. Ninety percent of a teller's work involves checks, according to Celent, a financial services research firm.
"There hasn't been a financial services technology that has received so much attention since the adoption of the ATM," said Christine Barry, research director with The Aite Group, a financial services research firm in Boston.
Consumer option unlikely soon
Remote deposit for consumers is in its early stages. A survey of 157 banks, released in March by Celent, found that one-fifth offer or are planning to offer it.
But Wachovia and Bank of America say they have no such plans. Some doubt whether most people would go to so much trouble to deposit a check.
"It would be easier to drop it in an ATM (or) the mail, or walk it into the branch during lunch hour," says Jim Bruene, editor of the Online Banking Report, a trade publication.
Banks usually charge business customers per month and per check for remote deposit, and compatible scanners can cost at least $300. To convince consumers to use remote deposit, Bruene and Barry say, banks will have to drop the fees and make it compatible with low-end scanners.
USAA, the EasCorp credit unions and the Charlotte Metro Credit Union charge no fees for their programs, and USAA and EasCorp say their programs work with most any scanner.
Thursday, April 3, 2008
Could Free Scanners Drive RDC?
By Mark Brousseau
Could free scanners hold the key to even wider remote deposit capture adoption? That’s what two new studies suggest.
A survey by Boston-based Aite Group found that 58 percent of small businesses that are not using remote deposit capture say free scanners from their banks would make their adoption of the technology more likely – topping any other implementation factor. Aite Group analyst Christine Barry notes that small businesses are more price-sensitive in general.
No kidding. Small businesses – those with less than $500,000 in revenue annually – expect scanners to cost about $100 or less, according to research from Celent LLC. Even larger businesses – those with at least $5 million in revenues – expect scanners to cost $210. These are numbers that will surely make the check scanner manufacturers gag.
Celent notes that only 15 percent of banks now offer clients free scanners, with half requiring them to buy the machines upfront, either from the bank or from a technology vendor. One-third of banks absorb scanner costs into the monthly fees for their remote capture service.
What do you think? Post your comments below.
Could free scanners hold the key to even wider remote deposit capture adoption? That’s what two new studies suggest.
A survey by Boston-based Aite Group found that 58 percent of small businesses that are not using remote deposit capture say free scanners from their banks would make their adoption of the technology more likely – topping any other implementation factor. Aite Group analyst Christine Barry notes that small businesses are more price-sensitive in general.
No kidding. Small businesses – those with less than $500,000 in revenue annually – expect scanners to cost about $100 or less, according to research from Celent LLC. Even larger businesses – those with at least $5 million in revenues – expect scanners to cost $210. These are numbers that will surely make the check scanner manufacturers gag.
Celent notes that only 15 percent of banks now offer clients free scanners, with half requiring them to buy the machines upfront, either from the bank or from a technology vendor. One-third of banks absorb scanner costs into the monthly fees for their remote capture service.
What do you think? Post your comments below.
Wednesday, April 2, 2008
3 Key Trends In Remote Capture
By Mark Brousseau
Financial institutions have growth opportunities in implementing check imaging and remote deposit capture solutions as more customers request the services and, as the banks themselves, search out new opportunities for expansion. That’s according to Andy Lawrence, Worldwide Solutions Business Manager, Document Imaging, Graphic Communications Group, Eastman Kodak Company.
“Today’s challenging credit and mortgage environments are narrowing profit margins in both loan and deposit portfolios,” Lawrence told me. “Banks are looking to improve operational efficiency in dealing with the aforementioned and that is also fueling interest in check imaging and remote deposit capture.”
Lawrence said there are three significant trends occurring in the remote capture marketplace today.
First, small to medium-sized banks are increasingly signing up as clients to outsourced or hosted services for check imaging and remote deposit capture. There are many reasons for this, Lawrence noted; however, the prime reason has much to do with organizational philosophy. That necessitates answering a fundamental question: Does an organization have the scope within its resources to implement and maintain a remote deposit capture solution or does it want to concentrate resources on its core business, that of banking?
“Certainly, costs enter the picture in terms of affording dedicated IT resources and capital investments in hardware and software,” Lawrence noted. “So, too, business growth opportunities enter the decision process. We’re seeing small to medium sized banks use hosted services to expand their business without building and staffing new branches. Regardless if the system is in house or hosted, banks of all sizes have quickly realized that offering check imaging and remote deposit capture solutions to customers has enabled them to grow business cost effectively.”
Lawrence said Kodak also is beginning to see that small and medium size business are seeking to buy remote deposit capture solutions directly from vendors versus sourcing them exclusively through banks as was the case in the initial Check 21 push. While banks are anxious to reach beyond their own client base, the reality is that they are limited by the scale of their sales organization and ability to implement and service solutions, Lawrence explained. In fact, he claims bank adoption has been widespread but client adoption has been limited and is almost at a standstill.
“We realized that this would happen,” Lawrence said. “To prepare for it, Kodak has been expanding application knowledge and market presence for the last three years. In effect, Kodak is playing the role of matchmaker by driving awareness and leveraging our relationships with businesses to bring clients to banks with which we’ve partnered.”
The last trend Lawrence noted involves capture technology itself, and the disruption being caused in the market by businesses requesting to use document scanner platforms for remote deposit capture. “These businesses do not require MICR and want to optimize return on investment in document scanners through using one scanning platform for financial transactions and business documents,” Lawrence said. “Doing so can lead to equipment cost savings, reduced training requirements and streamlined process flow.”
Lawrence said that in the four years since Congress passed the Check Clearing Act for the 21st Century Act enabling check scanning and remote deposit capture, the industry has moved from early adopters of the technology marketing the service to a few major customers to growing acceptance by all sizes of banks and customers.
Trends in hosted services, businesses purchasing remote deposit capture solutions directly from vendors and the ability to scan checks via document scanners will only accelerate the interest and pace of adoption in the market for Check 21 solutions, he predicted.
What do you think? E-mail me at m_brousseau@msn.com.
Financial institutions have growth opportunities in implementing check imaging and remote deposit capture solutions as more customers request the services and, as the banks themselves, search out new opportunities for expansion. That’s according to Andy Lawrence, Worldwide Solutions Business Manager, Document Imaging, Graphic Communications Group, Eastman Kodak Company.
“Today’s challenging credit and mortgage environments are narrowing profit margins in both loan and deposit portfolios,” Lawrence told me. “Banks are looking to improve operational efficiency in dealing with the aforementioned and that is also fueling interest in check imaging and remote deposit capture.”
Lawrence said there are three significant trends occurring in the remote capture marketplace today.
First, small to medium-sized banks are increasingly signing up as clients to outsourced or hosted services for check imaging and remote deposit capture. There are many reasons for this, Lawrence noted; however, the prime reason has much to do with organizational philosophy. That necessitates answering a fundamental question: Does an organization have the scope within its resources to implement and maintain a remote deposit capture solution or does it want to concentrate resources on its core business, that of banking?
“Certainly, costs enter the picture in terms of affording dedicated IT resources and capital investments in hardware and software,” Lawrence noted. “So, too, business growth opportunities enter the decision process. We’re seeing small to medium sized banks use hosted services to expand their business without building and staffing new branches. Regardless if the system is in house or hosted, banks of all sizes have quickly realized that offering check imaging and remote deposit capture solutions to customers has enabled them to grow business cost effectively.”
Lawrence said Kodak also is beginning to see that small and medium size business are seeking to buy remote deposit capture solutions directly from vendors versus sourcing them exclusively through banks as was the case in the initial Check 21 push. While banks are anxious to reach beyond their own client base, the reality is that they are limited by the scale of their sales organization and ability to implement and service solutions, Lawrence explained. In fact, he claims bank adoption has been widespread but client adoption has been limited and is almost at a standstill.
“We realized that this would happen,” Lawrence said. “To prepare for it, Kodak has been expanding application knowledge and market presence for the last three years. In effect, Kodak is playing the role of matchmaker by driving awareness and leveraging our relationships with businesses to bring clients to banks with which we’ve partnered.”
The last trend Lawrence noted involves capture technology itself, and the disruption being caused in the market by businesses requesting to use document scanner platforms for remote deposit capture. “These businesses do not require MICR and want to optimize return on investment in document scanners through using one scanning platform for financial transactions and business documents,” Lawrence said. “Doing so can lead to equipment cost savings, reduced training requirements and streamlined process flow.”
Lawrence said that in the four years since Congress passed the Check Clearing Act for the 21st Century Act enabling check scanning and remote deposit capture, the industry has moved from early adopters of the technology marketing the service to a few major customers to growing acceptance by all sizes of banks and customers.
Trends in hosted services, businesses purchasing remote deposit capture solutions directly from vendors and the ability to scan checks via document scanners will only accelerate the interest and pace of adoption in the market for Check 21 solutions, he predicted.
What do you think? E-mail me at m_brousseau@msn.com.
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