Retail banks may be missing out on valuable cost-saving opportunities by ignoring the need to invest in high-quality check scanners that streamline teller capture operations.
Businesses in the financial service industry have experienced a variety of challenges in recent years as they attempt to find a balance between the traditional in-store experience and the convenience of new digital technology. In fact, the online publication Banking Strategies cited data from SNL Financial that said banks closed 2,267 branches in the U.S. in 2012 due to the impacts of mobile technology. The fact that individuals are now able to complete many personal finance tasks with a few clicks of the button and without leaving their own homes creates a conundrum for many establishments that lean heavily on brick-and-mortar service. However, just because banks are limiting their physical branch locations doesn't mean customers are any less interested in seeking in-person assistance.
According to the consulting firm Novantas, retail banking continues to be the most important element of the larger financial services industry. Ever since the Great Recession, many of these businesses have struggled to generate profitable revenue. Instead of closing operations, there are a variety of steps these companies can take to attract and retain more clients. Novantas suggested banks focus on ways to improve customer service and reduce overhead costs to succeed in today's radically transformed financial services industry.
Teller capture is one area of retail banking that is prime for a boost in efficiency. For instance, bank employees often dedicate a significant amount of time depositing checks from customers on a daily basis. Not only can these tasks become costly, but they can also have a detrimental effect on customer service. Investing in a reliable check processing machine can make many bank procedures run smoothly and ultimately allow employees the opportunity to focus on their customers during the day.
December 16, 2013