Credit unions can easily bring their operations up to speed with 21st-century technology trends by investing in dual purpose cash and check scanners to simplify the deposit process.
A recent executive report from Banking Strategies highlighted several innovative developments affecting daily tasks at financial institutions. Not only has electronic check processing reduced the time it takes for credit unions to deposit member money ever since the Check 21 Act was introduced in 2003, but industry experts anticipate that in the future, these organizations will be able to increase membership levels by using electronic recurring bill payment technology. However, mainstream adoption of these services is still years away. In fact, many financial establishments still process a large volume of paper checks from members and customers who are reluctant to adopt to online or mobile technology. Credit union managers can achieve substantial improvements to overall efficiency in the meantime by using automated technology.
A market insight study from Cummins Allison revealed that credit unions whose members still use a large volume of paper checks on a regular basis can still maximize many of the advantages of remote deposit capture by investing in dual purpose cash and check scanners to complete more work in less time. These tools make it possible to scan 400 documents per minute, which can uncover substantial savings in the long run. Additionally, these same machines take care of any credit union's currency-processing needs. With the ability to count money at a rate of 1,600 bills per minute, these institutions are tapping into a unique opportunity to kill two birds with one stone and streamline back office processes in meaningful ways. Credit union members don't always adopt innovative technology at a fast pace. Dual purpose cash and check scanners make it possible for these organizations to accommodate member needs without sacrificing efficiency.
April 21, 2014