Show Me the Money: Best Practices to Accelerate Funds Availability through Check Deposits

The Financial Brand recently published an article highlighting how faster access to funds could reshape the battle for deposits. Would you implement new processes if your institution could clear and post deposits faster? Would you consider new software platforms to attract account holders and drive increased revenue through higher deposit volumes?

If you answered ‘yes’ to either of those questions, below are four considerations that will modernize your deposit workflows and accelerate access to funds:

Implement Real-Time Capabilities

Deposits often take longer to clear funds than other transaction types, especially newer digital offerings. By upgrading your transactions processing platform to support real-time data capture and image validation, your financial institution can support real-time posting across all deposit channels, ensuring funds are accessible to account holders when they need them. In addition, other real-time data capabilities such as scoring models can streamline user journeys, making deposits more streamlined and consistent regardless of whether someone banks at the teller or from home. 

Enrich Risk Assessment and Fraud Prevention

Check fraud is a favorite for scammers. With a modernized deposits platform that embeds advanced data analytics, your financial institution can capitalize on the rich data found within transactions and build a risk scoring model for account holders. By tracking individual transactions in real-time and pairing them with banking history and other business rules, patterns and anomalies can be seen faster, and suspicious activities addressed quickly. Depending on an account holders’ risk level, your institution can also implement custom business rules to accept deposits from self-service channels without review and make funds available immediately. 

Aggregate Deposit Data from All Channels

Leveraging a centralized database that aggregates transaction information from all deposit channels gives your financial institution the opportunity to gain faster access to business intelligence that impacts products and services and keeps account holders engaged. Think of it this way, if employees can see data pertinent to their roles only through a centralized cross-channel dashboard, points of vulnerabilities are identified sooner, product gaps and new solutions identified and roll-out quicker, and decisions made faster. In addition, pairing a centralized database with the fraud mitigation capabilities mentioned above can help identify duplicate checks faster thanks to real-time posting and the availability of cross-channel transaction data. 

Automate Deposits Acquisition and Processing

Banks and credit unions who maximize automation in their deposit operations minimize keying errors often caused by manual processes like balancing, corrections, verification, and reconciliation. With software solutions that reduce manual paper handling, costly mistakes are eliminated, and account holders ultimately gain faster access to funds.

Meet Unify

Alogent’s deposits automation platform, Unify, is proven to accelerate deposits availability and lower your total cost of ownership with increased efficiencies and lower overhead. As the market's only deposits platform that addresses all full- and self-service channels with the same platform and single API, Unify can be deployed enterprise-wide or by line of business. Scalable for banks and credit unions of all sizes, benefit from access to real-time image and data validations, built-in fraud mitigation capabilities, and more. 

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