Still Maintaining Siloed Deposit Channels? Consider an Open Banking, Cloud-Based Platform and Benefit from Operational Efficiencies and a Tighter, More Connected Banking Experience
When it comes to deposits automation and payment solutions, financial institutions are at are varying stages of their modernization journey. Over the last fifteen-plus years since Check 21, banks and credit unions have continuously added different customer-facing technologies from different vendors to serve their grown number of channels and points of deposit. While these solutions are not obsolete yet, the disparate systems often result in operational setbacks like maintenance costs and siloed data, and a disjointed user experience for account holders. In today’s banking environment, we’ve reached a pivotal moment where institutions must invest in new payments infrastructure to remain competitive and relevant.
As solutions evolved, so have account holder expectations, making an omnichannel experience a necessity for banks and credit unions to meet user demands both within the branch and through remote channels. This is where investing in new technology becomes a key to sustainable success for all institutions, regardless of their size. To truly meet the needs of today’s consumers, payment solutions must enable access to an open banking ecosystem for unlimited expandability, leveraging APIs and offering access to data analytics and reporting. The result: unique and personalized services with consistent user journeys for customers and members.
Despite the popularity of digital and alternative payments, there is no doubt that checks are valuable in today’s banking world as the only payment instrument where payee name and address are both volunteered and available. Although check volumes are decreasing, the values of checks being written are increasing. In fact, research shows that consumers still prefer to deposit checks at a branch and are more likely to deposit larger checks in-person vs. through self-service channels.
So, what’s important when considering a payments infrastructure refresh? Cloud-based, open banking platforms are key.
Many solutions today are built for the cloud but are not cloud-native, eliminating a bank’s or credit union’s total control and the ability to scale easily as volumes or users grow. This also makes the process of bringing new products and features to market more difficult, as employees must battle siloed code-sets and disparate solutions across various channels. A true, cloud-based modern platform should make flexibility and scalability easy, as well as centralize your data and offer a clear “big picture” view of the institution for consistency and transparency.
Combining the benefits of the cloud with an open platform brings additional potential for banks and credit unions. By leveraging APIs to offer seamless access to added tools and expanded ecosystems, users gain greater financial transparency options while remaining in-solution. Deliver new conveniences, better user experiences, and customized services that keep account holders loyal.
Unify, Alogent’s patent-pending, single deposit acquisition platform, is the only solution of its kind to offer 1 API and common code-base for all channels, making support, maintenance and bringing new products to market simple. Cloud-based, Unify delivers a consistent user experience across all points of presentment by leveraging the same set of image and data validations in real-time, and treating every document and check the same. Eliminating batch processing and file exchanges between solutions, Unify delivers a consolidated approach to check processing by bringing all full- and self-service points of capture together under the same device-agnostic umbrella. Simplify deposits, gain tighter integrations to third parties, ensure data transparency, and leverage the cloud for true scalability.
>> Click here to learn more about Unify in an explainer video.
>> Do your deposit solutions need a refresh? Ask yourself these questions.
Contact our team of payments experts to schedule a demo and learn more about modernizing your transaction workflows.
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