Differentiated RDC: Standing out in an Established Crowd
Today's world is saturated with premium remote experiences from online retailers to social media, and we expect the same conveniences, speed, and flexibility from our financial institutions (FIs). Despite their own varying requirements, consumer and business account holders expect the same simplicity and flexibility across all deposit points - mobile, ATM, desktop scanner and even in-branch. Unfortunately, many RDC solutions were not architected with an omni-channel approach and therefore, are unable to support multiple channels or communicate between disparate data silos. So what's an FI to do?
From a bank or credit union perspective, a successful strategy combines user wants with organizational needs - many times scalability to grow, the flexibility to apply customized business rules, centralized reporting and analytics, and of course, risk management. This considered, today’s established RDC market makes it increasingly more challenging to offer a differentiated solution. Some might even say the path to an engaged remote customer base lies with next-generation solutions.
For business account holders who process higher volumes of checks, the need for scalability is key, along with visibility into transaction data and simple workflows that resemble the ease of visiting a teller window – minus the time and courier costs previously associated with merchant capture. For these account holders, time savings and convenience are invaluable, but so is the gain of transactional data from across all channels for better decisions and insights.
No longer is the need for merchants to manage multiple distributed capture applications or be tied to a single operating system (OS) or browser. As a bank or credit union, be an ally to your business account holders by delivering efficiency, time, and cost savings through next-gen solutions that remove boundaries. Enable the capture of checks locally and their reconciliation centrally from multiple offices or storefronts – with a solution compatible with any OS, browser or device. At the end of the day, scalability, simplicity and flexibility translates into institutional loyalty.
Those institutions searching for flexibility and a quick return on their more 'traditional' mobile remote payment ecosystem can benefit from a hosted offering of mobile deposit. Users see the same conveniences as with other solutions, but by putting RDC in the cloud with Mobile Deposit Services (MDS), your bank or credit union bears no IT infrastructure costs or overhead, and always has access to the most current capabilities in a secure environment. Quick to market in just a matter of months, MDS scales and enables real-time fraud detection. MDS also enables non-traditional banks like check cashers or merchants who are not structured for end-to-end check image truncation to deploy a simple remote transaction experience. Differentiate your FI with high check acceptance rates, while saving time and money.
Fraud still remains the elephant in the room linked to remote deposit, making real-time detection at the point of presentment a critical component to any solution – but finding that balance with risk models and acceptance rates for a positive UX is important. Is the check negotiable at the point of presentment? Should it be rejected or manually reviewed? Determining that unique and appropriate mix is important since checks are still the most targeted payment rail by fraudsters (check out a recent blog by Ashish Bhatia, Alogent's VP of Product Management, for more on fraud). Additional capabilities that capture and report on a user’s geo location and utilize artificial intelligence (AI) and machine learning also help to combat risk within remote channels. Reviewing your mobile and remote deposit limits and customer scoring models, combined with other risk assessment tools, protect your institution and simultaneously drive FI loyalty through a positive banking experience.
So why Alogent?
Even banking is included in today's world of “now.” Combine user demands with the established space of RDC, and finding ways for banks and credit unions to differentiate themselves is even more important than ever for long-term success. Alogent understands these dynamic needs and through best-practices, has brought innovative next-gen capabilities to its product suite and remote deposit offerings:
- Omni-channel and cross-channel capabilities
- Simplicity and flexibility for individuals and corporates
- Access to data insights and reporting
- Risk management and fraud prevention
Capitalizing on our years of experience and millions of deposits processed through remote channels across the globe, our uniform approach delivers a consistent and simple point of user engagement. FIs simultaneously benefit from a single, centralized platform, access to big data for actionable intelligence, and a strong risk management component. Mobile, ATM, scanner or even in-branch – proven solutions built on industry best practices bring a competitive advantage to an established RDC market and enable FIs to scale, increase account holder engagement, and future-proof their remote channels.
Click here to learn more about Alogent's RDC and payment solutions.