Here’s What You Missed: Remote Roadshow Recap: The True Cost of Legacy Check Processing Solutions
Banks and credit unions have often maintained legacy check processing solutions that ‘get the job done’ despite challenges faced with data transparency, streamlined workflows, and surging overhead. In fact, legacy payment systems are a major source of inherent and hidden costs. In a Remote Roadshow earlier this month, we explored these challenges and the benefits modern, cloud-based check processing solutions offer. If you were unable to join us at the Remote Roadshow, read on for 3 takeaways:
- Multiple solutions equal replicated functionality, silos, and data inconsistency. While user-facing technologies have evolved over the last 15+ years, many back-office solutions have remained untouched. As a result, banks and credit unions see increased overhead due to disparate check processing workflows, as well as data silos for each line of business, hindering a ‘big picture’ look into the financial institution and limited access to enterprise data. Without a single, centralized view, institutions suffer from data inconsistencies between image acquisition systems, the surging cost of integrations, and reporting slowdowns - just to name a few. At the same time, customers and members lack a consistent UX that addresses current market demands and the personalization needed to drive trust and loyalty.
- Many solutions today are built for the cloud, but are not cloud-native. Without a cloud-native solution, banks and credit unions lack full flexibility and are unable to scale with new locations, users and as volumes grow. In addition to scalability and a potential lack of bandwidth, bringing new products and features to market can be slowed due to siloed code-sets and disparate solutions across various channels.
- While check volumes continue to decrease, the average value of a check continues to rise. As a result, checks remain a primary target for fraudsters. Banks and credit unions must recognize the value of integrated fraud detection to keep their account holders and payments’ ecosystem secure. Modern solutions feature real-time check fraud detection so suspicious activity is caught at the point of presentment and before it reaches the back office, saving time and money.
Unify, Alogent’s patent-pending, cloud-based platform, is the only solution on the market today that offers a consolidated approach to check processing by bringing all full- and self-service channels together under the same product umbrella, powered by a single external API. By treating every document and check the same, its modern approach to check and payment processing simplifies image acquisition and leverages the cloud for true scalability. With a centralized framework and single set of code across the institution, Unify ensures consistency, transparency and speed to market – including with its single view of the organization for fast data lookups and access to critical business intelligence.
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