What will banks focus on in 2016 – Prediction 2

June 16, 2016

We blinked, and we’re already halfway into 2016! Before any more time passes, let’s see what one senior vice president forecasted U.S. financial institutions will focus on this year. If you missed prediction 1, click here, than read on for the next one…

Prediction 2 – Technology consolidation
This is the year when banks will accelerate their focus on consolidating separate platforms (or services) for lockbox, remote lockbox and remote deposit capture (RDC) in favor of a more efficient, consolidated, single platform. Banks have already started to identify this opportunity, understanding that over time separate platforms are proving both costly, complicated, and a hindrance to growth objectives. This can be attributed to the steady need for lockbox services and, at the same time, the growing value of RDC, which enables banks’ corporate customers to clear checks, reduce costs, and consolidate their banking relationships. It is also becoming clear to both banks and their corporate customers that checks received in their lockboxes and checks received in customers’ offices (then imaged via RDC) should be managed for deposit, archival and reporting in much the same fashion.

When it comes to retail or business banking, bank customers now wish to transact outside of the branch at a time and place convenient for them, and the combination of lockbox and RDC helps make that possible.

Is this inline with what you are seeing?

Stay tuned for the final prediction…

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