Senior Vice President Puneet Malhotra was featured in this month’s Illinois Banker for his insight into a “Next Generation Remote Deposit Capture Platform.” Puneet explains that a well-executed RDC strategy involves keeping the target audience in mind so that the solutions selected provide user-friendliness, integration and offer proper risk mitigation, all while offering a consistent user experience across multiple channels.
Most financial institutions have ended up with a fragmented RDC platform. Different parts of the institution have made isolated decisions on their respective depository channels. These different systems came with separate back-end platforms, while servicing potentially the same clients. Different back-end platforms create inefficiency, opportunities for fraud to occur, and inconsistencies in client experience across different depository channels.
A next-generation Remote Deposit Capture Platform provides a common set of “web services” for all depository channels. The web services platform provides consistency in several common aspects of check imaging, such as: recognition rates (courtesy amount read and the legal amount read), image quality and usability, optically reading / confirming the MICR code line, validating the MICR code line, and common Fraud Filters.
Remote Deposit Capture platforms allow financial institutions to reach out to a much wider demographic client base, beyond the traditional brick-and-mortar infrastructure. The next generation of clients will expect consistency in experience across depository channels from an availability and a fraud management standpoint. As financial institutions continue to define and refine their RDC Strategy, it is important to look at the various remote capture options and determine which channel or channels make sense and identify those that may not be needed.