Resources

Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

2019 Tech Conference

May 20-21, 2019
Charlotte Marriott City Center

Industry Videos

News and trends for the banking and healthcare industries

White Papers

OrboGraph’s thought leadership and original research

Past Tech Conferences

View the highlights from past OrboGraph Tech Conferences

Product Videos

Watch our 2-minute videos to learn about our products

Partners

View our list of partners or become one yourself

News

News and updates from OrboGraph

Brochures

Download additional information on your products and services

Reg CC

Compilation of resources to help you navigate Reg CC

Events

See where OrboGraph will be next

Webinars

Learn more from OrboGraph and Industry Leaders

Testimonials

Hear what our clients and partners have to say about OrboGraph

Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

Product Videos

See how each product/service module of OrboAnywhere and OrboAccess delivers value from our check and healthcare payment platforms

Corporate Video & Podcast

See and hear how OrboGraph incorporates AI, deep learning and self learning technologies into its product suite

Healthcare Payments

OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

Access Patient Payments

Automates patient payments for posting

Access Denial Intelligence

Spotlights trends in denials to reduce receivables via prevention

Healthcare Payments Automation Center

Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

Anywhere Validate

Validate payment negotiability of paper originated items

Anywhere Payee

Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

Convenience – Is it Driving Banking Innovation?

Convenience – Is it Driving Banking Innovation?According to Michael Porter, a Harvard business professor and strategy guru, a company’s long-term survival dictates that a business strategy be chosen. Three primary strategies for consideration include:

  1. Dominating a specialized market
  2. Providing consumers with the lowest cost for products and/or services
  3. Differentiating services and/or products

When looking at any range of financial services, one must now consider how innovation is leveraged to deliver on these strategies, and how customer convenience is ultimately a primary benefit.

The definition of convenience has also changed. Ten years ago, convenience was more associated with the number of branches on the way to work and whether you could get in touch with a loan officer by phone. Today, it’s more about whether the online banking experience is efficient, whether a consumer’s mobile device is easily used and how quickly the financial service provider responds via email.

Innovation Everywhere

Today’s consumers have a plethora of options available from large and small banks, credit unions, investment companies and now check cashers. Additionally, mobile banking is sky rocking with not only basic functionality but now also includes mobile RDC, funding new accounts via mobile capture, and real-time investing with sophisticated alerts. In essence, innovation creates a new definition of consumer convenience.

Take for example, the USAA model of allowing consumers to fund their new account by taking a photo of a blank check from the funding account. A recent innovation by Union Bank’s “Banking by Design” allows its customers to customize their checking accounts by choosing which features they want. Innovation has also opened the door to non-traditional start ups such as Simple, offering spending analytics to allow consumers to make better financial decisions.

According to Matt Wilcox, Senior Vice President of eBusiness strategy for Zions Bancorporation; Customers are interested in having several channels to access their banking services, the more channels a bank offers, the deeper the customers’ engagement.

How Check Processing is Still a Factor

Each strategy can be applied, but to do so, one must make good decisions on vendors, infrastructure and short term vs. long term considerations. For example:

  1. Dominating a specialized market can work extremely well, particularly with a well rounded marketing strategy. Innovations are important, but a specialized market can be strongly influenced by a powerful brand with marketing and sales continually reinforcing the market position. Example: Identify names and addresses of customers from check images and target those prospects with optimized marketing and sales campaigns.
  2. Providing consumers with the lowest cost for products and/or services is accomplished when the infrastructure is put in place to drive unit costs down. Organizational discipline, efficiency focus and a philosophy for constant improvements that yield cost savings will yield an overall cost to offer products enabling institutions to offer “more for less”. Examples include implementing new generation check recognition capabilities with 95-98% automation versus older generation systems with 75-80% performance.
  3. Finding a way to differentiate services and/or products with innovation typically only delivers an advantage on a temporarily basis. It is much easier in today’s banking environment for competitors to “respond” to innovations by offering outsourced services, branded as part of your solution suite. This is where a platform with an open architecture and good integration techniques enable institutions to continuously adopt new technologies ahead of competition. Many times, a “bridge” interface, simplifies use of new solutions.

While new features can help draw in new customers, time will tell how well it keeps customers from switching and whether convenience will be something consumers will pay for. One thing is for sure, the drive for more convenience will continue to drive innovation and allow financial institutions to stand out in the competitive banking marketplace at least temporarily.


Source: http://www.marketratesinsight.com/Blog/post/2012/10/18/Mobile-Banking-Can-Add-Revenue-In-Multiple-Ways.aspx

Leave a Comment





Review your needs with an OrboGraph expert.

Sign up below for your complimentary assessment or to request
estimated solution pricing from OrboGraph.