Mediocrity vs. excellence. It’s the dilemma which many financial institutions (FI) face when they implement a new system. But why are we speaking about mediocrity when the expectations for a new system is excellence? Because many times FI’s do not have processes in place to ensure success, do not hold their employees accountable and/or accept mediocre results from their vendors.
To attain excellence in distributed check processing, FI’s should incorporate what some think to be “painful” benchmarking procedures of each operational sub-function. If the reporting isn’t available, ask for a custom report or work with another vendor to get it. When the tracking infrastructure is not put in place, many FI’s get to the point where “close enough is good enough”. This philosophy is typically derived because the effort and cost to attain excellence exceeds the estimated incremental benefit.
Additionally, branch and teller capture customers must be optimized beyond “default” options, parameters and components. For example, when it comes to check recognition, the implementation of a single toolkit many times provides a read rate of only 80%
with misread rates ranging from 2-5%. The cost of improvements in this case, will very easily facilitate a new recognition vendor or incremental time optimizing the system with customization techniques.
By optimizing recognition field performance, you can move towards excellence, resulting in:
- Expanded reporting on check processing sub-functions, i.e. recognition, data entry
- Greater scanner hardware controls as equipment ages
- Minimized rejects and exceptions enterprise-wide
- Reduced teller keystrokes and maximized efficiency
- Reduced errors in larger transactions (customer vs. employee)
- Optimized staffing models
- Eliminate overhead for system managers
- Reduced on-us check fraud in cash checks and split deposits
- Reduced deposit fraud on transit checks
- Cut paper costs by up to 30%
Don’t settle for anything less than near straight-through-processing in branch or teller capture. It’s in your control.