Check process and fraud detection are extremely active in modernizing systems with objectives to reduce cost, update infrastructure, eliminate manual processes, support digital transformation across the enterprise, and reduction in losses. The term modernization, used across many industries, describes the ability to adapt a process, technology, or object to modern needs or habits.
Trends involving IT, hardware, and software modernization in the banking and healthcare industries historically averaged 7-15 years, as hardware required replacement, and often software was tied to each hardware component. Additionally, mission-critical legacy applications, which impact enterprise infrastructure and multiple departments, span even longer periods due to the inherent complexities of a large project.
Today, compressed development time frames for new technologies are the norm. This in turn drives accelerated platform modernization windows. This, coupled with a renewed attention to business resiliency and contingency plans, makes it the perfect time to evaluate updating legacy platforms.
Take, for example, branch and teller capture technologies. New platforms are being developed by check processing vendors to provide a migration path to the industry to integrate real-time fraud prevention and further streamline deposit processing.