With successful implementations in teller image capture and remote deposit capture, we’ve accomplished one of the most difficult phases of the product development cycle… strong penetration. The business case has been proven out, solutions have achieved stability and the purchases of these services have offered a robust solution set of features. However, if we objectively evaluate the ultimate goal, straight-through-processing, we still have a major phase level in the process.
Teller image capture (TIC) and remote deposit capture (RDC) performance requirements have changed significantly over the past several years. Finally, a new technology has evolved to support the claims of straight-through-processing. This new technology, called Next Generation Recognition (NGR) Technology, can provide several amazing benefits:
- Virtually 100% recognition performance on personal and business checks for smaller transactions (V100 mode) which fully enables a “hands-off” teller operation and reduces distraction from selling new services.
- Reduction of misreads from 10-20 per 1,000 items down to 2-3. This will dramatically reduce the number of errors in mid-sized and large deposits, thus improving balancing processes for TIC and RDC.
- Item verification and “rebalancing”: This technology improvement leverages detailed multi-engine results to identify and flag potential items which are misread or miskeyed.
- Real-time fraud detection of counterfeits, alterations and forgeries.
These new solutions provide a wide range of benefits including cost reduction (drive down unit costs), efficiency improvements, improved employee experience, increased staff utilization and better check fraud prevention. It’s time for us to join the “next generation”.
For a detailed overview, download the white paper here.