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Is it time to look for a new Solution Provider?

Monday, August 31, 2020 ( /

New data suggests a growing percentage of Financial Institutions are dissatisfied with their RDC / Mobile Deposit Solution Providers. Here’s what to look for in a good solution provider, and steps you can take to find a new one.
The pandemic has forced many financial institutions to adjust their RDC offerings. These adjustments include adjusting customer deposit limits, adding additional users for business RDC applications, relaxing signup requirements, enhancing risk management tools, monitoring, reporting and more. In some cases, FIs have been pleasantly surprised at how their RDC solutions have been able to fulfill their needs. In other cases, however, these adjustments have often shed light upon solution shortcomings, thereby increasing FI frustrations and dissatisfaction. The August 2020 poll shows that while 69% of FIs are at least “somewhat satisfied”, 23% are at least somewhat unhappy with their solution provider.

What do “best-of-breed” RDC Solutions look like?
While every FI is different and has different customer requirements, here are some key solution capabilities which can establish your solution as one of the best in the industry.

For the Consumer Mobile Deposit Market;
•    Auto-Capture: Does your app have the auto-capture capability where the phone’s camera uses on-board intelligence to automatically snap a photo of the check at just the right time? Not only is this a feature users appreciate because it make the process easier, it also improves success rates and overall image quality, resulting in fewer adjustments, returns and other customer problems and issues.
•    “Soft” Deposit Limits: Instead of rejecting a deposit, does your system have the ability to place items into a review queue where a decision can be made to still accept the deposit? Can you accept the item but also delay funds availability?
•    Transactional Risk Scoring: Can your system take into account several risk factors, including normal customer deposit patterns, dollar amount, location, type of item, etc. to establish a risk score on the deposit, enabling you to accept / decline / place a hold, etc. on the deposit?
•    Customer Segmentation: Can your system automatically establish a probationary period for new customers (where deposit limits are lower, funds availability is conservative, etc.), then funnel that customer into the appropriate segmented group based upon account type, risk score, etc. where each segment has specific deposit limits, funds availability, etc.?

For the Business RDC Market;
•    Multi-Check Capture for Mobile Users: Does your app have the multi-check-capture capability where more than one check can be auto-captured in a single deposit? For lower-volume business clients this can save substantial time and effort, and it can also help the customer avoid the added expense of purchasing a desktop scanner.
•    Permissions-Based Roles and Users: Can your business RDC solution allow your customers to establish different rights / privileges for users within their company? The owner of a plumbing company with 10 employees in the field may want to have their employees use mobile deposit for checks received, but will NOT want to provide them full access to view account balances, and may want to review and approve the items before submitting them to the bank for deposit.
•    Additional Deposit Data: Does your desktop and mobile business application allow customers the ability to enter additional data into the transaction to aid in back-end reconciliation, payment application, etc.? Many businesses would like to be able to add an invoice #, customer #, etc. to aid in this process.
•    Data Integration: Does your RDC system allow for the seamless integration into QuickBooks or other accounting packages to allow for automated reconciliation, posting, etc. This is often the “Holy Grail” of account receivables processing and can save businesses substantial time, effort and expense.

Achieving Best-In-Class Solutions and Services for your FI and your Customers
In a highly competitive industry such as financial services, providing best-in-class services is a constantly moving target. The best-in-class solution provider you use today could be tomorrow’s laggard, which means you will then have a sub-par service offering. Fortunately, Solution inter-operability has improved dramatically over the years. It has never been easier to change from one solution provider to another. Many financial institutions select different solution providers for each market (Consumer vs. Business) or even sub-segment (Corporate vs. Small Business).

To aid Financial Institutions and businesses find best-in-class solutions which meet and exceed requirements, began offering the RDC Solution Finder over a decade ago. Along the way, we helped close to 1,000 organizations find best-in-class solutions. Today, the Solution Finder is a free service offered to financial institutions and businesses looking for RDC, ACH, Integrated Receivables and other solutions. Visit the Solution Finder to find your next best-in-class solution.


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