Banks continue to ramp up use of remote capture for deposits
While remote deposit capture can be a great way for banks to better engage consumers and add convenience to account management, they must also consider how to roll these systems out properly.
The benefits of remote capture – especially for banks with even a handful of branches in a given area – are obvious: The technology allows financial institutions to quickly and easily take in and process vital documents with lots of sensitive information, funneling it to the people and departments that need it. However, many are also launching customer-facing remote capture technology that allows people to cash checks without visiting a branch or ATM, and that provides some room for concern, according to the New York Credit Union Association.
For banks now rolling out these features, experts recommend that a softer launch that only allows certain customers, such as those who have been with the bank a long time, to use remote deposit in this way, so that they can work out any potential security kinks that may arise. Furthermore, the Federal Reserve Board recently announced regulations that specifically relate to how banks should handle remote deposit, and these rules go into effect in July 2018.
There are two areas where experts generally recommend caution when rolling out remote deposit: Fraud and mistakes. A large percentage of the mobile banking fraud financial institutions now handle come through remote capture services, and companies need to be prepared to combat this issue on a regular basis. But these hurdles might not be as pressing as simple mistakes well-intentioned customers make, such as accidentally processing a check twice.
Having the right kind of detection technologies in place to quickly, easily and safely process these kinds of transactions is vital for banks looking to keep up with industry trends. As remote deposit becomes more prevalent at a larger number of financial institutions, it's vital for companies to carefully assess all their options for document management in general, and find areas where they can make continual improvements. That might include boosting the use of automated workflows and building additional security into all possible aspects of document processing.
