JetScan iFX Use Case: Moving from branch to teller capture
Post on 12-Sep-2021
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use case: MOVING FROM BRaNcH TO TeLLeR caPTuRe
Newtechnologyresolvescreditunion’scheckprocessingchallenge
Althoughelectronicbankinghasbecomeincreasinglypopularinrecentyears,checksremainacommonandhighlyusedmethodofpaymentintheUnitedStates.A2010FederalReservePaymentsStudyestimatesthattherearestill24.4billioncheckswrittenintheUnitedStatesannually.Infact,checkswrittenfrompersontopersonincreasedbythreepercentperyearbetween2006and2009.1
Consumersandbusinessesstillusingpaperchecksbenefitfromthesecurityandflexibilityprovidedbythistraditionalpaymentmethod.Creditunions,withtheirstrongcustomerservicebusinessethic,aimtocheerfullyaccommodatetheircustomers’preferences.Butthisaccommodationneedstobeinbalancewiththebusinessrequirementofcontrollingorreducingcosts.
Paperchecksareincreasinglycostlytoprocessandfinancialinstitutionsarelookingforsimple,affordablewaystomanagethischallenge.
a forward-looking approach
Acreditunionprocessesdepositswithcheckvolumesof800to1,600checksperday,ateachofsevenbranches.Acurrencyprocessorandahorseshoe-typecheckscannerwereusedtoperformbranchcapture.Usingscannersinterfacedwithatellersystem,thebranchcaptureprocesswastaking30to40minutesperbatch ofchecks.
Asanearlyadopterofbranchcapture,thecreditunionhopedtofurtherincreasespeedandefficiencybymovingtotellercapturewiththeapplicationofnewtechnology.Theirultimategoalwastoimprovecheckanddepositprocessing,savingtime,providingbettercustomerserviceandmakingemployeesjobseasier.
Doubters become advocates
Whenskepticshadanopportunitytoseefirsthandtheeaseofuse,thespeed,andincreasedimagequalityprovidedbythenewsolution,nofurtherdoubtswereraised.EveryonewaseagertomoveforwardonatrialofJetScaniFX®checkandcurrencyscanner.
JetScaniFXprovedfastandsimpletouse,withcashiersremarkingonitseaseofoperationcomparedwiththeirpreviouscurrencyscanner.Onestepjamrecovery,wrinkleremovalbyspecialsoftwareandtheabilitytoprocesslargedepositsconsiderablyfasterthanbeforewonoverthetellers,branchmanagers,andcredituniondecisionmakerscompletely.
Pain points in current process
• Preparationtime:time-consumingfacingandsortingchecksforthehorseshoescanner’sfeeder
• Slowprocessingspeed:horseshoe scannersperformtooslowlyforthequantityofchecksprocessed
• Documentcondition:poormachinehandlingofwrinkleddocuments
• Equipmentjams:machinessubjecttofrequentjamming
• Largefootprint:spacelimitationsprohibitusingtwomachinesfortellercapture
• Off-siteservice:need redundant scannersduetooff-siterepairs
• Machinesunreliable:repairsneededmoreoftenthanseemsreasonable
Customerqualifyingcriteria
Thecustomerneededtobuildabusinesscaseforanewsolutionandbroughtforwardsomeadditionalfactorsforconsideration:
• Checkvolumesalonemightnotjustifypurchasinganewmachine
• Brancheswherelowerqualitychecksandcurrencyaretypicallyprocessedshouldreceiveprecedenceinupgrading
Perceived barriers to new solution
Noteveryoneinanorganizationwelcomeschange,andtherewereemployeeswhoinitiallyresistedtheproposedprocessshift.Theysaidthatanewmachineandnewsoftwareinterfaceswouldhaveasteeplearningcurve,incurringtimeandcostsforretraining.Somemaintainedthatthecurrentprocesswasacceptable–sowhywasthereaneedtochange?
Creditunionseekssimple,affordablecheckprocessingsolution
Easeofoperationmadeconverting toanewprocessfastandsimple.
1FederalReserveSystem,www.frbservices.org/files/communications/pdf/research/2010_payments_study.pdf
Better quality images plus fewer rejects equals lower costs.
Showusthemoney
Operationalimprovements
• 3to4timesfastercheckprocessing
• Eliminationofahalf-timeposition
• Reductionintransactionprocessingtimes
SpeedofoperationswasgreatlyincreasedviaconversiontoJetScaniFX.Threetofourtimesfastercheckprocessingattheteller station enabled the credit union to eliminateahalftimepositiondedicatedtoprocessingeachday’schecks.Inaddition,theadvancedcurrencyprocessingcapabilitiesofthei100visiblyimpactedoveralltransactiontimes.
Atellerstoodreadyeveryafternoontocountthecurrencybroughtinbyasinglecustomer–thebills’poorconditionrequiringconsiderableprocessingtime.Withitsunmatchedabilitytoscanbillsinalmostanycondition,JetScaniFXshavedmorethannineminutesfromthisdailytransaction,reducingitfrom10minutestolessthanoneminute.Thisexceptional
casedemonstratedthatdramaticallyimprovedprocessingofpoorqualitybillswouldreducedeposittransactiontimes.
Otheropportunitiesfordirectcostsavingsincluded:
• Rescanninggreatlydecreasedoreliminated
• Reducedfootprintbyreplacingtwomachineswithone
• Lessdowntimeandmaintenancecostforonemachineandonevendor
• Needforredundantequipmenteliminatedwithgreaterreliabilityandon-siteservice
JetScaniFXalsocapturedbetterqualityimagesthanthecreditunion’spreviousscanner,resultinginfewerrejects.Rejectsarecostlybothintermsoftimeandprocessingfees.Priortothe10-weektrialofJetScaniFXoneortwoitemsperday–orapproximately750items–hadbeenrejectedduetopoorimagequality.Duringtheentiretrial,however,onlyoneitemwasrejected–averysignificantreduction.
JetScaniFXhastheunmatchedabilitytoscanbillsinalmostany condition.
Processing checks three to four times faster enables tellers to provide better customer service to members.
Call today for your trial of this award-winning solution. For more information about JetScan iFX solutions, please visit cumminsallison.com/checks
Other cost savings
Additional savings and benefits the credit union acknowledged includes:
• Simpleoperationmadeconversiontothenewprocessquickandeasyforallconcerned
• Increasedcustomersatisfactionwithcashiersabletospendmoretimeinteractingwithmembers
• Increasedemployeesatisfaction,makingacriticaltaskeasier,fasterandmorerewarding
Mission accomplished
Thecreditunion’sultimategoalwastosavetime,providebettercustomerserviceandmakeemployeesjobseasierbyimprovingtheircheckprocessing.BygivingJetScaniFXatrial,theyaccomplishedthatgoalandmore.
Attripleandquadrupletheprocessingspeedtheyblazedthroughchecksatapacetheyhadn’timaginedpossible,removingtheneedtoprocesschecksasaseparateoperation.Inaddition,thesuperiorimagequalityproducedbyJetScaniFXreducedtheneedtorescanchecks,yieldingunanticipatedtimesavings.
Frequentrejectsbecameathingofthepast,withonlyonerejectreportedover10weeksratherthan1to2perday.Evencurrencyprocessingresultsweresignificantlyimproved–bymorethan90percentwhenprocessingpoorqualitybills–withinareducedfootprintandwithgreateraccuracyandimagingoptions.
Best possible outcome
Butforacreditunion,improvedcustomerserviceisarguablythemosthighlyprizedandsoughtafterbenefit–andtherewasnoargumentthatthetellersnowhadmoretimetointerfacewithmembersinapositiveway.And,sinceemployeesatisfactiongenerallytranslatestobetterservice,thenewequipment’seaseofuse,dependabilityandtheeliminationofalltheirpainpointsaddeduptothebestpossibleoutcomeforthiscustomer.
GenerationsofVisionandExcellence
CumminsAllisonsetsthestandardforaccuracyanddependability.
CumminsAllisonisagloballeaderindevelopingsolutionsthatquicklyandefficientlycount,sortandauthenticatecurrency,checksandcoin.Witha125-yearheritageofleadershipintechnologyandproductinnovation,CumminsAllisonservesthemajorityoffinancialinstitutionsworldwide,aswellasleadingorganizationsinretail,gaming,lawenforcementandgovernment.Ninety-sevenpercentofourcustomersrecommendourproductsandservices.
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