Financial institutions work hard to keep pace with technology, and, of course, it is to their advantage to do so. From the customer service side, banks and credit unions are creating mobile websites and apps to make banking easier. Internally, institutions are using software applications to become leaner and more agile. One feature that serves all of these purposes is check imaging. Passed a decade ago, the Check Clearing for the 21st Century Act, or Check 21, permits banks to simplify check processing by scanning them. This produces a digital image known as a substitute check.
Even some ATMs can now scan checks, and through the use of a smartphone’s digital camera and various apps, remote deposit solutions are now available. Check imaging software not only speeds up processing for customers, but it also saves time and money. For example, ATMs with scanners eliminate the need for check pick-up at remote locations.
The Parallels Between Check Imaging & Document Imaging
Document imaging (for internal efficiency) has many parallels to check imaging. In fact, many of the same processes are used. Both convert a physical record into a scanned digital image. This streamlines the process by reducing handling. Now the image is stored securely on a server, reducing the time needed to access the document and safeguarding it against information loss.
Banks and credit unions are always searching for new ways to build internal efficiencies. For financial institutions that have already implemented check imaging solutions, document imaging software is a natural next step. Staff is already comfortable with scanning equipment and workflow. Physical storage space is reclaimed and filing time is eliminated. Most of all, digital documents are actually easier to find and more secure on a server or in cloud storage.
If your institution is ready to learn more about how document imaging can reduce “paper overload” and build new efficiencies, request a free, no-obligation assessment today.