Consumer FinTech Focus
a great conversation starts with a great topic
Entry
A local credit union here in the Boston area recently announced the ability to deposit checks from the comfort of my home - in essence, branch capture for consumers. Being one who loves a technology challenge, I gathered the family around to show them this great new technology. Now, there was a pre-registration process that does take a few days that I had already completed, so now it was time to get down to business.
First step, was to login to my account - easy enough. I then proceeded to click on the appropriate link for PC Deposit. A new browser session opened up, but at first it crashed my browser. I don't know if it was because I was using Firefox, so I tried again using Internet Explorer. This time, the new browser opened and it presented me with a simple interface. I was asked to pick my scanner. With a convenient "search" button it picked up my brand new 4-1 printer that I installed last week. It then asked me to put in the amount of the deposit ($1,000.00 maximum), then scan the front of the check. I was impressed with how quickly the image appeared and I was prompted for the back image. I then scanned the back, clicked on the PROCESS button and there you go. The next morning I received confirmation that the check was accepted and the funds are available. Total time to make a deposit from the home page was less than five minutes - I am sold.
So, will THIS finally be the end of the branch as so many have tried to predict in years past? First it was the ATM, then it was PC Banking, then Online Banking and Bill Pay, then mobile and now remote deposit all seem to be in theory taking traffic out of the branch. So why is there still lines in branches and banker still covet the brick and mortar? Research continues to show that the branch is an integral part of the banking relationship, at all demographics having the branch there is important in client acquisition and retention. This weekend the Boston Globe had a piece that talked about the slow down in the branch build out. The convergence of technologies will certainly change the design of future branches with smaller footprints and more reliance on video technology, but it does not mean that branches will go away. The debate will continue when the next cool piece of technology hits that will once again prompt people to ask -is this the end of the branch?
Comments
When i first began using the ATM, i remember i would check and double check to make sure that the entry was correct. Just didnt trust it. Today i use the ATM for deposits. And that wasnt an easy transition too. I guess when my bank - CITIBank rolls this feature, i would try it too.
In all of this time, i have saved time by not using the branch. However, when there is some serious issue and requires resolution, it is impossible to do this online, over the phone, or any other option, other than in person. The branches will continue to operate, their numbers will reduce. They will serve multiple functions instead of just personal banking. Or maybe it will be outsourced to Branch Operators, who would offer branch/personalized services for more than one bank.
Technology helps, but it takes time to replace the human touch.
CK - it must be a day of firsts for me as I just deposited cash into an envelope free ATM. My first interactions with the ATM I too would not deposit checks, but today I caved. I had never deposited cash until just now - recognizing that "empty envelope" transactions can not happen when there are no envelopes, so I have technology on my side.
I have been depositing envelope free cash and checks at ATM's for awhile and find it extremely safe as well as helping the environment. Also, the best tool that banks have today are the "Chat Help" on the internet. I used to hate having to call and wait on the phone! Now once the rep is ready, I would get confirmation that I am connected, while still being able to do my work.
I have also been able to open checking and savings accounts for my kids via the net and then just transfer from my regular account. I could just simply apply online, provide all the information while on my jammies and by the next day the account was established.
I can't remember the last time I placed my feet in a branch. I can even do transfers, payments and even wire funds to family members via my cellphone.
God bless technology!
Somebody wrote me with the following.."
What do you do with the check after it's scanned? File it away or shred it?"
That is a great question, and one of the main reasons why there needs to be serious consideration around who banks and credit unions extend this technology too. My wife immediately said, gee, couldn't you just deposit that check again somewhere else? My answer of course was sure, if you want me to commit check fraud and end up in jail. I personally have held that check for now, but will shred it probably after a few days. One could though inadvertantly try to redeposit the check - so again this is technology that needs to be carefully weighed before deploying.