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Article Looks at a Bank That Turns Remote Deposits into Valuable Data

Monday, April 15, 2019   (0 Comments)
Posted by: Amanda Averch
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The ability to deposit checks remotely—with an ordinary scanner or mobile device—has quickly evolved from being an innovative convenience to a baseline expectation to a lost opportunity. That’s because paper checks, while old-fashioned, contain a wealth of data that until recently was ignored by remote deposit technology. The latest free article from the forthcoming May/June issue of the ABA Banking Journal looks at a bank that has differentiated itself by developing a solution to this problem.

 

Capital Bank, a $1.1 billion bank based in Rockville, Md., saw an opportunity in the fact that its commercial clients could not capture check data without an arduous manual process. With the help of a vendor, it developed a remote deposit capture system that also captures specific names, numbers and other items from checks and organizes the data into query-able fields.

 

“This all came about after having plenty of meaningful conversations with customers,” says Nikhil Bijlani, VP for product development at Capital Bank. “We have taken what many in the industry believe to be a commoditized product and used innovation to deliver new value to new clients.” Read the article

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