1. Struggles with Technology and Support Imagine your Mobile Check Capture solution has recently been implemented. Customers are eagerly taking advantage of the service, and you feel confident in your initiative. Then, as you leave your office one day, you get a call from one of your store workers. One of your customers called into the store; it’s payday and he wants his funds now. But the application cannot read his check images, and he can’t make it to the store before closing time tonight. Now your customer must wait to deposit his check, and he’s not happy about it. Reliable technology with strong image-reading capabilities is critical to Mobile Check Capture success. Careful evaluation of potential providers is important to ensure that their solution does offer a high rate of image acceptance and meets your technological and support needs today, and into the future.
Here are some questions to ask when evaluating providers: • What are my software options? • Do solutions meet the necessary regulations and certifications? • How can the solution help reduce and prevent fraud? • What level of data security does the provider offer? • Does the solution have an intuitive user interface? • Does the provider offer help-desk and support? • How often is the product updated with industry best-practices? • What kind of ongoing product support is available?
The Cachet Advantage Cachet’s premier technology solution is SOC 2 Type II compliant and scalable as your company grows. Our solutions meet Check 21 and image-quality standards using an X9.37 file format certified by the Federal Reserve Bank. Our world-class service center provides 24/7 support.
2. Significant Initial Capital Investment Implementing a new technology solution can be a significant drain on company resources; requiring investments (dollars, people, time) that frequently donâ€™t result in the hoped for rewards. This is often due to inadequate planning and unrealistic or unclear expectations. Choosing to initiate a Mobile Check Capture solution requires strong commitment as it may mean sacrificing alternative solutions and projects. Begin by doing your homework. Research Mobile Check Capture to fully understand what it is and how it could potentially benefit your company and customers. Outline the opportunities and risks associated with implementing a Mobile Check Capture solution.
Create a project team, including key stakeholders in the organization, and put together your project charter identifying the project scope, timeline, and a realistic budget. Be sure that everyone is on the same page in terms of project requirements and the specific objectives you hope to accomplish. Research vendors and ask about investment requirements for software and staffing. Remember that vendor pricing strategies can vary widely. Depending on the vendor and their particular pricing model, your initial capital investment could be significantly more or less than expected. While there will always be some initial development and implementation costs, your investment will pay off sooner with the vender most closely aligned with your budget and ROI expectations. Time is money, so the faster you can implement your solution, without sacrificing quality, the sooner you can start building ROI.
The Cachet Advantage By simplifying the design, development, and implementation of Mobile Check Capture, Cachet helps you contain costs and get to market faster, helping you accelerate ROI. Our unique technology solution alleviates large capital investments in hardware, software, and staffing, including management and equipment necessary for a secure data center. And by integrating with industry partners, we are able to offer a flexible, end-to-end solution that will reduce potential stress on your technology resources.
3. Lack of Deployment Success with Clients Congratulations! Your Mobile Check Capture solution has gone live. Unfortunately, customer adoption has not met your expectations and only a small number of your customers are using the service. After making a substantial resource investment, it’s several months post launch and you’re not anywhere near meeting your ROI projections. A successful program starts with a quality product and follows with education on its benefits. If yours is a “build it and they will come” approach, customers, and even employees, may not be aware of the value of your solution. If utilization has been disappointing, take a close look at your sales and marketing strategy. Begin by educating and incentivizing employees to be ambassadors for your solution. Identify target markets and key customers for events and special promotions. Leverage social media to further publicize your program and promotional activities. Don’t forget to build in a process for evaluating program results. Closely monitor trends in user adoption and transactions and quickly adjust your sales and marketing accordingly, if you’re not seeing the desired results.
The following list from RemoteDepositCapture.com provides valuable steps to ensuring a positive experience: 1. Provide Initial Education and Training Customer education and support are keys to implementing a successful mobile check capture initiative. While customers may be able to figure out the basic technology, they won’t be able to realize the full capabilities of the service without meaningful education on it’s full potential. 2. Follow Up Immediately After Going Live A customer’s overall impression of the solution will be formed within the first few weeks of going live. Ensure that your customers are happy with the solution and using it to its full capacity. Implementing this follow up will also enable you to deal with any technological issues customers may have right away. 3. Perform a Survey 60 Days After Going Live After 60 days of using your solution, your customers will have had time to grasp the basic functionality of your service and how it will fit into their everyday lives. Be sure to ask about what functions are helpful and other key features customers would want to have.
The Cachet Advantage Cachet helps you achieve your goals through comprehensive sales training and marketing support both during and after implementation. One of our highly qualified Account Managers will work closely with you to identify your goals and develop a customized sales and marketing plan that will ensure the success of your program. We also provide ongoing trend analysis to help analyze your marketing opportunities and to support development of future strategies.
4. Lower Priority for Your Organization For some financial service providers, worrying about an mobile check capture solution may not seem like a high priority. With all of the other projects and priorities in an organization, it can be difficult to justify adding another. Even if you see the benefits, you may need to convince others in your organization that it needs to happenâ€”and now. Mobile Check Capture is a game-changing technology. It is just the type of product that todayâ€™s demanding customers are seeking â€“ easy, convenient and secure. But the window of opportunity for companies looking for that competitive edge is shrinking, as more and more organizations jump on the mobile bandwagon as a means to increase fee income and protect and expand their customer base.
The evidence is strong that customers today are demanding solutions to simplify their money-management experience, and if their current provider doesn’t oblige, they’ll find another one that will. And with mobile usage continuing to grow, 89% of smartphone users use their phone throughout the day1, you can bet that your customers are looking for ways to manage their money on their mobile phones. Don’t get left behind—outsmart the competition by proactively seeking and adopting new technologies and solutions that will keep current customers, attract new ones, and protect your bottom line.
The Cachet Advantage Gain an immediate advantage and long-term customer value with Cachet’s industryleading mobile check capture solution. Our product offer your customers a simple, safe, and convenient way to load their checks to prepaid cards anywhere, anytime, increasing current customer satisfaction and attracting new customers. Source: ThinkMobile w/Google, April 2011
5. Security and Fraud Issues Check fraud is one of the biggest challenges facing financial service providers today. Here are some steps financial service providers can take to manage the risks associated with mobile check capture2: • Profile potential customers up-front and offer Mobile Check Capture only to the best customers, prioritizing those whom have had a long relationship with your organization • Set realistic limits (daily, weekly, and monthly) and monitor them in real time • Implement common sense availability holds on remotely loaded items • Adopt strong user authentication routines for customers • Adopt strong image quality and validation guidelines • Ensure images are not stored on customer mobile devices • Recommend to customers that they destroy physical checks after a specified amount of time • Consider business rules, velocity limits, load caps, and other tools to analyze individual transactions and customer trends
Check fraud can extremely costly for financial service providers and finding a solution that offers a way to mitigate risk and prevent fraud will ensure greater success for you and a more secure form of check deposit for your customers. Ask your solution provider what steps they take, including encryption and authentication, to reduce check fraud within their solutions.
The Cachet Advantage Protecting customers from internal and external risk and threats is Cachet’s highest priority. CheckReview™, Cachet’s patent-pending, fraud prevention solution, allows financial service providers to review full-color, high-resolution images of the check before processing. Within CheckReview, you can set business rules or qualifiers for your customers’ deposits to help mitigate check fraud, including maximum dollar amount, maximum number of items per deposit, or maximum number of items per day. Over the internet, every deposit session is 128-bit SSL encrypted and requires username, password, and phone-specific identification. Each account is identified by a nickname only and users are locked out of the system after 5 failed log-in attempts. In addition to CheckReview, Cachet also partners with leading checkguarantor companies to provide you additional options in reducing the risk of check fraud. Cachet gives you the peace of mind you need to focus on growing your business. Adapted from Whacking Fraud: Good Risk Management Keeps Fraudsters at Bay, Patti Murphy, RemoteDepositCapture.com 2
If you want to learn more about how to succeed with Mobile Check Capture and the benefits it can bring to your organization, contact Cachet Financial Solutions today for a no-obligation consultation and demo of the latest capture technology. 877-318-4449 Toll-Free email@example.com