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1. Struggles with Technology and Support Imagine your Remote Deposit 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 merchant accounts. Their scanner has broken down and they have several important checks they need to deposit right away. You quickly locate your RDC service provider and begin to dial the number when you realize… It’s 5:00 pm on a Friday, and your provider won’t be available to help until Monday morning. Now your client must wait to make the deposit, and they aren’t happy about it. Reliable technology and strong support are critical to RDC success. Careful evaluation of potential providers is important to ensure that their solution meets your technological and support needs today, and into the future.


Here are some questions to ask when evaluating providers: • Is RDC a Core Capability? • Do they offer customized products for business and retail customers/members? • What are my hardware and software options? • Do their 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? • Is the solution easy to install and update? • Does the provider support user training? • What kind of ongoing product support is available? • Can the provider offer any testimonials from existing customers?

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. We also offer the industry’s only Mac-specific solution in a web-based system that identifies the user’s operating system. Our SaaS and cloud-based platform ensures efficiencies and the most up-to-date IT offerings for retail and commercial clients, and our world-class service center provides 24/7 support for you and your customers.


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 don’t result in the hoped for rewards. This is often due to inadequate planning and unrealistic or unclear expectations. Choosing to initiate an RDC solution requires strong commitment as it may mean sacrificing alternative solutions and projects. Begin by doing your homework. Research RDC to be sure you fully understand what it is and how it could potentially benefit your institution and customers/members. Then outline the opportunities and threats associated with implementing an RDC 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 with your RDC initiatives. Research vendors and ask about investment requirements for RDC hardware, 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 RDC, Cachet helps you contain costs and get to market faster, helping you accelerate ROI on your RDC initiative. Our unique technology solution alleviates large capital investments in RDC hardware, software, and staffing. With Cachet’s solutions, no hardware is required and installation and training are delivered remotely and online, at no cost to you.


3. Lack of Deployment Success with Clients Congratulations! Your RDC solution has gone live. Unfortunately, adoption has not met your expectations and only a small number of your customers/members 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 remote deposit program starts with a quality product and follows with education on the benefits of RDC. If yours is a “build it and they will come” approach, customers/members, and even employees, may not be aware of the value of your solution. If RDC 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/members 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 RDC experience: 1. Provide Initial Education and Training Education and support are keys to implementing a successful RDC initiative. While customers/members may be able to figure out the basic technology, they won’t be able to realize the full capabilities of the service without meaningful training. 2. Follow Up Immediately After Going Live A user’s overall impression of the solution will be formed within the first few weeks of going live. Ensure that yours 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 that may arise right away.


3. Perform a Survey 60 Days After Going Live After 60 days of using your RDC solution, your customers/members 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 they would want to have. 4. Provide Annual or Semi-Annual Education Even though up-front education and training was provided, continued education is just as important. Over time, your established users may change positions or companies, leaving new associates in their place that may not have experienced the training you did after implementation. Additional training will also allow you to go over new functionalities and changes in rules and regulations that could affect end users. 5. Ensure Maintenance is Performed on Scanners Your customers/members are busy, and they need to be reminded that scanner maintenance is imperative to keeping a healthy, running machine. Include scanner maintenance as part of your ongoing communication to RDC users. Follow these steps and you’ll stay on top of any issues before they grow into major problems. You’ll also strengthen relationships and improve your efficiency and bottom line.

The Cachet Advantage Cachet helps you achieve your RDC goals through comprehensive sales training and marketing support. 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 RDC program. We also provide ongoing trend analysis to help analyze your marketing opportunities and to support development of future strategies. Cachet also offers customized branding of applications and marketing collateral, at no cost to you. Cachet helps you Unleash the Power of RDC.™


4. Lower Priority for Financial Institution For some financial institutions and credit unions, worrying about an RDC 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 for implementing RDC, you may need to convince others in your organization that RDC needs to happen—and now. RDC is a game-changing technology, especially when linked to mobile technologies. It is just the type of technology product today’s demanding consumers are seeking – easy, convenient and secure. But the window of opportunity for financial institutions and credit unions looking for that competitive edge is shrinking, as more and more organizations jump on the RDC bandwagon as a means to increase fee income and protect and expand their customer/member bases.


The evidence is strong that today’s consumers are demanding solutions to simplify their banking experience, and if their current provider doesn’t oblige, they’ll find another one that will. In fact, according to one report, 57% of customers surveyed said they would change their financial institution if a competitor offered the right mix of products and services1. Don’t get left behind—outsmart the competition by proactively seeking and adopting new technologies that will keep current customers/members happy, attract new consumers, and protect your bottom line.

The Cachet Advantage Gain an immediate advantage and long-term customer value with Cachet’s industryleading RDC solutions for PC, Mac, and Mobile. Our solutions offer your customers/members a simple, safe, and convenient way to deposit their checks from their home , office, or anywhere, increasing current customer/member satisfaction and attracting new consumers. Source: Banc Investment Daily

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5. Security and Fraud Issues Check fraud is one of the biggest challenges facing financial institutions today. In 2010, 73% of banks and credit unions reported check fraud losses, adding up to approximately $893 million2. Check fraud is the second most common scheme institutions face3, behind payment card fraud and ahead of phishing, making check fraud the fastest growing and costliest method of payments fraud. Here are some steps financial institutions can take to manage the risks associated with remote deposit capture4: • Profile potential customers/members up-front and offer RDC to only the best and most profitable • Prioritize customers who carry deposit balances with your institution • Set realistic deposit limits (daily, weekly, and monthly) and monitor them in real time • Implement common sense availability holds on remotely deposited items • Adopt strong user and hardware authentication routines for RDC users, especially those using mobile RDC • Adopt strong image quality and validation guidelines • Ensure images are not stored on user devices (computers/phones) • Recommend to customers/members that they destroy physical checks after a specified amount of time • Consider velocity limits and other tools to analyze individual transactions and trends • Integrate mobile RDC with mobile banking applications on the back end, which will allow you to leverage the additional risk management features built into mobile banking


Check fraud can be extremely costly for financial institutions and credit unions 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/ members. Ask your RDC solution provider what steps they take, including encryption and authentication, to reduce check fraud within their solutions.

The Cachet Advantage Protecting customers/members from internal and external risk and threats is Cachet’s highest priority. Our state-of-the-art data center is limited to key personnel only, and adheres to strict regulatory compliance requirements for security and data management. CheckReview™, Cachet’s patent-pending, fraud prevention solution, allows financial institutions and credit unions to review a high quality image of the check before processing. Within CheckReview, you can set business rules or qualifiers for your users’ 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. Cachet gives you the peace of mind you need to focus on growing your business. 2011 ABA Deposit Account Fraud Survey BankInfoSecurity’s 2012 Face of Fraud Survey 4 Whacking Fraud: Good Risk Management Keeps Fraudsters at Bay, Patti Murphy, RemoteDepositCapture.com 2 3


Learn More

If you want to learn more about how to succeed with Remote Deposit 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 RDC technology. 877-318-4449 Toll-Free info@cachetfinancial.com


RDC Hurdles