In the age of rapidly developing technology, consumers expect their credit unions to keep up with technology and provide convenient banking services. This is especially true when it comes to remote deposit capture (RDC) processing, where credit unions are struggling to provide their members with quick account balance updates due to additional records and data that must be transferred to the core system. However, through the use of data automation software, credit unions can easily pull RDC records and move the data to the core to provide account balance updates within minutes.
When a remote deposit app doesn’t connect with the core, credit unions must rely on a manual process to provide an interface, which can produce inefficiencies and frustrations such as:
- Slower processing times
- Human error
- Increased customer wait times
- Opportunity costs of not being able to devote resources to revenue generation
A particular pain point for credit unions is having members wait a full day for RDC deposits to post to their accounts. In addition, employees must conduct the tedious and potentially error-prone work of having to download the RDC files from the provider and import the transactions manually.
RDC is a convenient, member service that shouldn’t be an inconvenience on the operational side in a credit union’s back office. Automation of this data flow to an institution’s core system is key, but there’s more than one way to achieve this. Most core vendors will charge a significant amount of money to facilitate the connection.
Programmed to mimic an employee’s workflow, data automation tools like Nintex RPA can download the files from the RDC provider and transfer that data to a credit union’s core system for proper crediting. Nintex RPA works in the presentation layer of the institution’s existing applications instead of the program level, i.e., the vendor’s restricted domain.
Nintex RPA allows near real-time processing so that credit union members can see their remote capture deposits within 10 minutes, as opposed to the next day for many commercial bank customers. Near real-time is cheaper and easier and satisfies the needs of all parties.
Using data automation software to speed up RDC processing eliminates errors and ensures a fast and efficient process by providing a bridge from the RDC system to the core system. In turn, credit unions can continue to provide the good service they are known for.
For more information on improving your credit union’s efficiency and productivity, read our white paper, “Breaking the Efficiency Barrier: Understanding Data Automation.”