CUTTING COSTS THROUGH MODERNIZATION Despite declining volumes, checks remain an important part of the overall payments ecosystem. With current market conditions, combined with aging technology that drives up processing costs, determining a strategy that keeps costs down and efficiencies up is critical for survival. In fact, a Finextra survey published in July 2023 ranked reducing processing costs through payments modernization (79%) as a top priority. Alogent has worked with financial institutions for over 25 years, improving their deposit environments, yet as solutions age, it’s important to assess existing infrastructures and determine points of vulnerabilities and potential savings. The following three areas for consideration can be applied at any institution as you look to improve your ROI and total cost of ownership and still address market needs: 1. Review your existing solutions. Analyze your overall spend and review your IT overhead, along with any manual processes required within your check processing workflows. Based on your findings, you may consider newer, more modern technology across one or all of your deposit channels, paying close attention to the overall architecture and tech stacks utilized. Simultaneously, consider the impact your platforms have on the user journey — both internally with employees and other account holder-facing factors. Is the user experience seamless? Can you start a transaction in one channel and complete it in another? Fix These Gaps in Your Deposits Strategy By Jason Schwablin Chief Strategy Officer, Alogent, ICBC Associate Member 24 | INDEPENDENT REPORT
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