We just got back from a very successful show at the RDC Summit in Orlando, where we were very excited to be part of a hardware manufacturers’ panel about the ins and outs of the check scanning business. This was the first hardware discussion panel in three or four years, so it was interesting to see the different kinds of things that are now on the minds of the banks we’re trying to serve.
One thing that came up repeatedly throughout the show was the fact that hardware manufacturers are increasingly offering additional imaging features and toolsets, but those are not always fully taken advantage of. Many times either on the panel or at our booth, I would hear from a customer who was having an issue, only to find that we had already solved that specific problem, but the corresponding feature was not turned on. Seems like everyone would benefit from a bit more awareness that the scanner companies themselves are offering these kinds of built-in tools that are available now.
Risk management was another very prevalent topic at the show, with lots of attention focused on security and regulatory compliance, specifically with OFAC and “Know Your Customer” rules. Regulators are requiring that banks offering RDC service know more about their customers and how they are using the technology. As one visitor aptly put it, if OFAC came to you and said “You’ve got 10,000 RDC scanners deployed in the field – do you know where they actually are right now?” that would be a difficult question for many financial institutions to answer without some sort of advanced monitoring capability. As we’ve seen in many news stories, if a bank accepts funds from a restricted person or a restricted country, even if it was done unknowingly, it can cause big-time problems. This is why those of us on the hardware side of the business started developing software like Digital Check Advisor with advanced geolocation technology, so if one of your RDC customers suddenly starts processing RDC deposits from a foreign location (or is the scanner’s location changes within the U.S.), you’ll know about it in real time and will be able to take appropriate action!
It was nice to see the positive responses we received to our new 150 document per minute check scanner, the TellerScan TS240-150. We admittedly weren’t sure what kind of reception it would get – is it a niche product, or widely sought after? – but if the interest it was generating at the show was any indicator, it may have a bright future ahead.
All in all, it was another great event put on by the people at remotedepositcapture.com, who have been providing this excellent industry meeting place for the past several years now. Thanks to them for all their hard work in making it happen, and we’re looking forward to seeing everyone again next year!