According to Burroughs CEO, Nearly Every Traditional Bank Operation Has Changed as Banks Seek Efficiencies in Highly Competitive Environment
PLYMOUTH, MI--(Marketwire - March 22, 2010) - Most bank customers probably haven't noticed but nearly every way banks execute transactions at the teller window and elsewhere in a bank branch have changed, according to Alan Howard, president and CEO, Burroughs Payment Systems, Inc., an industry leader in check-image capture and cash-automation products.
And, these changes are now affecting how retailers and other businesses execute bank transactions -- increasingly from their own locations without going to a bank, according to Howard.
"New technology has changed the face of nearly every traditional bank operation in recent years," said Howard. "Today's competitive environment for banks and other businesses dictate maximum efficiencies and the ability to do things faster, more accurately and with less staff resources."
According to Howard, the changes have included the following:
- Bank tellers have discarded adding machines and cash drawers in favor of sophisticated software and machines that automate the process of dispensing and accepting currency;
- Financial institutions are imaging checks at the teller line in order to reduce courier costs and impact on the environment, while increasing accuracy and funds availability for customers;
- Businesses are being given the freedom to control their own banking activities by depositing their checks and cash from their own location instead of traveling to the bank; and,
- Consumers continue to see increased functionality within online banking websites offered by their financial institution, which will ultimately lead to the same self-service offerings that businesses enjoy today at their bank of choice.
"The concept of Remote Deposit Capture alone has revolutionized how many businesses of all types do their banking," said Howard. "So many businesses, large and small, are now using tabletop-sized check scanners, like the Burroughs SmartSource series, that are directly linked to their banks and allow checks to be immediately deposited into their bank accounts with a simple scan from the convenience of their own offices."
The other area of significant change, according to Howard, is in Merchant Cash Automation, the ability to secure and deposit cash all day long without having to go to the bank. "Businesses receiving more than $1,000 in cash per day have both security concerns and the need to leverage the cash by getting it deposited in their bank as soon as possible to put it to work for them."
Howard said, "They are using 'intelligent safes' that allow excess till cash to be placed securely in a safe such as the Burroughs SmartCash Vault. The cash is immediately verified to protect against counterfeit notes, the count is accurate to reduce discrepancies and it is secure in the smart safe."
Based in Plymouth, Mich., Burroughs offers customers world-class service, industry-leading technology and overall support for an array of payment-related needs. It specializes in check-image capture and cash-automation solutions, and offers a variety of other complementary payment products to help customers become more effective and efficient. Burroughs is recognized as the industry leader with 50 years of experience and more than 100 years in innovating technology solutions in the payments area.
For more information, please visit www.burroughs.com. At the Burroughs website, click on "Learn More" to obtain additional information in the ways banks and other businesses are executing check and cash transactions.
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