May 31, 2023
What are the Benefits of Teller Capture? (There are Many!)
Gone are the days when credit unions were forced to wait days for checks to clear. In the past, this process was a tiresome waiting game, where a check would have to travel from the bank of first deposit to the paying bank; however, advancements have been made where members can now see same-day credit for their deposited checks.
This process has become increasingly streamlined and efficient thanks to teller capture. Teller capture has become immensely popular because CU representatives can scan checks directly at the teller window with the member present. Teller capture has eliminated the need to transport and move the capture from one location to another.
The Fundamental Benefits of Teller Capture
If your credit union has yet to move to teller capture, the time is now. The market is competitive, and to stay ahead of the “other guys,” credit unions must offer services allowing members to bank instantaneously. Teller capture doesn’t just benefit members, though; it also has huge perks for credit union staff and saves significant time on once lengthy processes.
Teller Capture’s overall benefits fall into three categories: customer service, revenue, and operating costs.
- Customer service is improved because tellers now have more time to interact with their members instead of conducting a back-counter capture. This newfound opportunity allows tellers to get to know their members, upsell and cross-sell other products, and assist in improving their members’ financial well-being by providing insight into financial education. The ability for tellers to focus more effort on selling will also boost revenue.
- Operating costs are reduced since teller capture drastically scales back courier costs, automates cumbersome processes (such as signature verification), and eliminates the need to duplicate items and batches.
Physical member visits to branches have declined and have been heavily impacted by COVID-19 and the introduction of online and mobile banking platforms. Tellers now have limited time to get to know their members and discover sales opportunities. So, when members make the trip to their local credit union, tellers need as much time as possible to focus on that individual’s needs. Teller capture eliminates and streamlines many distinctive processes so that time is given back to the teller and member.
Member Benefits of Teller Capture
How will your members benefit? When using TranzCapture™ Teller Capture specifically, members’ experiences will be enhanced through:
- The completion of the entire deposit transaction, which will occur while they’re at the teller line. Members can put their worries aside, no longer needing to ponder what will happen to their check (with their precious account information on it)
- Real-time check amount validation with the member present on CAR and LAR mismatches
- The detection of potential check fraud right at the teller line
- Identification of check with return risk. When using TranzCapture™, check identification is handled with AFS TrueChecks service
Credit Union Benefits of Teller Capture
Tellers can now focus their energies on other tasks, improving their productivity and effectiveness since teller capture can enhance their workload by:
- Eliminating manual sorting of transit checks. These checks will now be electronically separated
- Eliminating trial balancing. Each deposit transaction will now be balanced when scanned and submitted, with the member present
- Eliminating back check stamping. Checks are quickly endorsed virtually
- Almost fully eliminating piggy-back check adjustments due to a smaller volume of checks being scanned at the transaction level
- Eliminating end-of-day scanning. Tellers can now leave the branch earlier (or on time if they’ve been staying late!), which may save you on payroll expenses
Choosing a Teller Capture Provider
A credit union leveraging Sharetec can make this powerhouse core technology even more robust by implementing TranzCapture™ Teller Capture. TranzCapture™, when paired with Sharetec, will immensely impact your credit union – from teller efficiency to member service.
TranzCapture™ Teller Capture is a remote deposit platform built specifically for credit unions and utilized significant credit union input in its design and feature set. What resulted was a best-in-class, comprehensive suite of services that includes features such as:
- Deposit image capture software
- 7-year image archive & redundancy
- Real-time deposit fraud database inquiry
- Check collection & settlement
- Return item processing
- Adjustment resolution service
- Built-in business continuity with a duplicate network that runs 24/7
TranzCapture’s™ web-based solution ensures the most effortless deployment, so your credit union will be quickly up-and-running, providing immediate, secure transmission of check images for your members. To learn more about TranzCapture™, contact a Sharetec Sales Representative today, or email us at simplicity@sharetec.com.