http://www.istreamimaging.com en rferrari@istreamfs.com Copyright 2009 2009-04-20T20:56:05-06:00 /index.php/blog/entry/s-technology-new-and-improved-your-customer-or-for-you/ /index.php/blog/entry/s-technology-new-and-improved-your-customer-or-for-you/ I recently read a Google alert specific for "remote deposit checks' titled, "Better Through Whose Eyes?" By Scott Anthony, Bloomberg - USA. The article is a brief synopses of the writer's experience making a deposit at a "new and improved" ATM.  The bank proudly announces with a sign "optical scanning and reading of the checks for depositing at the ATM." Unfortunately the writer could only deposit 5 out of 6 checks, leaving him with only one option- return to the bank during business hours.  What a bummer, he just wants to deposit his money! Just like Scott, you'd be frustrated and might likely come to the same conclusion below. "Rightly or wrongly, my check-deposit struggles left me with an image: Bank of America is innovating to help itself, not me." - Scott Anthony This is definitely where Scott gets to the heart of a problem for implementing new technology at the consumer and customer level making the experience "easier, more convenient, or simpler" but then it's not.  There is no user friendly back up process to this exception. It is unfortunate that some banks have been innovating themselves without considering the effect on their customer, where a customer experience occurs. Scott continues, "The general point here is to make sure you evaluate innovations through the proper lens. The trap companies often run into is they think their view of quality is the same as the markets'.  That's not always true.  If the innovation isn't perceived to be better by the consumer, customer, partner, or supplier to whom it is targeted, then adoption could slow and frustration could grow." I couldn't agree more.  That's why iStream leveraged a comprehensive usability study to create a Merchant/Corporate RDC product made for the user.  Most banks that selected an RDC product for their business didn't put it to the real test- does it really work/help the business? Just as with Scott's ATM experience, some businesses on other RDC solutions have this issue with items they are unable to scan, like money orders, traveler's checks or even when a business gets an IRD of an NSF (Returned) Check; they have to take it to the bank.  Again, if a business isn't able to remotely deposit 10 out of 10 or 100 out of 100 checks, what is the benefit of the RDC system?  RDC products that force businesses to mail or physically drive to the bank for exceptions defeat the purpose of remote deposit. iStream identified many exceptions early on (i.e. Image quality) and is proud of a 99.99% acceptance rate of checks scanned by users with our system.  Scott then continues, "Obsessive customer focus is best practice in any economic climate, and particularly important in tough times when customers evaluate spending decisions more critically.  If it's better for you, but not for your customer, you might find that your innovation efforts disappoint." Again, Scott hits a key point that is coming to surface in light of this economy.  Banks are now becoming most sensitive to this and are hearing about it from their customers.  Don't get me wrong, some customers are completely happy, but some aren't.  Banks should be listening to these concerns in any economic climate. It is important that the bank be as sensitive to the needs (time and resources) of the customer as it is to the needs of the bank.   If that gets lost in translation, the bank is in jeopardy of losing the customer's business to a competitive bank or third party provider. "Has anyone else experienced something that claimed to be "new and improved" but felt anything but?" So consider Scott's last line above the next time you are investing in technology that "touches" the business or customer of your bank.  How would you feel?  If you can't answer the question, check with a few of your customers.     Robin Ferrari 2009-04-20T20:56:05-06:00 /index.php/blog/entry/part-ii-data-security-not-a-place-to-cut-corners-even-in-tough-economic-tim/ /index.php/blog/entry/part-ii-data-security-not-a-place-to-cut-corners-even-in-tough-economic-tim/ A new article released by BAI Banking Strategies is an appropriate follow-up with more detail and insight of the original blog.  The Top Ten Fraud Threats in Payments Exposed, Author Shirley Inscoe Tough economic times and turmoil in the banking industry are forcing all of us to work harder and smarter than ever – which includes our efforts to fight fraud. In the face of these unprecedented challenges, fraud attempts on banks are accelerating rapidly and the types of fraud are becoming more diverse and sophisticated. Consider that fraud crossing multiple channels now accounts for 35% of all deposit account fraud at the largest U.S. banks, according to the most recent Deposit Account Fraud Survey of the American Banker’s Association (ABA).   Robin Ferrari 2009-03-18T15:50:41-06:00 /index.php/blog/entry/data-security-not-a-place-to-cut-corners-even-in-tough-economic-times/ /index.php/blog/entry/data-security-not-a-place-to-cut-corners-even-in-tough-economic-times/   Information Security's Priorities 2009 survey showed that data protection, threat management and other security initiatives are top concerns for financial institutions. However, 27 percent of those surveyed expect their security budgets to remain flat, 23 percent are delaying some security purchases and over 50 percent expect security budget cuts if the economy doesn't rebound.  Those are scary facts for consumers to read.   Ok, so I’m in Marketing, what could I possibly know?  Like any other consumer or person out there, I don’t want fraud or identity theft to happen to me. But also being in the financial services industry where we touch sensitive data every second, I don’t want anything to happen to our business or customers because the consequences are devastating.  From company reputation (Reputation Risk) and the bottom line (Costs associated to making matters right) to the “pain and suffering” caused to the customer, it is a losing situation for everyone.   Take this Data Security 101 from my perspective and from a company that takes it seriously from IT all the way to good old Marketing.   1.      Prevention, Prevention, Prevention:  Yes enough marketing lingo turned IT.  But here’s the point- You MUST prevent because any sort of data security breach is difficult to recover from.   Whether it will be company reputation or financial costs, it will be tougher to manage than not thinking through what would happen if XYZ data is compromised? IT calls it Risk Assessment.  The challenge is protecting the data which continues to get more intense as crime becomes more complex (not just one individual, but major organized crime).   And since the crimes are more complex, with that so do the prevention tactics of a company.  There is no single fix to offer protection, but a well rounded “layered” model that doesn’t make it easy for penetration of data. (Think about a castle and all the different layers of protection.  There is a great YouTube vidoe called IT Security Spotlight done by the US Courts.)   That said think about the cost to make sure you are doing what you need to protect the data (including personnel) versus the consequences. In a study by Ponemon Institute, the total cost of coping with the consequences of a data breach was $6.6 million per breach, with a per record cost of the $200 mark.    Not insignificant.   2.      Consumers are Aware:  The premise of this blog, I’m a consumer and I don’t want it to happen to me.   I’m sure you don’t want it to happen to you, your business or your customers.  That said be sure there is security awareness within your organization.  There is a need to protect all non public data and educate on how to protect.  Understanding the risks about “phishing”, to giving out sensitive data to an untrusted source, to sending unencrypted emails containing sensitive data is vital to your organizations’ continued success.       3.      Change in Economic Climate: One word, survival.  To survive, people tend to make some bad decisions.  From making charges on credit cards and disputing them to other small “white collar” crime like possibly selling off sensitive information on the black market.  Either way, the abuse of data has become more frequent.    Digital Transactions reports an increase in “friendly fraud” where credit card transactions are being disputed in hopes of escaping payment.  (Issue January 28, 2009, The Recession Is Sending Rates of Friendly Fraud Up, Processors Say)   Typically when economic times get tough crime increases.  But when we think of crime we think of traditional physical crime like house robbery, car theft, etc.  This downturn is producing a more complex white collar crime.  People that wouldn’t typically commit armed robbery can justify selling off Social Security Numbers or disputing transactions because it doesn’t “physically harm” anyone.     Whatever the justification, it is typically an act of desperation to “pay the bills”.  Just food for thought as you identify partners, policies, procedures for your business, or simply want to protect your own personal data.   Take it for what it’s worth, but understand data protection is an ongoing battle for businesses, banks and consumers through out the world.  And don’t expect the battle to ever end, but a constant change in the mediums by which the battle is fought on both sides.   Robin Ferrari 2009-03-10T19:39:08-06:00 /index.php/blog/entry/excuse-me-does-anyone-have-a-remote-deposit-system-that-works-for-mulitple/ /index.php/blog/entry/excuse-me-does-anyone-have-a-remote-deposit-system-that-works-for-mulitple/ I follow-up with the request and contact the prospect.  She asks me one simple question.  "Does your solution work with multiple banks?"  I said, "Yes, not a problem." "Really?!" she stated with excitement.  "I have asked so many companies and no one could do it.  So while at a conference, I decided to turn to her peers to see if any of them had information." She asked, "Excuse me, does anyone have a remote deposit system that works with multiple banks?" One person out of room full of peers said, "Yes, call iStream." The rest is history.  It is when I hear stories like this I am reminded of key benefits that get overlooked at times.  In the Medical Billing, Property Management, CPA, Accounting Services industries, this benefit is a lifeline to satisfy the needs of the customer and their clientele.  The value proposition is strong for these markets and we continue to listen and satisfy these markets. Robin Ferrari 2008-11-21T22:44:06-06:00 /index.php/blog/entry/3-must-consider-issues-with-remote-deposit-capture/ /index.php/blog/entry/3-must-consider-issues-with-remote-deposit-capture/ You can use the link below to read the article from http://www.cfodailynews.com or just read the commentary below. http://www.cfodailynews.com/3-must-consider-issues-with-remote-deposit-capture/ November 12, 2008 by Jennifer Azara Posted in: Communication tips, Internal controls, Latest news & views, Management issues, Procurement and purchasing, Technology It’s one of the fastest-growing technologies: Remote Deposit Capture (RDC). But before you sign on, make sure you have these issues covered. The last thing you want is for your company to go through the expense and efforts to adopt RDC, only to find out you selected the wrong system! Be certain these these bases are covered, according to www.remotedepositcapture.com, and you should be confident in your choice: 1. Image Quality Most likely it will be on you to ensure that the quality of your images is up-to-snuff after you scan them. But if you can get your bank to also scan for quality when it receives them, you can minimize the number of rescan requests you get or formatting changes. 2. Duplicate Item Detection You’ve had systems in place to guard against making a duplicate payment with paper checks — now you’ll need one for scanned images, too. Your organization is responsible for ensuring you send the same image only once. But look for a bank that also checks for duplicates. 3. Processed Check Identification So how will you keep track that each items was scanned only once? Some RDC systems can spray an ink or other identifier to ID what’s been scan. A trip to your local office supply store and a rubber stamp that says “scanned” and the date works, too. Robin Ferrari 2008-11-12T16:34:34-06:00 /index.php/blog/entry/new-name-expanded-direction/ /index.php/blog/entry/new-name-expanded-direction/ It took five years, but we’ve grown into a new name, iStream Financial Services.  When we first began we had a focus, Corporate Remote Deposit Capture made for the end user. We listened to our customers providing a customer proven solution that “Simply Works. Better.”  So why change the iStream Imaging name?  To start, it’s more of a modification of our direction. Our goal is to provide businesses and banks a solution that can consolidate payment types and manage the process. “Financial Services” speaks to that direction.  (Not to mention, we have http://www.istreamfs.com and that is so much easier to communicate than http://www.istreamimaging.com.) We are teaming up with our current and potential partners, employees and other synergistic relationships to leverage our technology platform, knowledge and people to make it happen. That said, look for new products, consolidated data and so much more that will help business and banks throughout the U.S., and even the world. Enjoy our new site, the new identity and our expanded focus. Robin Ferrari 2008-10-27T14:15:56-06:00 /index.php/blog/entry/are-remote-deposit-customer-calls-becoming-a-burden/ /index.php/blog/entry/are-remote-deposit-customer-calls-becoming-a-burden/ “My scanner doesn’t work, what do I do?” “We’re upgrading our computers, how do we reinstall?” “I’m having trouble logging in. Help.”If these calls are eating into your already slim resources, you’re not alone. Early adopters are struggling with the burden on resources from installation to technical support. New technology combined with a rush to market is leaving some banks and providers with operation and service burdens eating into revenue and sales. Should your bank fix the situation? Yes, it is an issue that won’t go away. Plus, RDC is a product marketed as a convenience to the user and to grow an institution while relieving the operational burdens of paper and costs to move that paper. But with an inferior solution you’ve just replaced those paper burdens into technology and service burdens. RDC is here to stay. Get a smart solution, for your customer. There are solutions out there that give the bank the flexibility to pick and choose your involvement.  This is great for the bank.  But what you need is a customer proven solution to ensure a long customer life of low cost deposit growth.  Although your current RDC solution may not have been the best, it shouldn’t stop you from finding a solution that is. How to find the best solution? Talk to various business customers. This doesn’t mean you have to select that product, but really identify why your customer likes, or doesn’t like a solution. Your bank knows your base best, evaluate what you have and what your target base is going to be in the future. Leverage what you know from a bank’s perspective. Your bank is either not having any operations, image quality, technical issues, or they are. Either way, you have a better idea of what can happen and what to expect.  Learn from these experiences and ask questions of possible new providers. Consider a secondary RDC solution for your bank and customers. Implementing a secondary RDC product provides options for your customer and your institution. As time evolves (or contracts end), you may want to consider conversion to the secondary solution or you can have the option to manage two solutions. (Believe it or not there are banks converting business from a primary choice to a new better solution.) Get out your crystal ball. Try and predict what the future holds for RDC and your bank. Will it evolve like your outsourced Merchant Account program? Don’t say never, you just never know.   Robin Ferrari 2008-10-22T13:00:35-06:00