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Southwest Corporate white paper addresses remote deposits
PLANO, Texas (7/30/08)--Southwest Corporate FCU has published a new free white paper to help credit unions understand what it takes to implement and maintain a successful remote deposit program for business members. The paper, “Remote Deposit for Small Business: Greater Convenience Should Not Mean Less Service,” discusses a technology that gives businesses the ability to deposit checks electronically from their business site, eliminating trips to their financial institution (LoneStar Leaguer July 29). Southwest Corporate’s 10-page white paper examines the characteristics of businesses that might be most receptive to remote deposit and how remote deposit fits into a complete business services portfolio. It also explores the future of remote deposit technology and identifies factors to consider when evaluating service providers. “Not since the introduction of the ATM has there been so much excitement around a product and such fast adoption of it,” said Christine Barry, research director with Aite Group, in a February report on credit unions and small businesses. “As banks of all sizes increasingly look to win the business of the highly desired small business customer segment, their ability to offer coveted products--such as remote deposit--will play a large role in their overall success.” Credit unions express concern that remote deposit causes a loss of personal contact with members. Credit unions have always prided themselves on providing better-than-bank customer service, the corporate said. How do they maintain that personal touch, and cross-sell additional services when business members handle their financial services remotely? The white paper includes recommendations for building a new business model for member service, interviews with operational and marketing experts, and comments from a credit union that believes it is creating greater member loyalty with remote deposit.
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