Deposit Operations

Servicing customers and ensuring adherence to regulatory and compliance standards.

Customer and Account Due Diligence

In a bank or credit union, the Deposit Operations team ensures that all customer and account due diligence is done properly and that transactions are processed in a safe and sound way. For every new customer, account opening, service interaction, and deposit transaction, this team needs to follow bank rules, comply with regulations, and apply fraud detection measures. These steps help prevent financial losses and fines for non-compliance. Meeting these high expectations requires the right solutions to support the organization.

Front-Office to Back-Office Collaboration

Today, customers expect a know-me experience, regardless of the touch point, channel of interaction, or where they are in the customer journey. They expect a lot, including robust features, responsiveness, and content that is timely and personalized. An optimized customer delivery model requires a high degree of transparency and collaboration between the front office and the back office to address decisioning, fulfillment, and risk mitigation.

Work queues increase staff efficiency by routing tasks to the right resources based on need, complexity, and business rules. Teams work on tasks and perform maintenance within SLA parameters to ensure customer satisfaction.

An omni delivery model

Self-service options through digital and mobile.
Access to a branch and contact center staff when the customer needs it.
Transparency between the front line and the back office, operations, and risk management.
Robust document capture and management.
Decisioning to filter and present viable applications.
Workflow and routing to equip staff to be efficient and successful.

Service request workflow through digital or staff channels

Work queue management
Notifications
Alerts
SLA tracking
Work assignment
Performance metrics
Regulatory compliance
Auditability
Proof of process
Exception handling
Digital to staff and front-office to back-office integration points with high team collaboration

Learn more: Deliver Service Excellence

Attaining Frictionless Omni Fulfillment

The end-to-end fulfillment process supports consumer and business deposit account opening for all product and entity types. It includes accelerators for data capture, customer verification, customer and account due diligence, automated decisioning, document generation and e-Signature, follow-ups, funding, and account booking.

Automated filters and decisioning

Because of automation, increases in volumes from digital are no longer a burden to staff. The solution applies the bank’s policies and business rules to enable automated decisions for approval, review, and decline. This process best uses staff to review only accounts needing more information before a judgment decision can be made. Digital application monitoring facilitates banker review as needed. This operational review addresses any exceptions to the standard rules while still accounting for best practices for account opening and funding.

Workflow routing

Real-time and workflow-based exception processing ensures a compliant and consistent process across all channels. Workflow connects the front-office and back-office teams to ensure the task is assigned to a skilled resource to work the exception. Book new accounts with automated core integration. Automated onboarding directs follow-up and guides the customer to account usage.

Paperless processing

Paperless processing and e-signature remove the need for paper documents. It automatically generates electronic documents for new accounts. Document-driven workflow monitors SLAs and notifies staff when the customer uploads a document. Customers can e-sign documents in the branch or remotely. Fully signed documents and other supporting documents are then automatically sent to the enterprise content management system for storage and ongoing retrieval.

Funding

The bank’s actions regarding funding depend on the method used. For example, if it’s ACH funding, it verifies account ownership before processing the transaction. Check funding goes through your FI’s current checking processing and controls, applying appropriate holds.

Learn more: Frictionless Omni Fulfillment

Central Payments Processing

Central payments back-office application routes, perfects, and balances transactions. With 95-98 percent of transactions routinely perfected at the front teller line, tellers send only exceptions to experts in the back office for perfection and balancing.

Bidirectional communication between the front and back office allows staff to request image and tape rescans, retrieve grayscale images, and reconcile non-image items that must be processed as paper. The system aggregates transactions to create X9 files for the FI’s posting and clearing systems.

Workflow management

Workflow management monitors transaction processing and central payments workflow. The back office monitors transactions from the front office, detects and eliminates bottlenecks, and provides end-of-day reconcilement. The solution audits thousands of transactions each day. Details displayed include work queues by location, region, office, and cashbox. Workflow tracks payment settlements from the originating workstations to the posting systems.

Data and image perfection

Data and image perfection analyzes transactions for errors as tellers transmit items and data image files to central payments. Automated analysis identifies items for image quality suspect review, amount keying, or MICR correction and distributes them to back-office operator work queues based on perfection type.

Balancing

Verifies that imaged items balance with transaction details, allowing the back office to handle the small number of items that remain. Staff insert customer or internal adjustments based on business rules, along with comments and images, and creates virtual adjustment tickets.

Adjustments

Enable back-office staff to review adjustments and generate customer notices. Notices include comments, images of related items, and the ability to mask the account number. Staff can print adjustment notices throughout the day or accumulate them for end-of-day processing. Operators can save notices in either PDF or Word format.

Special handling

Reconciles items that cannot be exchanged with an image. These include foreign items and items that cannot be scanned due to size, condition, or poor image quality. As tellers encounter these items, predefined general ledger account numbers replace the original item’s MICR line. The teller sends the physical paper to the back office.

In the back office, a unique serial number assigned to each item allows for automatic reconciliation, matches items, and generates offsetting general ledger entries. The solution creates operational reports for workflow monitoring and reconciliation.

Learn more: Teller Payments Fraud

Fraud and AML

Detecting fraud in real time reduces loss and customer friction due to false positives. Evaluate teller transactions at the point of presentment with transaction, image, and Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) analysis. Monitor for cash aggregation, internal and external fraud, and transactional fraud. Messages to frontline staff alert them of suspicious activity. Automation routes fraud alerts directly to the back office for adjudication by trained fraud analysts.

The solution prioritizes suspect items for adjudication into queues based on the fraud type and financial risk exposure from highest to lowest. Fraud analysts review the queues and adjudicate each item. Actions for adjudicating items include defer, pending, return, and accept. Case management provides a collaborative process for items needing additional research.

Learn more: Fraud & AML

Positive Pay

Equip staff to help business customers detect and prevent fraud, giving them more control over payments and funding management. Boost accuracy by using information only the customer knows–the details of items issued to payees. Use more modern and flexible methods to attract and retain high-value corporate customers, generate non-interest service revenue, reduce check and ACH fraud, and reduce costs.

Learn more: Treasury Services

Life Just Got Easier!

Embed bankers within an Omni delivery model. Enable them to engage effectively across digital and staff channels to meet customer needs and expectations while monitoring to ensure safe banking practices.

Benefits include: