The implications for increased revenues, profits, and convenience-oriented services with digital are dramatic. A primary example for retail banking stakeholders is the opportunities delivered by transforming the manual processes for issuing checks in the branch. This is a small project within the whole branch transformation movement that delivers big returns in all areas retail bankers are seeking for their branches and customers.
Automating the Branch Official Check Printing & Issuance Process Recaptures Fee Income
The sale of official checks in the branch yields a moderate to hefty fee income, with the cost to customers typically in the range of $5 to $15 per check.
When we analyze this official check printing and issuing process for our customers the results are stunning. The fee for official checks is waived by tellers within a manual process more times than it was collected! Automating this process for one top 10 bank yielded a 41% increase in the fees collected. The increase in fee income met the conditions for an ROI for the entire project under one year.
Automating Check Printing & Issuing Generates Big Cost Savings
The elements of issuing checks manually in the branch are numerous – with each adding burdened cost to the overall transaction. The cost savings with automating the check printing and issuance process in terms of the overall transaction cost comparison:
- Cost to issue a check within a manual process – $2.13
- Cost to issue a check automated – $0.21.
Delivering on ROI
Automating the check printing and issuance process in the branch involves switching from secure, preprinted check stock and dot matrix printers (in some cases typewriters) to digitizing the check image to print-on-demand from blank check stock to a secure MICR laser printer.
The costs savings with this switch from a manual process to automation are favorable to many retail bank stakeholders. These cost savings together with increases in fee income collected and the move to convenience-oriented services in the branch satisfy demanding returns on investment needed for bank stakeholders to implement smaller digital transformation projects like this for big returns.
For three decades, Source Technologies has served as the premiere provider for super-regional, regional and small banks and credit unions to help automate the check printing and issue process with our secure MICR check printing systems. Contact us today to discuss implementing our check printing solutions in your branch.