Hampden Bank Selects Core-Integrated, Teller Capture Application
–Bank gains real-time clearing of checks and improved customer service–
Boston, Nov. 05, 2009. Bluepoint Solutions, a Microsoft Gold Certified Partner and leading innovator in remote deposit capture (RDC), image-based item processing and electronic document management software technology for financial institutions, announced during the BAI Retail Delivery conference and expo that Springfield-Mass.-based Hampden Bank (NASDAQ, HBNK) has selected Open Solutions’ tMagic Teller Capture platform. A full-service community financial institution, Hampden Bank has approximately $568 million in assets and nine branch locations.
Built on Bluepoint’s modern, .NET teller capture technology,the tMagic platform is fully integrated with Open Solutions’ relational core data processing platforms, The Complete Banking Solution®: DNA and The Complete Credit Union Solution®: DNA. The teller capture solution is seamlessly integrated with a core data processing platform, enabling tellers to easily capture and process checks during the initial customer interaction, decreasing the amount of time and keystrokes needed for each transaction.
According to Senior Vice President of Information Technology and Operations for Hampden Bank, Sheryl Shinn, the bank evaluated multiple image capture and item processing strategies and ultimately selected teller capture for three primary reasons: reduction in costs and expenses; improved customer service and increased operational efficiencies. The bank is moving from a centralized branch image capture model to a distributed teller capture environment, gaining advantages afforded by capturing at one of the earliest points of presentment, the teller window.
“By capturing items at the teller line, we will be able to eliminate several cumbersome end-of-day processes resulting in significant cost-savings and the elimination of unnecessary expenses. All exception items will now be managed at the teller line at the time of transaction, virtually eliminating processing fees, since there will be no need to reject, balance and repair items at the end of the day. Additionally, teller capture will provide revenue opportunities for the bank including a per item deposit fee on business accounts, increased interest income from the ability to cut multiple cash letters during the day and finally, on-us items will be automatically processed when scanned and credited to the bank’s general ledger.”
The bank also anticipates several customer-facing benefits following the implementation of teller capture. “Our tellers will be able to better focus their attention on building relationships with our customers, versus simply processing transactions,” continued Shinn. “Much of the traditional teller-work will be automated and we anticipate an 80 percent reduction in keystrokes. Not only will this allow the teller more time to better serve our customers, but will also drastically reduce the chance for human error. Missing signatures or dates, insufficient funds, duplicate items and closed accounts will be detected immediately, alerting the teller and the customer that there is a potential problem with the transaction. Once the transaction is completed, all documents are immediately available to view electronically anywhere in the bank, making research and answering customer requests for information an easy task to accomplish for any of the bank’s staff.”
“The increasing costs of processing paper checks are driving more and more institutions to explore remote deposit capture solutions,” said Hal Tilbury, founder and CEO of Bluepoint Solutions. “Proven industry best practices continue to point to teller capture as the more sophisticated methodology for capturing and processing check images. We believe teller capture will ultimately emerge as the preferred solution given the long-term savings and immediate customer service benefits. While many financial institutions continue to take a ‘wait and see’ approach, innovative banks like Hampden will garner significant competitive advantages in today’s financial environment.”