Think Firm Finds Credit Unions in Image-Capture Surge
Many credit unions have been faced with sharp reductions in capital spending in the past year, but that hasn't stopped them from rapidly adopting branch image-capture solutions, said a new report from research and advisory firm Celent.
Spurred by "near ubiquitous image exchange adoption and the increasing cost of processing paper checks," an estimated 2,300 U.S. financial institutions implemented some form of branch image capture in the past year, bringing the total number to more than 12,000, the new report said, adding that credit unions were a bit more likely to have adopted by now than banks.
He added, "Teller capture is getting a second wind. Most FIs hurried branch capture projects along, chasing transportation cost savings as the Federal Reserve closed check processing facilities. Now, a small but growing number of FIs are taking a second look at how imaging at the teller line can further reduce costs and improve the customer experience."
Celent also found that credit unions are miles ahead of banks in ATM image capture and slightly ahead in branch capture. Based on a July 2010 survey, credit unions "were twice as likely as banks to have installed image ATMs."