The Biggest Innovation Since the ATM

With so many financial institutions chasing new business dollars, could remote deposit services define how credit unions are going to compete going forward?




“Water, water, everywhere, nor any drop to drink.” The old rhyme from The Ancient Mariner is a good analogy to today’s situation when considering financial institutions search for new business deposits. With so many financial institutions chasing new business dollars, how can credit unions more effectively compete?

Competing for Business Deposits
The answer resides in a diverse portfolio of business services with a special emphasis on the newest generation of cash management image products, in particular, remote deposit. Many banking commentators, including myself, feel that this service is the biggest innovation since the ATM. It certainly is the greatest source to obtain new business deposits.

Businesses Benefits of Remote Deposit

Remote deposit technology is:

  • Inherently attractive to all kinds of organizations
  • Overcomes the basic technology versus cost barrier, namely productivity
  • Beneficial to all sectors of the business world
  • Extremely appealing to the small business
  • Who has time to stop their day and go to the branch!
  • Extended Business Hours
  • Costs Reduction
  • Less Banking Relationships
  • Reduced Employees travel time and liability
  • More automated, secure deposit & return process
  • Accelerated Clearing

Perfect Product for Credit Unions
This marketplace is perfectly fitted to the credit union philosophy of low costs and great service – a concept alien to many of the mega-banks. If you think big bank means good service, then Google the phrase “customer service hall of shame”. Three of the worst rated organizations in a recent MSN poll were large corporate banks.

Mobilizing Your Remote Deposit Efforts – Main Elements

  • Selection of a quality vendor
  • Procedures, Pricing and Documentation
  • Training your front-line sales staff
  • Development of quality sales material
  • Create & implement a business service strategy

The Timing is Right
Many of the leading banks for remote deposit have concentrated exclusively in the large corporate marketplace and ignored small business. For those in the small-to-medium business markets that are aware of the product what they still lack is a hands-on experience.

Be the First in Your Market
The key to success in selling remote deposit and any other new technology is to be the first to provide a direct experience to the business. This is where the tremendous opportunity still lies: Being first to the client. There is nothing to stop credit unions from owning this market!

About CU Business Capital, LLC
CUBC is a national CUSO focused on helping credit unions offer a full suite of business services, business deposits, cash management, and business lending. These services are supported with “best-in-class” technology, operational procedures, training, and policies. Its staff is comprised of experienced business lending and cash management professionals, who work with leading industry vendors as strategic partners. CUBC’s approach incorporates existing core systems in making decisions to offer business services. See their web site at




May 21, 2007


  • Online banking enthusiasts are ''perniciously'' busy. Consumers and businesses alike use online banking because of convenience. A friend of mine sits at home, and scans checks for deposit into her accounts and saves the 25 mile trip into town. Her family chose their bank years back based on internet services. Convenience of a branch just down the road was not important. The more self-service credit unions can offer, the greater their opportunities.
  • Author is "on target" with his comments. We are a CUBC Investor / Participant in Remote Deposit Services.
    Ralph E. Reardon
  • Remote deposit is another great feature of modern technology (or should that be competition). I recently sold a desk on craigslist. The gentleman that came by to buy that desk pulled out a "business" check from a local CU. I asked him, "What made you decide to bank with a CU?" "The personal service and lack of fees," he replied. "The big banks were fee-ing me to death. More so, though, the CU offered me the ability to make deposits remotely from my office." He continued to explain that the remote deposit feature is really what sold him. He runs a business and getting to his branch, or sending an employee to the branch (which happened to be 4 miles away) was a HUGE inconvenience and waste of valuable time to him.
  • Article is all inclusive and identifies all aspects of the hidden opportunities for FI''s to offer remote deposit.