NEED FOR CHEQUE DEPOSIT AUTOMATION

• Sizable number of customers walk-ins for depositing cheques
  
• Customers wary of depositing cheques in boxes due to absence of acknowledgement receipt
  
• The RBI (Reserve Bank of India) mandate stipulates cheque receipt acknowledgement as mandatory
  
• Long queues lead to disgruntled customers
  
• Rising manpower costs

• Banks/Insurance companies for inward cheque deposits
• Utility/Telecom companies for bill payments
• Institutions where payments are accepted by cheque

BENEFITS FOR BANKS AND CUSTOMERS

BANKS

• Direct savings in terms of manpower
  
• Reduced data entry and increased accuracy
  
• Reduced back-office reconciliation issues
  
• Increased operational efficiency
  
• Transaction data and scanned images readily available
  
• Faster and easier clearance services
  
• Cost savings in the handling, transportation and storage of physical cheques
  

• 24 x 7 customer self-service
• Increased customer satisfaction
• Personalized banking experience
• No frustrating queues or human interaction
• Superior service experience
• Reduced time lag between cheque presentation and realization
• Printed acknowledgement receipt

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