Let’s face it – in today’s day and age, technology is one of the main driving forces behind the aspect of money as a whole. Over the past several decades, unimaginable amounts of cash money have become liquid money due to it being more convenient to deal with. After all, just imagine how difficult it would be to deal with a million dollars in cash.
Which is why it is all the more surprising that even today, there are so many financial institutions that are still going through applications, transporting paper cheques and loan documentation through courier services. If any of you are still wondering, this is the old-fashioned way. Be it the use of a cash courier or bank courier.
Here’s one thing to keep in mind – some ways in which courier services are still used are delivering mail and deposits plus carrying and transporting items between different bank branches or for financial processing. However, the business processes that end up employing courier services are usually payment deposits, payroll pick-ups, branch deliveries and pick-ups, tender exchange, cheque deposits and the like.
While sticking to the old-fashioned way of doing things is a choice that quite a few services have made, in order to expand your business and gain new profits, one needs to keep up with the times. On that very note, here are three main reasons why you should think twice before choosing a courier service:-
- It has become obsolete: With the wave of technology seeping all across the globe in the past few years, this is an obvious fact. Back in the day, each of the deposited cheques were shipped to a clearinghouse each night. This, in turn, would lead to processing, in order to enable the transfer of funds between the two financial institutions.
Nowadays, none of that takes place as most services now have sophisticated check scanning equipment to take care of all that. With them, one can use the RDC (Remote Deposit Capture) and BIC (Branch Image Capture) technology.
- The aspect of insecurity: Now don’t get me wrong – you and your particular courier service provider may have an exceptionally good bond of trust. It’s just that trusting someone who does not work for you with that sort of sensitive information, does have a certain of risk that you can’t really do anything about.
Once you get rid of the physical transportation of documents in any way, you can be sure that there is no longer any risk of them getting lost or damaged in transit.
- More costly than previously imagined: Although a lot of people don’t realise this, there are a great many costs to consider while transporting cheques and paper files. It would be a lot more easier to process them digitally and locally. Additionally, another fact to be considered is the costs of maintaining and purchasing the bags as well.
Ultimately, the choice is your to make, whether you would rather take courier services over online services or not. Not only is it your choice, but you also need to look at your particular situation and see whether sticking to courier services will provide benefits in the long term.
If you want to make the switch to alternative services, but are not quite sure of what to do next, don’t worry. There are many options available, plus making the transition from courier to other digital services is really not as hard as you may think. If you get in touch with some of the best and most experienced services out there, that would be the best scenario for you. You can be sure of the fact that they will know exactly how to help you modernise your banking services on the whole and do away with all the outdated practices.