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Orbograph Automation Services
Automation Services uses advanced recognition technologies to target straight-through processing levels of efficiency and ensure the highest recognition performance in centralized, back-counter and teller capture check processing environments. Building on Orbograph’s history of CAR/LAR recognition success, Automation Services combines multiple technologies to provide up to 98 percent automation and 99 percent accuracy in the check processing workflow.
Answering the industry’s need for continuous performance improvements while still attaining major cost-cutting goals in line with today’s declining check volumes, Orbograph’s forward-thinking approach of delivering recognition as a service provides a cost-effective, pay-per-use model for community banks. Following a software-as-a-service business model and supported by service level agreements with client services monitoring, Automation Services requires no capital investment and provides a long-term strategy direction with numerous benefits.
Automation Services enables customers to:
1) Reduce labor costs by up to 40 percent in data entry and balancing as well as protect profit margins by guaranteeing labor cost reductions as volumes decline. For example: The Global Concepts Benchmark Data reports that data entry labor costs are estimated at 2.2 cents per item keyed and $0.1862 per recognition error. If a bank processes 100,000 items/day, Automation Services may increase the read rate performance by 30 percent above existing systems. This equates to an annual savings of $165,000. If the accuracy of the recognition is increased by 1 percent, then there is an additional $46,500 savings per 100,000 items/day.
2) Achieve straight-through processing levels of efficiency with 98 percent automation and 99 percent accuracy. In a recent customer case study with Whitaker Bank Corp., the following was reported by its chief operating, information and technology officer: “In this short period of time, we’ve already seen improvements. We previously averaged read rates of 50 percent. Today, we are at 97 to 98 percent. We have fewer mistakes in keying dollar amount and the pace is much faster. Our cash letters get done much more quickly.”
3) Leverage hardware for multiple recognition applications. Complementing efficiency and risk mitigation modules can be implemented on the Automation Services platform i.e.) Image Quality Usability Assurance, Fraud Detection, Image Integrity, Amount Verification and MICR Reject Repair.
4) Eliminate capital investment by transferring recognition costs to an expense item. Automation Services follows a Software as a Service type pricing model to align well with today’s declining check volumes. The model provides cost-effective pay-per-use pricing so that organizations can achieve the greatest operational efficiency in centralized, back-counter, and teller capture environments, yet keep capital expenditures to a minimum.
5) Reduce staff management challenges and maximize FTE utilization. In a the Whitaker Bank Corporation case study, the following was reported by their chief operating, information and technology officer: "Before deploying [Automation Services] we had three full-time and five part-time employees. Now we have two full-time and two part-time – not including our department manager."
Orbograph
www.orbograph.com