Thanks to deployment of technologies such as data warehouses and analytical tools, banks pursuing business intelligence strategies are reaping benefits in terms of greater profitability, improved service and stricter regulatory compliance.
Banks that create and maintain check image archives on behalf of their customers have control over a potentially valuable source of marketing information. But tapping into that information requires careful consideration of state and national laws.
Big bank mergers have often brought with them tales of woe from customers ill served as a result of the integration of people, technology and operations. Such nightmares the integration team at Wachovia and First Union wanted to avoid.
Obsessed with the concept of "consumer check culture," the payment industry has convinced itself that converting checks to electronic debits for processing would be easier and cheaper than massively converting consumers to electronic payment instruments.