Check volume is declining, but it’s still significant enough to your business to require dedicated item processing operational and technology resources. And yet, is it enough work to justify the costs of maintaining those resources?
With the shortage of qualified employees, financial institutions may be smart to consider outsourcing. The staffing issue will likely get more challenging over time as more people with item processing expertise retire or leave. Retaining qualified technical resources is also difficult.
Outsourcing can reduce costs, drive efficiencies and free up staff for more important work, such as driving deposit growth. Large outsource providers such as Fiserv can provide specialized teams to support customers 24x7 well into the future.
But more than that, outsourcing can help protect against cybercrime and fraud by investing in the latest technologies and system updates to detect and prevent attacks. In our experience, in-house systems often are not updated on a yearly schedule, and that can open the door to criminal schemes and system resiliency risks. Outsource providers regularly upgrade to thwart the latest risks and maintain compliance standards as well.
While offering comprehensive services, outsourcing doesn’t mean a loss of control for the financial institution. When you outsource, you can pick the components you want. And you should always have a window into processing even though you don’t host the systems yourself. You can continue to run your back office as is best for your financial institution.
If you’re researching outsourcing options for your item processing function, make sure the provider you select will deliver everything you need.
An outsourced item processing partner can:
With over 40 years of experience providing item processing outsourcing services to more than 2,400 financial institutions, Fiserv has the expertise and capabilities to help you achieve an exceptional outsourced item processing experience. Our item volumes have been growing rapidly in the last few years as more financial institutions decide to outsource their item processing services. Take the burden off your financial institution so you can focus on your core business.