Magazine article American Banker

SunTrust Upgrades Checking Account Technology to Compete with Bigger Rivals

Magazine article American Banker

SunTrust Upgrades Checking Account Technology to Compete with Bigger Rivals

Article excerpt

Byline: Victoria Finkle

Boca Raton, Fla. a SunTrust Banks Inc. plans to unveil digital deposit technology by this fall, as part of its efforts to upgrade the systems its checking customers use, an executive told American Banker on Monday.

The bank's new remote-deposit capture system will allow customers to take pictures of checks with their smartphones and submit the deposits electronically, a feature that customers have been clamoring for.

"Everything we're hearing from clients is [that] they can't wait. On social media we're hearing about it all the time: 'Hey you launched a new mobile app, where's the picture deposit? You're missing picture deposit,'" Thomas McDermott, senior vice president of cross-channel strategy for SunTrust, said in an interview at a retail financial services conference.

"We're trying to make sure we get it as quickly as possible," he said, adding that the bank expects to launch the system by the third quarter of 2012.

While SunTrust would like to offer remote-deposit capture more quickly, McDermott notes that installing the necessary technology remains a hurdle. The bank recently started unveiling envelop-free deposits at its branches, which requires less time and work.

Remote-deposit capture is "a little bit more difficult because, as opposed to physically taking a check and putting it in a machine, when you take a picture from home you have to get all our fraud systems in place, you have to make sure that the clearing is all done right, and you have to work with your check processing vendor in addition to your mobile vendor," McDermott adds. …

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