Franklin Captures Younger Consumers
Bank Technology News | May, 2010
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FeedbackFranklin Savings Bank has converted from a savings and loan institution to a savings bank, and is looking for ways to lure younger consumers, hoping several pieces of branch automation will help improve electronic access to its services.
The Richmond, Va.-based bank just finished implementation of Compass, an account opening program from Benchmark Technology Group, and Proof 21, a teller capture solution. The account opening software allows the bank to quickly change products, complete application forms, maintain referral and customer sales tracking information, access data for cross selling, upload new account information and interface to third party applications.
The teller capture product integrates check and document imaging with the teller function. Transactions are initiated when the teller chooses a transaction, drops associated documents into a scanner, verifies scanned data and then confirms the pre-filled data on the transaction screen.
The technology will help the $1 billion-asset institution manage infrastructure expense as it introduces new products such as its first money market checking and account and savings accounts for young people.
“There’s no overhead except for the cost of the software, which allows us to avoid having proof department,” says Brenna Haley, svp of IT for Franklin Federal, whose bank has about 100 employees and seven branches.
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