MT. PROSPECT, Ill.-Credit unions will improve operational efficiency and member satisfaction in 2013 with ICL deposits, according to Matthew Gniech.

Gniech, product manager with Cummins Allison Corp., a provider of money-handling equipment, said credit unions are expanding acceptance of commercial image cash letter (ICL) deposits, which helps them compete with banks by offering the same deposit options. By embracing ICL deposits as a complement to RDC, Gniech said credit unions will have another solution to increase member retention while expanding deposit growth potential. RDC-resistant members will be interested in this alternative, as it offers a more streamlined process and does not sacrifice quality for speed.

"Recent technology breakthroughs make it possible to process both checks and currency on a single device, creating an ideal solution for retailers and other businesses that accept both forms of payment," he said.

According to Gniech, CUs will benefit in two ways: (1) a new, high-speed, end-to-end electronic treasury solution for their members; and, (2) the credit union is able to offer a service to customers that many banks do not, creating a competitive advantage.

"To maintain and grow the base of commercial depositors, credit unions will need to offer an alternative to RDC that satisfies more of their members' needs," he explained.

Another trend Gniech said to watch is CUs will reduce teller coin processing requirements while improving member satisfaction.

"Credit unions will be offering high-volume, commercial-grade coin sorting technology to their members through self-service equipment," he said. "With improved teller time savings as well as increases in member traffic, more credit unions will install lobby accessible coin counting machines to manage intensive coin handling tasks."

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