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DCC satisfies unmet customer needs and solves complex business challenges with unique, scalable applications developed by one of the most talented and respected teams in banking technology. Following is the conversation that CIO Applications had with Tom Jordan, the VP of financial software solutions of Digital Check Corp. (DCC), as he explains why his company remains poised to take on the new challenges of the 21st century.
Please elaborate on the trends that will have an impact in the Banking Tech Solution space, and how is DCC planning to leverage these trends and evolve?
Cash automation is a real challenge at small shops and merchants, as well as large corporate treasury environments. DCC is uniquely positioned to deliver check- AND cash-management solutions that combine industry-proven hardware devices and software to provide customers the ability to store and recycle operating cash on-site daily.
Another key trend in banking technology is the requirement to process information faster, more reliably, and securely. Increased regulations and new policies are creating significant work for compliance departments and often end up slowing the adoption of technology.AI and machine learning leverage customer behavior and buying patterns to deliver an enhanced and personalized banking experience.
DCC continues to leverage advanced image recognition software to reduce errors in the payments process and improve user experience. By combining our software and hardware products, traditional check payment processes can be automated and accelerated. Banks and technology providers have an incredible responsibility to ensure a customer’s personally identifiable information (PII) is protected and that security practices are strictly being followed. To that end and to uphold its reputation as The Secure Choice®, DCC has recently created and filled positions for CIO and in-house General Counsel.
What are the challenges that companies face today in the banking tech solution space, and how is DCC effectively addressing these issues?
There is an increased focus on hosted/cloud-based solutions in the market today. To this end, DCC is making investments in people, infrastructure, and technology to build out hosted environments for our products and services. Banks want to use big data to provide better, more targeted marketing programs for their customers. In addition, banks must determine their strategy for banking of the future: will they reach their customers in physical branches, online and digital-only, or some combination of the two?
These investments complement R&D efforts to deliver our hardware solutions enabled for the preferred deployment scenarios of today’s banking environments.
Banks are always looking for efficiencies, especially in highly redundant, capital-intensive operational processes. DCC is often asked to provide consulting on alternative processing and technologies to reduce operational costs without negatively impacting quality. Legacy processes have been in place for years and are often difficult to improve upon, but our solutions help our customers to achieve reduced operating costs and increased user experiences.
By combining our software and hardware products, traditional check payment processes can be securely automated and accelerated
There are many solution providers—both large and small for banks—in the market. DCC understands that one software solution doesn’t fit for every bank or financial company in the industry. We have been able to “customerize” our products to fit and solve the unmet needs of our clients. We do this through flexible configurations to meet the requirements of each client without creating customized or one-off solutions that are difficult to maintain. This strategy has provided repeat business from our client base on other, and new departments of the bank where to “customerize” makes sense, and other providers have passed on such opportunities. For us, every client is our partner and we strive hard for their success.
Speed, usability, and ease of integration will be driving factors in any technology solution.
DCC has taken the next step in integrating our World Class Hardware products with new and innovative Software solutions that work seamlessly in both the branch and end customer RDC environments. Historically, banks have had to integrate several technology products to provide a solution. With new products like XpressScan and Vault, our customers can provide a complete integrated solution. The result is earlier to market, reduced project costs, and far fewer support costs.
Please cite a case study where DCC has enabled clients to overcome hurdles and attain desired outcomes.
One of the top 5 banks asked DCC if we would be interested in solving a very specific / niche challenge at the bank; the opportunity was small (consider it a single), and we said YES. That single has opened the door for our 4th software solution within the bank, all in different departments, but still focused on payments. We have established ourselves as a trusted advisor to the bank with the ability to deliver what they need and solve their problems. As you might expect, word gets out to other bankers (almost an unexpected reference) looking to solve similar problems hence allowing DCC to increase our sales pipeline.
What steers DCC ahead of the competition?
I believe we have to understand the “top position” and what that means to DCC, as it’s not the same for every software company. Market research is key to developing a strategy for growth and balance in the company; we can’t chase everything we have to focus on our skillset and target a market that is being unserved by other companies. Our legacy is payments, so we have specific rails we can follow in the space allowing us to establish new and applicable solutions for all markets requiring payment technology.
DCC has a “customer first” culture across the entire company. Our people are also some of the most experienced in the payment industry. Once a customer does business with us, they realize it is a true partnership and trust that we will do right by them. The rest is easy.
What does the future hold for DCC?
DCC is well positioned with the best people, products, and partnerships in banking technology. Today we lead the categories of check imaging, item processing, and deposit automation. But we’re also aware that new trends will reshape the payments landscape.
To that end, DCC will deliver hardware products and software solutions that not only meet today’s requirements but can adapt to tomorrow’s needs. “Banking at the speed of change.” We have numerous in-house development projects that will launch new revenue streams. And we’re actively seeking to invest in, partner with, and outright acquire technologies, individuals and/or organizations that meet our strategic growth objectives.
We have recently purchased and successfully integrated three companies. We have proven to our banking partners, our customers, and business partners, and ourselves that we’re ready to do more.