Fifth Third Bank (Nasdaq: FITB - News) has teamed with NCR Corporation and Phoenix Interactive, to become the first superregional bank in the country to offer ATM mixed-media deposit functionality to its customers.
Using NCR's single slot ATMs and Phoenix' Intelligent Deposit software, Fifth Third Bank can now offer its customers the opportunity to mix up to 50 combined checks and bills in a single, envelope-free ATM deposit, and do so twice as fast as traditional ATM deposits that require checks or bills to be inserted one-at-a-time. The Bank is currently piloting the advanced-technology ATM at its Fountain Square headquarters in downtown Cincinnati with plans to begin deploying the functionality across its footprint by the end of the year.
"Fifth Third Bank invented the shared ATM network with the development of Jeanie® and we continue to use innovation to bring the latest and best technology to our customers," said Kevin T. Kabat, president and chief executive officer of Fifth Third Bancorp. "With the help of NCR and Phoenix, we can offer our customers the ability to make mixed-media deposits simpler and faster, thereby improving the overall customer experience."
NCR's Scalable Deposit Module (SDM) technology is the only technology on the market that allows consumers to deposit both cash and checks simultaneously in any orientation through a single slot, making the consumer deposit experience twice as fast as other ATMs. (Watch a demo on SDM via YouTube.)
"Across the banking industry, consumers are embracing envelope-free deposit, with ATM deposits at many financial institutions up 100 percent. That's why NCR made our SDM technology - to take a great customer experience and make it even faster and easier," said Michael O'Laughlin, senior vice president, NCR Financial Services. "Fifth Third's customers will soon be able to experience the unique simplicity of NCR's single-slot deposit ATMs. Consumers want to bank when and where it is convenient, and NCR SelfServ™ makes banking a 24/7 proposition for them."
"We take great pride in the fact that Fifth Third Bank chose Phoenix as their self- service software partner over five years ago, and that together we continue to build industry-leading strategies," commented Kyle MacDonald, CEO of Phoenix Interactive. "Fifth Third Bank shares our focus on creating the best customer experience as we change the way customers use the self-service channel."
Fifth Third Bank customers are the first to benefit from the mixed media deposit features of Phoenix's VISTAatm™ Intelligent Deposit software solutions. Amounts are recognized and summarized on the screen. Customers have the option to view thumbnail images of all checks, zoom in or pan an individual check, and even flip it over to see the back.