Quinnipiac Bank & Trust Company ($33 million, Hamden, Connecticut) offers a remote deposit product that’s helped attract prospective quality customers who it otherwise would not be able to do business with.
The bank rolled out its “Q Business Advantage” Remote Deposit Capture in December of 2008.Mark Candido, President, explains that as a small community bank trying to attracts mall, medium-sized businesses as customers, remote deposit capture is a perfect fit in terms of getting business deposits from customers who aren’t in its immediate geographic area. “We’ve had a number of potential customers who said they would love to come bank with us but are 25 or 30 miles away,” says Candido.
“Remote deposit has really allowed us to solidify some of those relationships.” Ken Innocenzi, Vice President/Operations and Compliance, adds that remote deposit helps the bank expand its traditional boundaries. “We can have anyone bank with us all over the state,” he says.
“It’s a terrific product and it really could expand our business tremendously.”
Currently, the bank has six remote deposit customers, and the farthest customer is located about 30 miles from the bank, says Candido.
He adds that those customers using remote deposit so far absolutely love it.
Since introducing its remote deposit, the bank has noticed that some customers are familiar with remote deposit and others aren’t.
“Those who are unfamiliar with it are pretty quick adapters,” says Candido. This is due, in part, to the detailed training the bank provides. For example, bank employees use a laptop, a demo scanner, and demo checks to conduct real-time demonstrations at customers’ sites.
The bank’s potential remote deposit customers range from property management companies to transportation providers to technology companies.
“We’re looking at every potential business customer as an opportunity to see whether remote deposit is a fit,” says Candido.
Candido adds that the bank needs to be cautious as far as what customers to provide the remote deposit service to. “It is a higher risk product so we need to be mindful of that,” he says.
He notes the types of customers best suited for remote deposit are those who have a high portion of checks.
“They can either have many checks for a small amount or a few checks for a large amount—as long as their primary source of income is not cash, then remote deposit could be a good fit,” he says.
The charges for the bank’s remote deposit product are flexible, says Candido.
“We have a standard rate, but it’s negotiable based on the customer relationship,” he says.
For instance, the bank might charge a flat fee for one customer, and put another customer on account analysis to determine their fee.
Innocenzi says that because the bank is small, it hasn’t heavily marketed its remote deposit.
“We believe it’s the personal touch, the handshake, and the calling on people.”
The bank is, however, planning a marketing campaign to target customers who it believes should be interested in remote deposit.
Source: Mark Candido, President; Ken Innocenzi, Vice President/Operations and Compliance, Quinnipiac Bank& Trust Company, Hamden, CT; phone (203)287-1473; e-mail: