thirdstreams labs is very excited to announce the addition of Remote Deposit Capture (RDC) to cumulus™. This functionality will significantly decrease the completion time of an application and greatly improve the user experience.
At the end of the current process, the user is required to send a cheque to the credit union via Canada Post (snail mail). The new process will enable the user to submit their cheque digitally. The credit union will receive these funds almost instantly. What used to take days (10 on average) can now be done in a matter of minutes.
In terms of user experience, users are now able to complete the entire process from their digital devices. They will no longer be required to find an envelope, stamp and mailbox to send the cheque.
The way we see it, every hurdle we can remove from the user experience will substantially increase the conversion rate and make the process that much more enjoyable.
With the addition of RDC, cumulus™ has become an even more powerful virtual account opening and member onboarding system.