Safe deposit boxes present challenges for financial institutions whose core systems are outdated.
Some older legacy systems require manual access cards that track when individuals view their safe deposit boxes and must be kept for various lengths of time as state laws dictate for research purposes. Other systems integrate with a third-party safe deposit box solution or an interfaced solution.
These separate integrated systems store data in multiple databases that require constant and sometimes manual synchronization. An individual’s name may be spelled one way in the safe deposit box database but a different way in the core database. This results in poor service, inefficiencies and redundancies.
The most efficient solution for your financial institution is one that is automated as part of the core system to optimize safe deposit box revenue, organize safe deposit box leasing, improve security and documentation, and broaden employee access to safe deposit box holder information.
The solution is DNA - Safe Deposit™.
DNA - Safe Deposit™ streamlines your financial institution’s safe deposit box leasing operation by automating tax payment support, service charging and transaction processing, including late fees and deposit refunds.
DNA - Safe Deposit is accessed directly from DNA™’s branch automation screens. Your staff can search for available boxes by size or branch location, assign clients to wait lists, manage wait lists, open new boxes, create transfers or set up external ACH payments for rental payments. DNA - Safe Deposit functions are intuitive and operate as other DNA functions so your staff is productive within days of implementation.
Utilizing our powerful relational pricing technology, DNA - Safe Deposit allows your financial institution to determine fees and discounts based on the owner’s relationship, and it provides pricing flexibility based on criteria that can include the owner’s age, types of accounts, combined balances and more. DNA - Safe Deposit also supports tax collection and payment reporting.
Your employees can also access a safe deposit box lease screen, choose from people authorized to access the box, review online signatures and IDs to verify identities and retain access data within the database to document the date and time of access.
DNA - Safe Deposit eliminates the need for antiquated access cards.
More information about DNA - Safe Deposit™ is available by contacting Open Solutions at 860-652-3155 or toll-free at 800-226-5674.