ROCKVILLE, Md., Jan. 17, 2019 /PRNewswire/ — Capital Bank N.A. accepted an Impact Innovation Award at Aite Group’s recent “Innovation in Cash Management and Payments Forum” in New York City. The award was presented to Capital Bank for their innovation in leveraging technology to better serve its small and medium sized business customers.
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. The firm developed the Impact Innovation Awards to celebrate financial and technological innovation by financial institutions that inspire others in the industry to follow.
Capital Bank was recognized for an innovative approach to product development with Remote Deposit Capture (RDC) in the small bank category. Partnering with FinTech provider Deluxe Treasury Management Solutions, Capital Bank expanded RDC beyond check deposit with enhanced technologies to include the capture of remittance items and general documents.
Capital Bank enabled a not-for-profit customer to leverage data collected from RDC to create a database of donors that could be electronically parsed between entities and individuals. This allowed the customer to mine its database and gain a better understanding of its primary donors. Capital Bank’s creative approach to another not-for-profit allowed it to use Deluxe’s RDC platform to help small- and mid-sized businesses align check processing with invoice payments, saving the customer an average of six to eight hours a week.
Capital Bank has a proud history of working to make its customers more valuable, with their focus on small and mid-size businesses (SMB). “We recognize this is an underserved market, and continually work with customers both internally and externally —taking their case directly to our underwriting team and to our vendors — to create meaningful products for their businesses,” says Nikhil Bijlani, Vice President of Product Development.
As research shows that 92 percent of small businesses still receive checks, and many deposit their checks at the bank branch, Capital Bank’s innovation in RDC is a welcome addition to a cumbersome process, helping this sector operate more efficiently and profitably.
Adds Bijlani, “This recognition is a great validation of the consultative approach we take at Capital Bank in deploying client-facing technology, and extending the capabilities of the products we offer beyond its generic use.” He will be delivering a presentation on Capital Bank’s unique approach to servicing its SMB customers at the Deluxe Exchange conference this February.
Capital Bank congratulates the winners across all six of the categories and its peers in being nominated.
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About Capital Bank N.A.
Capital Bank N.A., headquartered in Rockville, Maryland, is a commercial-focused national banking association that offers commercial and consumer banking services to clients in the Washington, D.C., northern Virginia and Baltimore, Maryland metropolitan areas. Capital Bank N.A. also has two nation-wide consumer lending brands, Capital Bank Home Loans, a mortgage division that originates conventional and government-guaranteed residential mortgage loans, and OpenSky which provides secured credit cards to under-banked people and those who look to rebuild their credit scores. Capital Bank specializes in adapting traditional and current digitally based banking products to solve its customers’ most pressing needs and providing personalized services; the Bank has total assets greater than $1 billion.