Omaha Bank Reduces Costs And Generates New Revenue Streams With OPEXSource: OPEX Corporation
This OPEX case study takes a look at First National Bank of Omaha (FNBO), an organization that processes a high volume of transactions for its customers and made the decision to invest in technology that could help automate its operations and reduce manual labor costs. FNBO processes bill payments for retail and wholesale customers, an enormous undertaking that involves receiving checks and payment coupons by mail, opening envelopes, and imaging and routing payments to the appropriate departments.
Payment processing is such a labor and technology intensive process that many industries look to third-party vendors to manage the entire payment process. This is otherwise known as lockbox operations. FNBO made the initial decision to invest in technology to help automate its lockbox operations in the mid-1980s when they were processing as many as 3.1 million transactions per month. To tackle these issues First National partnered with OPEX.
OPEX provided a combination of OPEX AS7200’s and AS3690’s for opening, routing, and scanning mail that removed the labor-intensive hand-sorting processes in favor of complete automation. OPEX helped First National reduce payment routing errors, lower labor costs, and let employees focus on more critical activities. This case study highlights the following benefits First National was able to offer their lockbox customers through their OPEX partnership:
- Information Security — with a state-of-the-art technology facility
- Timely Processing — First National’s infrastructure is built to provide fast and accurate processing, which translates to cost savings to their customers
- Lower Technology Costs — by outsourcing payment processing, companies do not need capital expenditures or expensive upgrades to their own equipment.
Download this case study below to read how First National has grown its lockbox operations with the help of its more than 20 year partnership with OPEX.