DeposiTech

Inspiration

Depositing cash into the bank can be a tedious process. Customers of a bank are required to fill Deposit forms and wait in queues for their deposit to be processed. We aim to simplify and speed up the end to end deposit process.

What it does

Customers can now make hassle free deposits through the feature - Depositech. With minimal inputs from the customer and QR code technology, DeposiTech paves the path to digitized quick deposit of cash by the customer into bank accounts.

How we built it

DeposiTech uses QR code (Quick Response Code) technology and FFDC APIs to help the bank’s teller collect all the information pertaining to a said customer required to deposit cash physically into a bank.

Challenges we ran into

Analyzing the deposit processes across various geographies and developing the feature to assist and support a particular currency. The scope of our project is limited to cash deposits into own bank accounts.

Accomplishments that we're proud of

Introducing Depositech in mobile banking applications will save time for both customer and bank’s teller. It will help in avoiding long queues for cash deposit. No paperwork or manual forms are required be filled by customers. Statuses and history of such deposits will be maintained and will be available for the customer to view. This reduces the direct customer interface.

What we learned

Any process can be simplified by bringing in innovation to facilitate the said process.

What's next for DeposiTech:

Deposits via other instruments in addition to cash deposits. Deposits into other bank accounts in addition to the customer's own accounts. Facilitating withdrawals from customer's own accounts.