Listen to how Deluxe’s Lockbox helps financial institutions like Arvest Bank boost efficiency for their customers while reducing manual work for themselves. Lockbox has helped financial institutions increase sales, attract new clients, and strengthen existing relationships.
My name is Cheryl
Lehotyak. I'm a product manager at FNBO.
We use, lockbox services, retail and wholesale on we use it for the platform.
RDC merchants, so we resell to our commercial
customers. So Lockbox is a service that allows us to provide efficiencies for our customers. They can get out of managing mail from the post office, depositing checks, and receive back posting files, that upstates their systems automatically.
The deposit products, they've allowed us to bring deposits into our bank and send them through clearing electronically, so that's an increase in available funds, and it allows us to utilize our deposits for deposit growth. So the value that these products bring is first for our customers, they provide efficiency, they allow our customers to be more nimble, they can make deposits on the go, they don't have to make a trip to the bank.
And from a bank point of view, it allows us to utilize technology and reduce manual processes.
My name is Paul
Jarrett. I serve as the director of treasury management product at Arvest Bank.
When I first came to the bank six years ago and and looked at our product suite, right, as a product manager, that that was my charge.
Our lockbox solution was very antiquated and really didn't allow us to go and acquire new clients.
The lockbox really consisted of just one site in Lowell, Arkansas.
Lowell, Arkansas is not the mecca of mail. Right? And so in order to expedite days sales outstanding, we needed to figure out a better solution.
So we partnered with Deluxe on the lockbox solution, and really got a hub and spoke model, where we cannot only use our own lockbox site, but now we have, sites across the US, Dallas, for instance, that allows us to expedite mail time for our clients and get those deposits into the bank sooner. It also provided us a platform that's cutting edge versus the antiquated platform we had on, at the time. We we now have a solution and a platform that that we can really go to market to, and really provide clients with the breadth of things that are available in Lockbox. We finished that migration in twenty twenty one, and our sales are are are are skyrocketing right now in in regards to Lockbox. We've even gone as far as to change our incentive plan to make sure that our sales teams are focusing on the receivables products, allowing us to recoup the investment and really give us a foot into relationships that we didn't have an opportunity with before.
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