ATLANTA, July 30, 2009 (GLOBE NEWSWIRE) -- Goldleaf Financial Solutions Inc. (Nasdaq:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced that the implementation of its Remote Deposit Express (RDX) solution has significantly contributed to The Bank of River Oaks increasing its core deposit acquisition in 18 months.
The Bank of River Oaks, a $200 million institution based in Houston, operates two full service locations. Given that the bank has just two locations in the vast geographic expanse of the city, it needed a way to effectively gather low cost deposits and establish concrete client relationships. Goldleaf's RDX solution has enabled The Bank of River Oaks to develop a strategic business model around acquiring these commercial deposits while also improving efficiency in its payments process.
Deborah Grayson, EVP for The Bank of River Oaks, explained, "Remote deposit is an essential key to our business strategy. We sought a trusted, forward-looking solution when founding our bank in late 2005, and we selected Goldleaf because the company was - and still is - proving to be on the technological forefront of this offering."
River Oaks is a highly exclusive area of Houston, so the bank has a direct opportunity to attract high net worth individuals as well as local businesses that represent "Doing Business As" (DBA) accounts. Many of the customers the bank has won in this area are attributed directly to RDX, including medical professionals, gas- and oil-related entities, manufacturing companies, real estate investors and commercial brokers. These companies often operate in different locations through the region and have a complex structure comprised of multiple business units, making the ease and convenience of RDC especially appealing to them.
Goldleaf's RDX replaces traditional deposit processes, reducing the time, effort and overhead costs associated with business deposit preparation, validation, transportation, processing and management for The Bank of River Oaks and its customers.
Lynn Boggs, CEO of Goldleaf Financial Solutions, said, "The Bank of River Oaks' success in acquiring core deposits demonstrates how a financial institution can leverage remote deposit capture to expand its branch footprint without building additional facilities. With Goldleaf's RDX, banks are not limited in their reach. Additionally, they can extend the cost and time saving benefits of remote deposit capture to their business customers."
The effectiveness of the Commercial RDX solution has spawned an effort between The Bank of River Oaks and Goldleaf to develop a retail version - Consumer RDX - to better serve the individuals who run businesses that have very few checks each month. The bank is looking to establish a third physical branch location, and expects that this will further increase its remote deposit customers with the expansion.
About Goldleaf
Goldleaf Financial Solutions, Inc. offers a strategic suite of integrated technology and payment processing solutions to global financial institutions of all sizes. Goldleaf's products and services enable financial institutions to succeed in today's competitive market, solidify their trusted financial relationships, expand their community presence and improve profitability through the efficient use of technology. For more information about Goldleaf and its solutions, please visit the company at www.goldleaf.com.
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