Technology Today

It’s hard to dispute the value of technology – considering the increasing speed of communication and the efficiencies gained. One can hardly keep up with the number of improvements daily in both software and hardware. We at Charter Oak Bank are continuously working on the growth of our systems – both for internal bank use, and for our customers. With Innovation being one of our core values, we strive to be a technology leader with industry proven services.

This was the case with our Remote Deposit product. Our business customers have been able to use Remote Deposit for over 4 years. In the next year or so – our consumer clients will have a similar product available to them so that they too can deposit checks from anywhere in the world – through their smart phone. Our Mobile Banking product COB Mobile allows our consumer and business clients to do most everything you can do with our on-line banking product. NetTeller, our on-line banking system has always provided real-time transaction reporting so our customers can see their transactions immediately whether it’s from their computer or smart phone.

Actually, I think we would be even further ahead with new tech banking products – were it not for the need for strong security. Having products with ample and strong security features is paramount to safeguarding our client’s funds. Our technology employs cutting edge security features coupled with dedicated backend monitoring. While our security features are extensive it is imperative that our customers remain vigilant as well. Most fraud is perpetrated through the end users (our customers) computer. We encourage all of customers to invest in strong security software that is internet based so that you are current with the latest upgrades. Another key to preventing financial fraud is actively monitor your accounts, balancing your check book regularly can help keep you attune to any strange transactions. Consumers should perform an annual credit checkup to make sure their personal information has not been compromised.

How does one keep up with the latest? I would strongly suggest considering the possibility of outsourcing your computer maintenance. We do – we outsource our PC and server maintenance to a firm that specializes in IT Support for banks. For Charter Oak Bank it is conducive to utilize an outside company. We are bankers – not computer specialists. Our clients are great in their field or endeavor – but not always in computer science. Businesses need to assess their individual situation when determining whether to manage IT in house or to outsource. The best avenue for determining this is to do a cost analysis that looks at the time and costs associated with doing the work in house (salaries and hours) versus the cost of outsourcing. There are many firms here in the Napa Valley that provides computer support and services.

For more information regarding our banking technology and fraud prevention please contact us at 707-265-2000.