C101 - Business Requirement Template .docx

Business drivers sample the virtual vault initiative

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Business Drivers SAMPLE: The virtual vault initiative would allow Compass to compete effectively against larger banks, particularly in the Texas and western regions. Through a partnership with Loomis Fargo, we will be able to offer deposit processing and change order fulfillment in areas where we do not have a presence, both in-and-out of our geographic footprint. We have several clients who want to expand their relationship with us by having us process their deposits and change orders for all their locations. This includes states where we do not have branches, particularly those that are in close proximity to our footprint (e.g. California, Nevada, Utah, Tennessee, Louisiana, Arkansas, Kansas, Oklahoma, Mississippi and Georgia). Within footprint, it will allow us to expand our network, offering deposit processing in cities such as Miami, FL or Amarillo, TX. It is also a defensive posture because our market research shows that many banks are leveraging Check 21 by capturing check images at the armored carrier vault and transmitting it to the bank, thereby expanding their reach. Some banks that we currently do not compete with, such as Key Bank and PNC Bank have already indicated that they plan to extend into our footprint through the use of virtual vaults, thereby threatening our existing client base.
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Technology & Support Services Last Printed DATE \@ "M/d/yyyy" 2/12/2015 Page PAGE 2 <Project Name Here> C101 Business Requirements Requirements SAMPLE: The business requirements for the Virtual Vault solution encompass the following User Goals: Goal #1 SAMPLE: To develop a Virtual Vault product that allows for Compass to process deposits and change orders for clients both in and out of market through Loomis Fargo (non-Compass) vault locations. Goal #2 SAMPLE: Develop process to ensure that Loomis Fargo vault locations will measurably meet the operational standards, reporting and data requirements, and the transmission needs of Compass’ Programming, Vault Operations, and Balance/Control areas. Goal #3 SAMPLE: To develop a repeatable process with a targeted timeframe range and identified steps which will be used to set up additional sites as requested/warranted by sales. Goal #4 SAMPLE: To develop marketing plan with pipeline and reporting process that allows for capacity management and planned growth. Goal #5 SAMPLE: To ensure Loomis Fargo complies with Compass’ standards for data and physical security. # Description Related To User Goal 1: To develop a Virtual Vault product that allows for Compass to process deposits and change orders for clients both in and out of market through Loomis Fargo (non-Compass) vault locations.
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