The challenge: Improve service while reducing costs
Kofax enables financial institutions to reduce processing costs and time and improve customer service by automatically capturing, classifying and extracting information from documents and forms as soon as they are received in the organization, and routing the information into workflows and business applications. Kofax provides customer facing employees with an integrated solution that initiates back office business processes directly from familiar equipment such as desktop scanners and MFPs.
Kofax for Financial Services
The Challenge:Improve Service While Reducing Costs Restructuring, consolidation and volatility are driving significant structural changes in the investment and retail banking sectors. "Kofax Capture and VRS enable us to Banks are responding by actively looking for ways to improve maintain complete control over our liquidity, restore investor confidence, increase customer retention and better compete for deposits. They recognize the need to enterprise's document processing streamline business processes to better support their clients during workflow, and provide accurate account opening, loan origination, mortgage processing and portfolio indexing and classification of management. customer documents." Such customer interactions still happen primarily at branch offices, - First Interstate Bank despite acceptance of internet banking for day to day transactions. These are document intensive business processes that require mostly paper based verification forms and documents such as proofs "We strive to ensure the best quality of income or ID cards. For example, a typical loan folder can contain for our customers. Kofax allowed us 200-300 pages with a wide variety of document types, and each to meet our capture requirements document has to be classified and its information extracted to drive and retain our reputation as the approval process. Germany's best bank." At the same time, regulatory compliance has become a critical - ING-DiBa issue for financial institutions. In addition to regulations protecting depositor assets (such as CRD in Europe) and shareholder interests (such as SEC requirements in the US), financial institutions must "It wasn't just about image capture; concern themselves with a myriad of oversight and regulatory it was about intervention, e.g. requirements that are document driven in nature.handling image capture, processing, The Opportunity:and delivery with a single solution Automate Document Driven Business Processes set. No application other than Kofax Kofax enables financial institutions to reduce processing costs and Capture offered that capability." time and improve customer service by automatically capturing, classifying and extracting information from documents and forms - Upromise as soon as they are received in the organization, and routing the information into workflows and business applications. Kofax provides customer facing employees with an integrated solution that initiates back office business processes directly from familiar equipment such as desktop scanners and MFPs, enabling banks to:. Automate the capture of any paper or electronic document, from anywhere;. Classify and automatically extract the appropriate information from any form or document;. Implement transaction based capture, distribution, routing, SWIFT. Kofax automates the process from receipt of the funds classification and validation; and order to confirmation of the trade order and provides a full audit . Initiate the straight-through processing of data and business trail to fulfill security, compliance and quality standards.decisions based on bank-specific rules and knowledge bases. Successful Financial Services Implementations The result is higher data accuracy, accelerated information Customers in the financial services industry report measurable access, increased productivity and cost savings, and improved successes:customer service and compliance. . A bank tripled new business closings by automating the Branch Banking capture process and linking the real time data capture, product Banks can optimize the customer experience by capturing experts and branch personnel.documents, faxes and other information right in the branch and . A financial institution processing 30,000 loans per month then delivering process-ready data in real time to the systems achieved savings of ?4.32 million per year, improving that drive account opening, loan origination and other key customer service at the same time.processes - traceable, safe and audit proof. Service levels can . A real estate investment firm inputs data into its SAP records be enhanced by proactively notifying customers or advisors management system 50% faster than before.when critical information is missing, when pre-emptive action is required or when all required information has been provided. . An investment firm digitizes new account applications across its 480 branch offices and submits t... [download for more]