The Problem:
The Banking/Credit Union industry is known for being fragmented
from a technology perspective. A major issue is transporting
documents between branches and the home office; users have
to re-key data at a multitude of different phases and much
of its progress r elie s on manual, time-consuming delivery
to the next stage of the workflow.
 Labor costs are the biggest single operating expense
for banks. In addition to the cost of labor, printing,
storage, and retrieval costs also have a significant impact
on the profitability of this industry. Operations Affected
include Loan Servicing, Investment Services, Branch Operations,
Back Office Operations, Research, Legal, and Accounting.
Today, a Bank/Credit Union’s Responsibilities include
compliance with an increasing number of mandated regulations
and audit requirements. The Banking/Credit Union industry
processes require a tremendous amount of coordination between
both paper and electronic documents.
Because of the sensitive nature of their information, Banks & Credit
Unions must retain large volumes of information for long
periods of time, some even indefinitely. It is a tremendous
challenge to both maintain control of this vast repository
and make it easier to audit. As a result of processing a
variety of statements, loan requests, and internal reports,
Financial Institutions often face a serious paper problem.
Paper-based systems often prove to be a hindrance to responding
quickly to requests as a result of the time they take to
process and distribute. For example, generating a duplicate
statement for a checking or savings account could take several
days as a result of retrieving, delivering, and then re-storing
the document.
Solution:
Digital Storage Solutions combines the best of breed capture technology
with leading edge document management and workflow solutions.
Our solutions provide Banks/Credit Unions with unparalleled
automation, visibility and control of the their workflow processes,
giving organizations the ability to realize significant benefits:
reduced loan application processing cycles, streamlined efficiencies
including measurable savings in administrative costs and more efficient information
retrieval, leading to enhanced accountability which optimizes corporate performance.
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- Ability to automate the separation and classification
of documents, while extracting vital information
necessary to enhance the Banking/Credit Union Workflow
Process
- Reduces post-closing loan processing costs
- Improves the mean time of a close
- Reduces shipping
costs
- Eliminates lost documents
- Reduces document
sorting and paper handling
- Processes documents
more accurately with increased automation
- Minimizes
on-site storage requirements
- Increases productivity
throughout the organization
- Re-focuses employees
as the bank/credit union grows
- Offers tight
integration with back-end systems, allowing active
validations and look-ups, and fully automated
releases
- Allows document routing through an image
enabled workflow
- Applies business rules and
logic for validation
- Provides multiple output
streams to simultaneously populate archival/retrieval
systems and image-enabled workflow
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