Banking and Finance  Banking and Finance

Intelligent Capture & Exchange solutions from Kofax adapt to the unique needs of the banking and finance industry to streamline document-driven business processes: from managing customer account data at multiple levels and in multiple offices to processing loan forms and mortgage documents quickly.

Problem

Millions of consumers entrust them with their financial future. Thousands of businesses depend on them for financing. Hundreds of regulators and auditors monitor their every move. To compete and thrive in this environment, banks and financial institutions need solutions to securely capture, exchange, and manage an electronic paper trail for every transaction.

Banks and financial institutions have a wide variety of special requirements:

  • Scan non-standard size documents (e.g., signature cards)
  • Replace inefficient microfiche systems
  • Comply with NYSE, NASDAQ and AMEX regulations
  • Tighten security by limiting access to documents
  • Coordinate activities of multiple branch offices
  • Reduce offsite storage requirements
  • Comply with Check 21, HUD, Bank Secrecy Act, Sarbanes-Oxley and Patriot Act regulations
  • Protect records in the event of a disaster
  • Scan multi-page documents (e.g., loan applications) consisting of multiple form types, paper sizes, paper weights and document colors
 

Solution

 

Kofax and its partners have created a wide variety of solutions for banks and financial institutions, enabling:

  • A mortgage lender to categorize and index 360,000 multi-page loan documents each week
  • A stockbrokerage servicing company to scan 2 million documents/month
  • An investment firm to have its 480 branch offices scan new account applications and submit them digitally to the home office, saving $1m/year over the previous method of shipping them via overnight express
  • A mortgage lender to eliminate a 6 million page backlog in 45 days
  • A 58-branch bank to scan and submit account documents and forms to headquarters digitally rather than by mail
  • A credit union to increase its scanning volume from 20K/month to 115K/month with no increase in staff
  • A mortgage servicer to process 2.5 million documents/month
  • A real estate investment firm to input data into its SAP records management system 50% faster than before
  • A mortgage lender to reduce application processing time from two weeks to two days
  • A financial services company to scan, index and distribute every piece of paper – roughly 10,000 pieces a day – which comes in through its mailroom