Optimize Document Driven Processes in Banking
with Enterprise Capture

New account applications require a variety of supporting documents in both paper and electronic forms. The Kofax enterprise capture platform enables employees at the branch or in customer service centers to automatically capture all relevant documents from their customers, validate them and send them to back end systems for immediate processing. This allows customer facing employees to spend higher value time with their customers, improve the service experience, and close more business faster.

• Required documents such as ID cards, application forms, proofs of residence and proofs of employment can be captured via a scanner or MFP at the branch or at the customer service center at high quality and routed to the back end for further processing.
• The documents are automatically classified, and metadata is extracted and validated to ensure fast availability of high quality data at the front and back end.
• If any data is missing or incorrect, an automated alert function triggers exception handling and correction. Customers and bank employees can trust that only complete and correct data is sent to the back office, ensuring high data quality and processing efficiency.
• Upon completion of the account application, customers can be notified about the status automatically via paper, fax, email or SMS. These same communication channels can also be used to promote additional products and services to generate more business – and a more positive customer experience.
• Organizations can expand their customer services even further by using the same platform to broadcast information and new offerings to their customer base or segments of it.  
• The intake of all critical customer data and its flow throughout the entire organization is traceable and auditable from scan to final archive, improving regulatory compliance.

Successes:

• Digitizing new account applications across its 480 branch offices and submitting them to headquarters electronically helps an investment firm save $1 million on overnight shipping alone.
• A bank tripled new business closings by automating the capture process and linking real time data capture with product experts and branch personnel.

Risk management and regulatory compliance are increasingly critical, making the transparent and auditable capture of all required documents into an organization mandatory.

• All required documents and forms can be captured via a scanner or MFP at the branch at high quality and routed to the back end for further processing. Multi-page documents can be separated automatically, saving employees from manual sorting tasks.
• All documents and forms are classified, and metadata is extracted and validated. If any data is missing or incorrect, an automated alert function triggers exception handling and correction. Customers and bank employees can trust that only complete and correct data are sent to the back office, ensuring high data quality and processing efficiency.
• Customers can be notified automatically about missing documents or signatures, loan approval or any other status update via paper, fax, email, SMS or voicemail.
• The initiation of straight-through processing of data and business decisions based on bank specific rules and knowledge bases improves process efficiency and ensures compliance along the entire loan lifecycle – from origination and approval to auditing or resale.
• The same platform can be used to promote further offerings and services to generate more business – and positive customer experience. It can be used for customer specific communication and also for broadcasting messages and information to an entire customer segment to turn customer experience into more business.
• The intake of critical customer data and its flow throughout the entire organization is traceable and auditable from scan to final archive.

Successes:

• A financial institution processing 30,000 loans per month achieved savings of €4.32 million per year, improving customer service at the same time.
•  A real estate investment firm inputs data into its SAP records management system 50% faster than before.
• A credit union increased its scanning volume from 20,000 to 115,000 per month with no increase in staff.

Success in funds processing depends on real-time transaction processing. But today, only 50% of transactions are handled completely electronically. The remaining 50% are still processed via fax. To close this gap, investment banks need a secure and reliable way to capture funds orders at the point of entry and process them in a timely manner.

• Based on the Kofax platform, the process from the receipt of a funds order by fax, to the confirmation of the trade order can be automated, with a full audit trail to fulfill security, compliance and quality standards.
• Instead of employees typing data from faxed orders manually, risking delays and errors, the Kofax platform captures faxed trade documents automatically at the point of entry.
• The messages are automatically classified (e.g. SWIFT message type MT402, MT509, MT515), and then key information such as the ISIN number is extracted and validated to ensure that only correct and complete orders are processed.
• Required data is converted and released into SWIFT (ISO 15022, ISO2022, or any other XML format) before the confirmation of the trade order is sent (MT502, MT509, MT515, etc.).
• This automated process increases process accuracy and efficiency and significantly reduces cost and risk.

Successes:

• A major European bank reduced processing time by 50%, and at the same time increased data accuracy and processing accuracy.
• A global investment bank achieved annual savings of $500,000 and compliance at the same time with straight through fax processing of funds.

Financial Service organizations are aggressively competing for market share on new products like credit cards. Proper risk management and regulatory compliance are as important as the ability to promote and process new products faster than the competition. With each new product and vendor, the forms used in the application process are changing; it is crucial for financial institutions to adapt as fast as possible.

• The same platform that automates the processing of new accounts, loans, mortgages and funds can also be used to process product offerings like credit cards.
• The self-learning technology behind the Kofax platform immediately adapts to new forms, classifies them, and extracts and validates relevant information before sending it to the back end for final processing.
• Kofax provides an auditable process that can be monitored to maintain security, compliance and quality standards.