Restructuring, consolidation and volatility are driving significant structural changes in the investment and retail banking sectors. Banks are actively looking for ways to improve liquidity, restore investor confidence, increase customer retention and better compete for new customers. Therefore, they must streamline processes that still primarily happen at branch offices, such as account opening, loan origination, mortgage processing and portfolio management.
These processes require predominately paper documents. A typical loan folder can contain 200-300 pages with a wide variety of documents, each of which must be classified and its information extracted to drive the approval process.
And regulatory compliance is also a critical factor. In addition to regulations protecting depositor assets (such as Basel III in Europe) and shareholder interests (such as Dodd-Frank in the U.S.), financial institutions must concern themselves with myriad document driven oversight and regulatory requirements.
Kofax enables financial institutions to increase operational efficiencies by automating the capture and preparation of documents and information that are critical to the approval and funding of new loans. Kofax dramatically reduces the time and cost to close, while enhancing the customer experience.
The Kofax Solution for Mortgage Document Automation helps banks, financial institutions and credit unions:
Transforming the Mortgage Loan Capture Process featuring Kinecta Federal Credit Union and Doculabs
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