For decades, banks rely heavily on microfilm technology to image business documents and cheques. Recently organizations are more inclined to invest in technological advancements that digitize the business documents and process cheques more efficiently. Recently, with the era of globalization and competitive business, there have been numerous acquisitions and mergers that have taken place to expand customer base. As a result, banks and financial institutions must become agile to change in their business processes. Branches across cities, states and countries need to be constantly connected with the corporate office. Web based technology provides means for efficient and faster information access and delivery. With numerous transactions per day organizations generate documents in large volume. With metropolitan areas being extremely expensive, there is a need to find an efficient way to reduce physical storage costs. While adapting to technology and business process automation organizations need to comply with numerous compliances and maintain audit trails for each operation performed.
SoluSoft Business Process Management Solutions are particularly beneficial for banking and financial firms due to the following features:
Documents such as cheques, correspondences, mortgage documents, tax returns, financial statements, quarterly statements, loan documents, invoices and receipts can be created or captured in batches and automatically entered and stored into SoluSoft’s document management system – N2. During capture, text indexing can automatically be done by OCR or barcode recognition.
Forms Processor uses OCR and OMR technology. These automated data capture methods are ideal for high speed processing of large volumes of identical forms such as: Accounting, Insurance, Loan, Banking and Bill Remittance Forms. The cheques are received by the banks and sent for extraction of data into database. The cheques are then processed for extraction of amounts and dates, so that the database is updated and the original checks are sent back to the bank. Application forms for credit cards, bank accounts etc can be scanned using Forms Processor and specific regions like the signatures can be recognized using Zone Recognition by the system and stored in the database.
Documents can be stored in a magnetic file system repository or database repository. The single centralized storage ensures that knowledge created is stored within the organization at one location thereby reducing the misplacement/loss of documents. Documents and folders can be searched based on contents or categories. The search and retrieval process is accelerated by well managed and indexed electronic documents which are archived on the server.
Financial institutions handle high volumes of documents and supporting information in their everyday business processes like loan applications, account applications, credit checks and other financial documents.
Loan application processing is one of the most common tasks in financial institutions. Each application has a time sensitive lifetime wherein it passes through different phases such as organizing, tracking and combining. Scanning and indexing these documents for electronic retrieval and workflow management offer more efficient solution than moving paper from desk to desk. Managing this paper-intensive process is a critical activity. Streamlining the flow of documents using collaborative electronic sharing and workflow accelerates loan processing.
During the approval process, the workflow activates a designated path for the movement of the application to only authorized users.