Banks and other financial organisations are constantly in pursuit of new customers, retaining existing customers, driving down costs as well as meeting various compliance requirements. Here are some best practices in streamlining banking and finance processes through automated data capture.
Application forms for new bank accounts, credit/debit cards, loans and mortgages are extremely paper intensive. If organisations were to automate them, it would severely reduce turnaround times and thus increase customer satisfaction level.
If we take the example of a mortgage application, they amass large amounts of paper, up to a 100 pages on some occasions. Manually processing them is a laborious exercise, which usually begins at branch level to be then integrated with a central system at head office. Furthermore, various checks for fraud prevention purposes are further required.
An effective method to deal with the backlog of paper is to scan all types of inbound application forms whereby our system will automatically classify documents based on their structure and capture the relevant data. The data is fed into a back-end system for validation, processing and quality checking to ensure data rules have been met (i.e. the data is in the acceptable format) as well as the criteria for a successful application submission met (i.e. ensuring accompanying documents that go with an application form are present). All applications are archived using this method of digital archiving.
Capture of data commences at point of entry (branch level). For loan and mortgage applications, a scoring system will assess a customer’s credit worthiness and thus make a recommendation based on the data. Learn more about automated data capture.
Manual fraud checks can be expensive and time consuming, even more expensive is handling a fraud claim. The ideal way to mitigate the chances of fraud is to automate the handling of financial documents that require a signature i.e. cheques. At the advent of receiving a document, the signature will be automatically referenced against an image of an already known authentic signature for verification purposes or match the signature to an existing record
Classify and extract data from any type of document.
Capture at the point of entry.
System adaptable to new types of forms and documents.
No manual labour means reduced turnaround times and improved customer satisfaction.
Option to use web-based interface for scanning and validation.
Digital archive of documents for easy access