What are the key catalysts driving capture in banking?

Quite simply, financial institutions have seen an explosion in document volume over the past decade. Banks are offering a broader range of financial services, such as Roth IRAs, NOW accounts, brokerage accounts and lines of credit. Compounding those factors, oversight and regulatory requirements have become increasingly stringent. In order to stay competitive, financial institutions must manage their processes in a way that continues to maintain a high level of customer service while remaining transparent and cost-efficient.
This is where capture comes into play. We define enterprise capture as a combination of data capture and document capture. Data capture is applied at the front end, where a user captures information to be used in a business process. Document capture is used at the back-end, where the customer captures information for archiving purpose. Financial institutions are deploying enterprise capture in tandem to automate vital processes and ultimately improve customer service through faster response times and delivery of products, as well as reducing internal costs through better efficiency on their key processes, such as account opening, credit card application, loan and mortgage origination.

What role does enterprise capture play within an organization’s existing business processes?

Consider how banks process mortgage loan documents, which are arguably among the most complicated and costly to manage. A loan folder can contain 200-300 pages, varying from personal documents to legal mandates, coupling high volume and variety of documentation, with the need to comply with industry and company-specific regulations, as for example RESPA.
As part of the process, a walk-in customer can approach a loan officer with documentation such as ID, a W-2 and proof-of-income in hand, all of which can be captured immediately in the branch to begin the approvals process.
Capture technology ensures that any document and data, arising over the course of the life cycle of a loan, are added to this specific loan folder in a fully automated way. Documents are converted to electronic images, index and meta data get extracted and are validated to ensure that only correct and complete data enter the loan folder and related processes.

How can capture help improve customer service?

By automating with an enterprise capture solution, the time needed to provide a product to customers is greatly reduced. All relevant data and documents are captured and processed in a consistent, fast, and fully automated way and sent to the appropriate people, processes, and applications. The Kofax enterprise capture platform also has the capability to notify your customers on the status of their inquiries, creating a highly positive customer service experience. Taking it one step further, information on further offerings can be attached to the notification, generating even more business.

What factors must banks and other financial institutions focus on in order to implement a successful capture strategy?

They need to make enterprise capture an integral part of their BPM and ECM strategy. They should start with the most relevant business process, likely to be account opening or loan processing, and expand from there. In addition, banks should look for a flexible solution offering applications that integrate with, rather than replace, existing business processes. Dealing with a single-source vendor for the capture of any format and type of document, for any business process, significantly shortens the deployment time and lowers the total cost of ownership. We have some great customer case studies. A bank, for example, doubled its mortgage processing business, increasing customer satisfaction and brand reputation significantly, which then led to more business in other areas. Another customer reduced
manual labor for folder preparation and review in loan processing, resulting in improved data accuracy and a cost saving of $1.5 million.

BIO
Martyn Christian is the Chief Marketing Officer at Kofax and represents more than 25 years of marketing and general management experience within the software industry. Prior to Kofax, he was Director of Marketing Programs (UK & Ireland) and Vice President of ECM Marketing at IBM. He is a Fellow and former Chair of the Association for Information and Image Management (AII M).