Whether it's opening a new account or applying for a loan, the initial information-intensive interactions customers have with your organisation are critical to establishing good, long-term relationship. Unfortunately, this First Mile™ of business can still be manual, time-consuming and prone to error - souring the overall experience.
Combine that with the fact that today's consumers are sophisticated, connected and empowered. They want to interact on their terms - on their device, from anywhere and any time they want. They expect ease-of-use and fast response. They demand collaboration, a voice and visibility into the process. And, if it speeds up the process, they welcome the opportunity to do a little self-service. Fail to offer all that and they'll likely take their business elsewhere.
Kofax makes that critically important First Mile of business smarter, faster and more reliable. Kofax software automatically captures business-critical interactions regardless of how, where and when they arise. Once captured, the content is automatically extracted and perfected. It then initiates and executes the downstream business processes needed for:
• Account opening - Achieve significant time savings and maintain high data quality by automating the account opening process and eliminating manual paper handling and distribution.
• Loan/mortgage processing - Optimise the loan origination process - from application to qualification and approval - by capturing and validating documents and releasing them into backend systems.
• Funds processing - Reduce risk and streamline the processing of funds orders received via fax by capturing all related documents at the point of entry. A viable alternative to SWIFT.
• Application processing for credit cards and other products - Accelerate the application process while maintaining compliance by automatically capturing, classifying and extracting information from credit card application forms.
• General customer service - Collaborate with customers to resolve inconsistencies, capture missing or trailing information, and obtain necessary approvals.
Information can be captured before a business process is initiated or "in process" as needed to obtain trailing documents to continue the business process, then automatically classified, separated, extracted, perfected, validated and delivered into systems of record. Paper documents and forms can be captured using production scanners for high-volume batch processing, and multi-function peripherals (MFPs) and desktop scanners can be used at distributed sites or branch offices. Electronic content can be captured from faxes, emails and attachments, web portals, text messages and EDI or XML data streams. And the cameras in mobile devices can be used to capture transactions directly at the Point of Origination™, where customer-facing interactions occur.
This all occurs while ensuring the consistent application of business rules needed for regulatory compliance and internal governance, and the business benefits it precipitates are many:
• Increase operational efficiency - Capture and classify greater volumes of content at the point of entry, and route process-ready information to multiple processes faster and more effectively.
• Improve accuracy - Boost data accuracy and eliminate lost documents by deploying advanced data classification, transformation and tracking technologies that dramatically reduce human handling and error.
• Implement next-generation customer service- Simplify account openings through Touchless Processing™ of enrolment forms and timely, interactive communications through every channel and device.
• Extend mobile capabilities to new processes- Simplify and accelerate information-intensive processes such as new customer onboarding, mortgage processing, compliance management, mobile deposit, mobile bill pay and more.
• Business intelligence and analytics - Give managers a 360° view of operating performance across the entire business process to aid in making fact-based and timely decisions.
• Build a rock-solid compliance platform - Systematically track documents and data from the moment they enter your organisation to final archive, facilitating efficient audits and compliance with financial regulations.
With anywhere from 100-350 pages in each mortgage folder, managing the sheer amount of paper required to process a loan is a daunting and expensive task. But Kofax provides solutions that automate the collection of information and documents critical to various aspects of loan processing, including loan origination, underwriting, post-close activities and preparation for the secondary market. Kofax solutions help you get crisp, clean images of the documents for review/archival purposes and dramatically reduce document preparation timelines.
The cumbersome amount of paperwork required to onboard new accounts can also be a daunting and expensive task. Again, Kofax simplifies this process by capturing the new account application and associated documents, validating the information, communicating with the applicant, and integrating the information into the processes required to activate an account.
Success in the First Mile can dramatically improve an organisation's customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in financial services and other markets. Kofax delivers these through its own sales and service organisation, and a global network of more than 800 authorised partners in more than 75 countries throughout the Americas, EMEA and Asia-Pacific.