This lending institution started operations in mid-2000 with the mission of providing a bouquet of financial services to underserved communities with no access to traditional banks. Presently, its operations are spread across the majority of states and union territories. It serves 3 million active customers, with 8,000 employees from 500 branches in India.
In October 2015, an approval was received from Reserve Bank of India (RBI) to set up a Small Finance Bank (“SFB”). The organization adopted an integrated approach to lending, which combines a high customer touch-point typical of microfinance, with the technology infrastructure and related back-end support functions similar to that of a retail bank.
This integrated approach has enabled it to manage increasing business volumes and optimize overall efficiencies. Kodak Alaris is the Document Capture technology provider of choice for this institution since 2012.
To offer better service, tailor made business solutions are provided to customers based on geographic location, occupation and income level, addressing specific needs with suitable products and services.
Approach
The institution recognized that it needed
faster, more reliable document scanners
integrated with capture software. The
software would need to support several
different industry standards and work
smoothly with the new scanners. Also, it
was important that file sizes were optimized
so network traffic would be commensurate
with business priorities. Kodak Alaris met
the challenge with Kodak i1100, i2000 Series Scanners and Capture Pro
Software. Since the initial period, close
to 500 scanners from Kodak Alaris have been
placed in local branches for the small bank.
The institution opted for Capture Pro
Software for ease-of-use for the scanning
operators. Capture Pro is the most stable,
secure and seamless software solution for
batch scanning as well as image processing.
The most attractive feature of Capture Pro
is it’s straightforward interface, speedy set
up, and ease of maintenance.
The Capture Pro Software helped the institution improve its business processes at a critical juncture in its growth. It provided a highly scalable system for efficiently handling large numbers of documents. Mainstream users of Financial applications managed vital loan documents faster and more efficiently.
“The Capture Pro Software makes it much easier to load and access documents and helps us serve customers and investors faster and more efficiently. Capture Pro gives us a competitive edge and puts us in a better position to handle future business growth.”
The Challenge
The client faced issues when processing loan applications. Typically, every application consists of about 25 separate supporting documents, with growth in volumes, it soon became inefficient and needed an overhaul.
It was necessary to move to a new document handling system to improve its internal loan application process and productivity of the staff. This meant the entire operations had to be streamlined to service clients and reduce turnaround time (TAT).
Processing all physical loan application forms and paper documentation which are spread across branches to all the different sections is a big challenge.
A typical application would go through the following stages:
- Collection of forms and digitization
- Review of documents for completeness
- Case documents verification and credit worthiness
- Credit Bureau Check and other third party check
- Processing of loan application and sanction
The Solution
The financial company decided to cut cost by replacing old inefficient scanners that provide poor quality image by replacing with more efficient advanced scanners from Kodak Alaris along with efficient scanning application to work like a hand in glove with the new scanners. Each loan application consists of minimum 25 supporting documents which meant at least 50 images per file.
Significant Increase in Operational Efficiency
The organization began implementing Kodak Alaris scanners - Kodak i1100 and i2000 Series Scanners, along with document capture platform for the Micro Finance and Small Finance Bank businesses.
The SFB currently uses the Kodak Alaris solution (scanners and capture solution) to process paper documents for various loan application forms. It then, scans and stores their complex documents onto their central repository storage and archives these documents in their IBM FileNet based Document Management System (DMS).
Document security is improved since access to each loan application is now tightly controlled by the DMS system.
Scanned loan applications are saved into the FileNet system in PDF format. They can then be readily viewed on any Windows PC loaded with Acrobat Reader.
The time taken to process loan applications has been dramatically reduced (no more time spent looking for files, misplacing files). The servicing of loan application telephone enquiries is vastly improved as the Customer Service Reps can now deal with an enquiry in real time (since the loan application paperwork is now online) without the need to locate the hard-copy and then call the client back. Expensive office floor space and storage has been reclaimed. Once loans have been approved the physical hard-copy documents can be sent off site for cheaper long term storage. For this client an integrated solution from Kodak Alaris provides tangible benefits with regards to cost savings and productivity.
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