120 Executive Interview
Automate core banking processes with enterprise capture
The role of enterprise capture is becoming increasingly important in the financial sector, explains
Martyn Christian.
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 (AIIM).
“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”
KOFAX.indd 120
What are the key catalysts driving capture in banking?
Martyn Christian. 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 regu-
latory 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 organi-
zation’s existing business processes?
MC. 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, vary-
ing 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 ap-
proach 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?
MC. 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 capabil-
ity 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?
MC. 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 ad-
dition, banks should look for a flexible solution offering ap-
plications 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 sat-
isfaction 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. n
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