The regulatory landscape has transformed intelligent document capture into a critical priority for financial services firms, banks, credit unions, and other financial institutions. Compliance issues, audit ability, and basic document tracking can often be disparate functions, but they should not be. Financial firms require efficient measures to process the mountains of documents and maintain protocol. From fast compliant loan processing to opening hassle-free accounts, Connectis Solutions delivers invoice processing automation efficiency while reducing costs. Banks must determine their areas of specialization and focus their efforts on those markets, products and distribution channels they can manage efficiently, utilizing the appropriate technology to deliver sustainable business gain. The challenges of recovery presents many opportunities that executives should seize; banks must begin a transformation today to make sure they are fit, focused and ready to face any challenges standing between them and continued success.
- Purchase orders
- Transfer of funds
- Credit applications
- Financial reports and statements
- Loan approvals and denials
- Mortgage documents
- Return items-overdrawn accounts, bad cheques
- Account summaries
- Securities reports
- Bid specifications
- Branch summary reports
- Change orders
- Expediting notices
- Fund transfers
- General correspondence
- Purchase order acknowledgments and changes
- Rate sheets
- Regulatory disclosures and information
- Requests for quotes
- Wire transfers
- any document or form
Insurance companies and Banking Industry are data and document driven. So having access to documents as quickly as possible provides better customer service while improving the ability to process policies, claims, and general customer correspondence. From new policies to beneficiary changes to records management, documents are essential to identify, classify, track, and save. Connectis provides solution from IT Giants in Data Capture Technology includes OpenText and Artsyl. We can assist you to reduce labor costs, speed documents to their proper repository or workflow, and provide auditability and tracking for compliance monitoring. Our solution provides flexibility in handling all document types from very structured to unstructured means our one platform is well suited to this task.
Our Data Capture Solution accelerates business processes by serving as a gateway for any information entering the bank, whether paper based or electronic, in both the front and back office. We assist banking clients to automatically captures, classifies and validates information from the incoming documents. Data is extracted using advanced recognition technology and validated against information supplied by Core Banking Systems. We could send the extracted data to ECM, ERP, Core Banking systems, CRM workflow and archive systems.
The conversion of data from a physical format into the electronic or digital format is a difficult and tedious process. This becomes more complex when a large number of the data is to be handled. Therefore the digitalization of the large amount data in a short time is possible using document scanning and data capture solution. This is a computerized system which is particularly designed for the collection of the data in electronic format. This provides a graphical user interface for entering the data, a validation element for checking the data of users and a reporting tool that helps in analysis of the collected data. Connectis Provides Data capture solutions to capture data from scans of documents. These scans usually have text, diagrams and tables on them. When data capture solutions are used in these situations, they need to accurately extract such information and place them in text searchable files. Most of the Data Capture technologies that we represent have optical character recognition (OCR) technology at their core, which is needed to capture printed font from scans. Often other advanced OCR technologies such as intelligent character recognition (ICR), optical mark recognition (OMR) are also included for capturing, recognize and extracting handwriting and information from check boxes.
Our Data Capture solutions simplify and streamlines invoice and accounts payable processing. Within moments of receiving an invoice, either in paper, fax, or email form, Data Capture software will ingest it and quickly identify the vendor and retrieve essential data fields. The system will then validate this data with your vendor, purchase order and receipts databases, flag exceptions, then direct the extracted data to appropriate internal systems for processing. Classification and separation of document types without the labor intensive insertion of bar code sheets is critical here to process efficiently. An operator reviews any low confidence documents before extraction of key data takes place. The resulting images and metadata can interface directly to your internal systems to speed the approval process. Cash flow is the backbone of every business, so the ‘order-to-cash’ process is critical. This starts with the receipt of orders. The sooner these sales orders are entered, the sooner your product or service will be delivered, and the sooner you get paid. Connectis assists our Banking clients to automate the handling of orders, both with and without purchase orders. Key data can be entered into your ERP system, then using advanced OCR recognition and intelligent management of data, including comparisons to vendor and products’ database, our software automates and expedites the entire process. Result: the order-to-cash life cycle is dramatically shortened, and you get paid faster.
Connectis provides Document Management solution from MaxxVault. MaxxVault is a document management solution that helps win the paper battle, and also comply with regulatory requirements. For example, with a click of a button, you can automatically audit and package loan documents for review, editing and distribution — even if the files originate from disparate sources. Our solutions provide a secure place to centrally store client information so that multiple authorized bank personnel can simultaneously view the same file at the same time without making copies. The loan process is monitored using workflow reports to identify the current status of each loan. With MaxxVault powerful workflow tools, you can manage and measure your processing times and maximize your resources. Once the loan has been approved by the loan officer, you can use MaxxVault barcode recognition to automatically print a bar code on the electronic closing documents before they are printed. When the client signs the printed documents, you can then scan, fax, or e-mail them and they will be automatically added to the matching loan file in the system. MaxxVault Electronic Document.
Management (EDM) can help your organization provide high quality customer services while lowering your operation expenses by enabling authorized users to access client support materials instantly regardless of department or location.
Banks manage hundreds of pages of support documentation for just one client’s loan process. At the time of the loans request the client’s file is initiated and the required documents are immediately added to it so loan officers can determine the loan risks. Loan assistance continues to build the file by collecting the client’s credit report, financial statements and tax returns, financial spreadsheets, funding checklists, lease information, personal or corporate guarantees, appraisals, amendments and so on. Managing the quantity of client and business documents is challenging enough without adding the laborious task of managing the document retention policies specific to each document type. You can simplify retention and purging processes using business rules defined by your organization. Rules can be as simple as, “If document exceeds seven years past date scanned, purge automatically”, or as complex as, “Based on the document type, Status field, and Time Beyond Date field, notify authorized user to view prior to purge”. Mitigate your risk by establishing your retention policy and automating the process. Managing and renegotiating vendor contracts can be a time consuming and daunting task. Let Electronic Document Management help you manage the renewal process. Leverage MaxxVault DMS tools to report on contract expiration, renewal, and renegotiation time lines. With MaxxVault versioning capability, you can track changes to a contract, including who made each modification and when. MaxxVault Electronic Document Management helps banks manage all their clients’ business documents, including signature cards, enrollment forms, loan files, credit collections of the loan files, wealth management documents, insurance files, and correspondence. Our solutions help you to eliminate the need for document duplication by providing authorized users with access to client support files from any location through a secure audited viewer.
Benefits you can measure:
- Cash flow: Shorten the funding cycle by having better access to loan documents.
- Profitability: Save time by automating the processing of information. Find documents faster by accessing them electronically.
- Competitive edge: Better information management improves business processes.
- Faster service: Improve response time with immediate access to documents from a PC.
- Multiple locations: Reduce time delays and improve communication by electronically sending documents between headquarters, remote branches and customers. Easily capture and integrate information from branch offices.
Eliminate manual sorting and matching: Electronically match, assemble and print loan files and supporting documents.
- Integration: Automate data entry, verification, document creation and indexing using information from existing systems such as mortgage origination, processing and servicing.
What Our Customers Say
Connectis has been great to work with. The support team understands our processes and promptly addresses any concerns or issues we have. I found their support staff to be courteous and have deep product knowledgeable which made the implementation a pleasant experience.
M.D. Algoma Public HealthDirector IT