View the webinar to hear MTF's CIO describe the project and benefits achieved. You will also be able to see a demonstration of the system.

MTF (Motor Trade Finance), a major vehicle financing group in New Zealand, processes over 4,000 loans per month. Ashley Ross, MTF’s CIO, was looking for a way to optimise their new loan onboarding process and was introduced to Ephesoft's Transact solution. The Ephesoft solution was implemented by Future State Systems in only 6 weeks and immediately delivered a 400% productivity improvement.

CURRENT STATE

We want the first interactions with a new customer, or an existing customer wanting to do more business with us, to be as positive as possible. But too often, the customer experience is disappointing.

 

For good reason, we ask our customers to supply the documents that prove their identity, income, place of residence, ability to make repayments etc. We then ask them to drop the documents to a local branch, or scan them and email them to us (or our intermediary). We typically don’t have a capability for them to easily submit the documents via our mobile App, and we don’t provide regular updates to them on which documents are still outstanding.

 

Internal processing of the documents can be equally sub-optimal. Internal staff are often overwhelmed by the sheer volume of documents to manually process, resulting in processing delays.

 

Manual processing is usually inefficient and costly. Staff will often print out the attachments to one or multiple emails, categorise the documents and try to keep track of which ones are still outstanding. Incredibly, the recently printed email attachments are frequently scanned - so that they can be uploaded to the line of business application and/or document repository.

 

Documents can easily be misplaced or incorrectly classified. Key data from the documents is often re-keyed into the line of business application, or as indexing data for the document repository.

FUTURE STATE

The FSS Customer Onboarding solution is built around the Ephesoft Transact Intelligent Capture platform. Customers can send their documents using their channel of choice. Irrespective of the channel, Ephesoft will pick up the documents, automatically separate and classify them, extract any data that is required for upload to line of business applications and/or the document repository, and send the data and image to those systems. This is usually a straight through process with no manual intervention.

 

Where the system’s confidence levels are below a certain threshold, an operator will review the classification decision and/or data extracted from the documents, and confirm or correct as appropriate.

 

Ephesoft makes it incredibly easy for a customer to capture documents using their smartphone (it turns the phone into a scanner, and optimises the capture process) which is increasingly their preferred channel.

 

Email notifications can be configured to remind customers which documents are outstanding. Optionally, the system can be expanded to incorporate a customer/intermediary portal that displays the list of documents successfully received and processed and still outstanding, and customers can upload documents directly into the portal. If these capabilities are available within your existing systems, we would utilise those systems to provide process visibility to the customer.

BUSINESS BENEFITS

Customer Onboarding is undoubtedly one of the most compelling use cases for Intelligent Capture technology.
 

The FSS Customer Onboarding solution delivers outstanding value, a very strong ROI and fast payback. Typical benefits include:

  • Dramatic productivity improvements - a recent implementation immediately delivered a 400% productivity benefit
     

  • Much improved customer experience
     

  • Shorter processing times – critically important to reduce abandonment rates and increase customer satisfaction
     

  • Improved compliance
     

  • Enhanced process visibility – internally and for customers
     

  • Significant reduction in error rates

 

Importantly, because most of the business value can be delivered without changes to existing systems, the solution can be implemented very quickly. A recent financial services client, who is auto-classifying almost 50 document types as part of their onboarding process, was able to implement the system in 6 weeks.  

Whilst many customers apply for a new product or service using an online form, the onboarding process is still significantly impacted because the customer must submit a host of trailing documents before the process can be completed. Our Customer Onboarding solution makes it easy for customers to submit documents, using their channel of choice, and dramatically improves the speed and efficiency of the internal processing of those documents. The result - a better customer experience, faster turnaround times, much lower processing costs and improved compliance.

CUSTOMER ONBOARDING

FUTURE STATE

The FSS Customer Onboarding solution is built around the Ephesoft Transact Intelligent Capture platform. Customers can send their documents using their channel of choice. Irrespective of the channel, Ephesoft will pick up the documents, automatically separate and classify them, extract any data that is required for upload to line of business applications and/or the document repository, and send the data and image to those systems. This is usually a straight through process with no manual intervention.

 

Where the system’s confidence levels are below a certain threshold, an operator will review the classification decision and/or data extracted from the documents, and confirm or correct as appropriate.

 

Ephesoft makes it incredibly easy for a customer to capture documents using their smartphone (it turns the phone into a scanner, and optimises the capture process) which is increasingly their preferred channel.

 

Email notifications can be configured to remind customers which documents are outstanding. Optionally, the system can be expanded to incorporate a customer/intermediary portal that displays the list of documents successfully received and processed and still outstanding, and customers can upload documents directly into the portal. If these capabilities are available within your existing systems, we would utilise those systems to provide process visibility to the customer.

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©2017 BY FUTURE STATE SYSTEMS.