Financial Services Firms Choose Kofax To Support Information Management Initiatives
IRVINE, Calif.--(BUSINESS WIRE)-- Kofax plc (LSE:KFX), a leading provider of capture enabled business process management (BPM) solutions, today announced that sales of Kofax solutions to financial services firms continue to grow and gain momentum, with orders from multiple new customers exceeding $1 million in revenue.
According to a March 2012 survey* of 30 insurance and 29 banking firms by Aberdeen Group, a leading business intelligence research company, banking organizations showed the most aggressive plans to invest in document management tools and showed the largest performance gains from doing so, with 15 percent year-over-year increases in time-to-information, data visibility and data discoverability.
“Banks and financial services firms recognize the measurable ROI automation provides by reducing the costs, delays and risks associated with manual processes,” said Alan Kerr, Executive Vice President of Field Operations at Kofax. “As a result, we see both new and existing Kofax banking customers looking to capture solutions to handle customer correspondence, invoice processing, mortgage processing and new account openings.”
Examples of recent banking solution orders include:
- A leading builder of manufactured and modular homes and commercial and educational buildings and provider of financing and insurance products for its customers will expand its Kofax Capture solution to include Kofax Transformation Modules and Kofax Communication Server to automate the processing of approximately 20 million mortgage loan documents and insurance applications it receives annually. The value of the contract to Kofax exceeds $500,000.
- A bank servicing several branches of the U.S. military will expand its Kofax Capture solution to include Kofax Transformation Modules and Kofax Monitor to capture and process approximately 40 million invoices, credit statements, member correspondence, membership forms and accounts payable documents it receives annually. The value of the contract to Kofax exceeds $200,000.
- A leading financial advisory firm and provider of asset management and financial planning services will expand its existing Kofax solution and implement Kofax Capture, Kofax Monitor and Kofax VRS to automate the processing of approximately 20 million brokerage documents and customer correspondence it receives annually. The value of the contract to Kofax exceeds $290,000.
- For more information about Kofax solutions for banking, visit www.kofax.com/solutions/banking-and-finance.asp.
Kofax plc (LSE: KFX) is a leading provider of Capture Enabled BPMTM (business process management) solutions. These award winning solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner, enabling our customers to be more responsive to their constituents and gain competitive advantage. Kofax solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
* “The Tortoise and the Hare: A Tale of Document Management in Insurance and Banking.” Aberdeen Group. March 2012.
“Kofax” and “Capture Enabled BPM” are Kofax trademarks in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.
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