OCR Improves Bank's Data Visibility

By Karla Paris

Leading European financial institution looks to transform its back-office mortgage and accounts payable processes and front-office customer facing branch processes.

The advantages of optical character recognition (OCR) are numerous, but namely it increases the efficiency and effectiveness of office work by eliminating or at the very least greatly reducing manual labor. The ability to instantly search through content is immensely useful, especially in a financial setting dealing with high volume scanning or high document inflow.

Recently, a leading bank based in Europe partnered with Kofax Limited, a provider of smart process applications for business critical customer interactions, to transform its back-office mortgage and accounts payable processes and front-office customer facing branch processes.

The partnership introduced Kofax Capture, Kofax Transformation Modules, Kofax Web Capture, and Kofax Analytics for Capture to the European bank and is set to help centralize and automate the capture of more than 10 million consumer financial documents from more than 800 branch offices which were previously processed manually, with ineffective optical character recognition (OCR) products or outsourced to third party vendors.

“Financial institutions operate in a very competitive environment where relationships with customers are more important than ever,” commented Howard Dratler, Executive Vice President of Field Operations at Kofax. “Responsiveness is integral to maintaining strong relationships, and Kofax enables this bank to track, review, and modify information at any point in the business process. We are helping this bank thrive in its First Mile of customer interactions.”

With the implementation of Kofax’ solutions, the European bank expects to:

• Increase operational efficiency.
• Improve accuracy.
• Implement next-generation customer service.
• Extend mobile capabilities to new processes.
• Integrate business intelligence and analytics.
• Build upon its existing compliance platform.

Kofax is a leading provider of smart process applications for business critical First Mile of customer interactions. These begin with an organization's systems of engagement, which generate real time, information intensive communications from customers, and provide an essential connection to their systems of record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization's customer experience while greatly reducing operating costs, thus driving increased competitiveness, growth, and profitability.

SOURCE: Business Wire