These technologies reduced Wells Fargo Bank's
storage space needs by 98%.
For example, certain critical documents, including the loan application, bank note, disclosure statement, security agreement, title and legal documents were required to be maintained in both hard copy and electronic form, while all others could be archived and stored off-site. In this case, the document-control system had to coordinate hard copy and electronic documents.
Electronic Storage Of Images Reduces Storage Space By 98%.
Document Control Solutions (DCS), a nationwide records and information solutions provider, was chosen to design and implement a reliable process for converting paper documents into easily retrievable images. After extensive study and testing of document conversion processes using actual Wells Fargo loan files, DCS built a document preparation, scanning, storage and indexing system involving recent developments in bar-coding technology.
According to Susan Speyer, director of conversion and document capture at DCS, an electronic storage and indexing system was developed. The system uses a DCS-designed pocket-folder system called Quick-Filer™ (which archives document images electronically), in conjunction with a bar-coding protocol using Image-Trax™ (a DCS bar-code tracking software) and Printronix L5031™ durable laser printers. Because the L5031 prints high-quality images without applying high heat or pressure to the media, it is the only printer that could print special media, (pocket folders in this case), in the high volume demanded by the project. In this system, critical hard-copy documents were stored at the branch office in specially designed bar-coded pocket folders. When scanned, they linked the loan officer to related electronic documents archived on the database, in addition to identifying the documents inside the pocket folders.
Scanning paper files and storing their images electronically reduced storage space by 98%. Only eight to 12 of the 30+ documents in a loan file were required for daily operations, while the remaining documents could be destroyed or archived.