Success Stories

Courier Elimination

The Challenge

A 500-branch U.S. bank, having already adopted check image capture in its branches, wanted to eliminate the increasingly unnecessary cost of couriers between branch and central operations without adding operational complexity for branch employees.

The Solution

In six months, Imagine Solutions deployed a one-touch enterprise document capture solution that recognizes and classifies more than 200 types of branch documents, securely routes them to the appropriate downstream processes, and prioritizes work types based on pre-defined rules.

The Results

The benefits included $3 million in savings, better customer service, greater security, reduced errors and readiness for additional features of the system.

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Image Enablement and Loan Process Automation

The Challenge

A top-twenty U.S. bank was utilizing very manual and paper intensive processes within their Loan Operations Division. They wanted to improve their overall operational efficiencies by eliminating as much paper as possible, reducing re-work due to errors and/or lost documents, streamlining the post-close audit process and reducing paper-related costs.

The Solution

In the first phase of the project, the Imagine Solution’s team documented the current paper-based approach, then designed streamlined processes leveraging Imagines Encapture® platform to capture documents at the beginning of the process and IBM’s FileNet P8 for workflow management and efficient document storage. This included workflow-driven routing between agents and business partners, as well as a “Where is My Loan” feature to give officers immediate access to loan status. Phase 2 focused on automating the audit and review steps during the post-close process. Imagine built an interview-based decision tree that identified additional steps and/or documents required based on the responses provided, and integrated workflow into the audit results to streamline the follow-up and resolution process.

The Results

The benefits included reduced labor costs of $4 million, reduced systems costs of $750,000 (consolidating two systems into one), improved customer service and loan office productivity as well as reduced compliance risk.

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Mortgage Loan Modification

The Challenge

A top-ten U.S. bank was experiencing significant operational problems in its mortgage loan modification program, resulting in high customer fall-out rates, increased regulatory scrutiny, and some level of reputational risk. Many of these problems stemmed directly from the high volumes of customer documentation that had to be incorporated into newly defined HAMP application and approval processes.

The Solution

In a two month project utilizing the Encapture® platform, Imagine Solutions helped deploy a distributed capture capability that extended the bank’s enterprise content management platform into dozens of ad hoc locations – community centers, school gymnasiums, etc. – where loan modification specialists worked directly with customers. On the spot, these specialists could image capture and validate the customers’ documentation and immediately route those electronic documents into the bank’s central loan review workflow, dramatically reducing errors and lost documents and jumpstarting the loan modification process.

The Results

The solution gave the bank a boost in both regulatory compliance and community goodwill. It enabled proactive outreach on behalf of troubled borrowers and gave borrowers timely, informed answers. The solution also provided audit trails for monitoring and reporting, workflow to ensure step-by-step compliance, and security against customer privacy breaches.

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Wealth Management

The Challenge

A wealth management company with more than 5,000 independent advisors wanted to optimize their paper-intensive processes to improve overall customer experience and advisor retention. A particular need in this regard was minimizing time delays related to account setup and transaction fulfillment.

The Solution

Imagines Solution leveraged its Encapture® platform to enable each advisor to easily scan and index the customer application, interview notes and associated documents for same day processing. Imagine took pains to minimize the operational impact – it required only four hours of online training for an agent to become proficient with the new system.

The Results

The paperless approach significantly reduced application processing time. As a result clients had access to funds next day and advisors got paid much sooner. In addition, overall courier and processing expenses were cut, customer information was archived safely and securely and advisors were much happier making them less susceptible to being recruited away.

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Credit Services Operations

The Challenge

A U.S. bank with operations in eight states was hindered by inefficiencies, delays, and errors resulting from its paper-intensive processes in Credit Services.

The Solution

Imagine Solutions transformed the operation with a technology-driven capture platform that could be leveraged across the enterprise.

The Results

The bank realized savings of 30% in just three months, reduced loan processing time from 20 days to 3-7, and improved customer service, employee morale, compliance, and accuracy. Other lines of business began rolling out the solution.

Mortgage

The Challenge

A large U.S. mortgage company was entirely paper-based and air courier-dependent and was experiencing cost, productivity, and customer service issues as a result.

The Solution

Imagine Solutions performed a thorough ROI analysis and implemented a FileNet-based workflow solution, enabling the company’s offices to share documents electronically for more profitable, accurate, compliant, and responsive processing.

The Results

Cost savings included $4.3 million in records management, $1.8 million in copying, $1.7 million in mailroom, audit, closing, and investor; $1 million in express mail (a 50% reduction), and an 80% reduction in post-closing costs.

DMV Modernization

The Challenge

The Department of Motor Vehicles of a Midwestern state, faced with new Homeland Security compliance requirements and increased budget pressures, needed a better way to acquire and verify documentation related to driver’s license applications and commercial transport records.

The Solution

The DMV chose Imagine’s Encapture® – with its wizard-based content request functionality – to be integrated with 3M’s Motor Vehicle Systems for automatic indexing and ingesting into FileNet. DMV clerks are prompted from within the DMV application to scan required documents at the point of citizen interaction and associate the resulting images with the DMV record, and then hand all original documents back to the citizen.

The Results

The benefits include full compliance with the Homeland Security Real ID Act, cycle time reduced from weeks to three days, 100% of indexing errors eliminated, reduced labor (no more copying and filing of documents), reduced exceptions, and significant savings in storage space for file copies and postage.