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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