Saving trees with your branches
It’s time to take a fresh look at paper elimination in your branches. Despite dramatic progress that has occurred through the adoption of online banking, bank branches today remain a major source of transaction origination and, of course, paper. From new account openings, to consumer, commercial, and mortgage lending, to a wide range of other transaction types, branches continue to be a significant source of paper-based content. This paper results in transportation costs, error rates, staff expense, and elongated processing windows that are simply no longer necessary.
BankFlow™ is an integrated solution that helps banks avoid the creation of paper content when possible, digitize remaining paper at the first point of touch, and securely manage digital content as it flows to downstream processes and repositories. With BankFlow, users can predictably save over $10,000 per branch per year, while improving the customer experience, reducing compliance and fraud risk, and accelerating critical workflows. Particularly if you have already implemented check image capture in your branches, the savings through courier elimination alone can be substantial.
BankFlow is comprised of three main elements:
- Assessment and Design Services: a detailed review of your environment, processes, and priorities that let us team with you to articulate a detailed target state vision. From an initial “what’s in the courier bag” analysis, to detailed process walkthroughs, to best practices reviews, we bring a highly focused and business-case driven orientation to branch paper elimination.
- Proven Technology Suite: best-in-class proprietary and partner technologies to deliver the tailored solution that’s right for you. From electronic forms and signatures, to distributed content capture, to advanced image-based document classification and data extraction, to electronic workflow, to comprehensive records management, Imagine incorporates proven software components that can work together seamlessly in your environment.
- Implementation and Process Re-engineering: solution delivery by experts. The Imagine Solutions team will bring deep expertise in both the underlying technologies and the workflow optimization aspects of BankFlow to ensure that your solution is both reliable and transformational. At a minimum, downstream operational functions that previously worked from paper will now work far more efficiently from images.
In summary, BankFlow:
- Minimizes paper inventory
- Eliminates transportation costs association with moving paper from one location to another
- Eliminates the need for associates to keep their own copy for their files, minimizing compliance and privacy-related issues
- Reduces risk by restricting access to documents by user name and password
- Improves the quality of time associates spend with customers
- Further improves the customer experience by expediting research
- Increases compliance with electronic records requirements
While the savings vary by financial product, the typical return on investment averages out to be $20-25 per deposit and administrative-type documents with short lives, $50 for investment-related documents and $85 per loan file.
If paper is still a major part of how your branches do business, BankFlow may be the answer. Contact Imagine today to learn how you can leverage BankFlow to achieve ECM excellence in your bank.