White Paper |
Finance
CUSTOMER SUCCESS STORIES
Large National Financial Institution
CHALLENGE
Our Customer is one of the major Australian banks servicing over nine million customers across Australia, New Zealand and worldwide. As part of its mortgage fulfilment operations, they had a disjointed strategy incorporating multiple vendors across scanning or pre and post-settlement documents, document management and archive storage.
ZircoDATA’s services were engaged to provide an integrated solution incorporating collection of pre-settlement mortgage documents from the post office, scanning, and document recognition, through to creation of mortgage security packets and lodgement to secondary (active) and archive storage.
- Disjointed solution incorporating multiple vendors
- 48 hours turnaround on document availability
SOLUTION
ZircoDATA provided a solution that incorporated a fully integrated digital mailroom and document management programme. In five states across the country, returned mortgage documents are collected daily from 5am. Mortgage packs are uniquely identified, quality checked, and then scanned. Individual documents are classified using Optical Character Recognition (OCR) and an automated document classification engine containing over 200 document templates. Images are released and transferred throughout the day via drip feed secure file transfer, with the day’s production complete by 4pm.
Key value documents are extracted from each batch, and lodged to archive storage, with metadata uploaded to identify individual documents which are available for retrieval as required.
- Daily mail collection and scanning of mortgage document packs across five states
- Automated document classification using OCR, and over 200 document templates
- Creation of mortgage security packets daily and lodgement to active storage
- Lodgement of cartons daily to archive storage, with three level tracking of documents in each carton
BENEFIT
By streamlining the scanning and document management processes, our Customer was able to reduce inefficiencies due to multiple handoffs of records, as well as gain visibility of processed records within 24 hours of collection from the mail. The document classification engine achieves accuracy in excess of 98%, which reduces the need for subsequent triage due to document classification errors.
- Visibility and access to mortgage documents within 24 hours of receipt
- Automated classification of mortgage documents, uploaded daily to their servers with > 98% accuracy
- Single vendor meant reduction of cost and risk in transport and handling
