Document Capture Solutions for Financial Services

Every sector in the business world irrespective of being a public or private organization is now looking into innovative ways to develop their business. This growth based innovative solution has reached the financial sector to attract new customers and to serve the existing ones more effectively. The financial services are now looking into ways to increase profits, reduce costs, minimize mistakes and stop frauds. Compliance with the regulations has to be followed while searching for the innovative solution which can fulfill the above parameters. Replacing paper with digital documents is the first and foremost step to avoid negligence. Digitization makes the documents to be easily accessed, managed and stored.

Document capture solution is innovative and gives banks the leverage to handle documentation better. This allows lengthy documents to be organized in less time and thus improves the processing speed. Automation and streamlining of the manual paper process are applicable to banks in the following scenarios. Bank account opening, loan processing on the mortgage, credit card application processing and checking the proofs of documents submitted for compliance are all manual paper works. Automation of data entry and document verification can now be done easily and quickly with document capture solution error-free.

Paper Documents for Credit Applications

Let us take the example of the credit application to see how document capture helps banks. There are numerous documents which are mandatory to be submitted to the bank before procuring a credit card. The customer should submit a hardcopy of driving license or passport or ID for identity proof. A copy of house registration or work permits as address proof is required. Original document of payroll slip or employee letter with details of designation and salary should be procured and submitted. A copy of last 3 months bank statement or IT returns should be submitted as income proof. These are the most wanted documents needed for verification before the bank can issue a credit card to the applicant.

Document Capture Solution for Credit Applications

Optimizing the manual credit application processing will enable the bank to speed up the delivery of services to the customer. Cost savings will be enabled if the manual work is automated with software like CaptureFast. The document capture solution helps the financial services to reduce the time consuming, expensive and labor-intensive manual entry work. The productivity of the work from the staff is increased and employees are freed up to process more applications in a short time. High-quality data are stored without errors and delays in processing will be significantly reduced with document capture solution.

Benefits of Document Capture for the Financial Services

There is a considerable reduction in the workload of the staff by using application software like CaptureFast document capture. About 4/5th of document storage quality is improved and all the information on documents is saved without any chance for errors. Paper storage is minimized leaving a lot of free desk space and reduced paper wastage. Major issues such as document loss and manual errors are minimized to great extent. Turn around and processing time is drastically reduced making the processing of credit applications or loan approvals quick.

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