Case study: Cloud-based enterprise content & information management powers workflow efficiency

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Building a strong digital ecosystem means bringing accountholders, employees and data together through meaningful interactions. Driving efficiency is key, especially for financial institutions who must be conscious of resources and costs to ensure programs are beneficial for both the institution and the customer or member.

A US-based community financial institution reached out to Alogent in hopes of automating business rules to reflect the promises they make to their clients. As they continued to eliminate manual interventions and automated over 700 processes daily through Alogent’s FASTdocs, an enterprise content and information management solution built specifically for banks and credit unions, they grew more confident in delivering a level of intelligence that made both their business, and those that they serve, smarter.

Challenge & Opportunity
A combined team of five FTEs manually scanned paper documents, origination packets and other forms into the repository for this $2.3 billion community financial institution. Employees included handwritten information that led to extended processing times for the accountholders. The financial organization was committed to delivering access anywhere, at any time, providing business services and value, but delivering that flexibility and efficiency was a big challenge. Due to the cumbersome processes they had established, internal adoption of the solution and overall paper handling hindered their goals of achieving higher satisfaction through easy to learn functionality.

Solution
The organization started on its journey by developing sophisticated business cases to understand the true needs of employees and accountholders. To make these goals a reality, FASTdocs, an enterprise content and information management (ECM/EIM) solution built specifically for the financial services industry, was selected. With its modern technology stack capable of integrating seamlessly into the institution’s core banking solution, and the flexibility to write custom code, FASTdocs was a crucial driver for success.

As a proven solution, FASTdocs enabled the implementation of automated business rules, key integrations, and strategic workflows. By collaboration with the client’s internal IT and scanning departments, the Alogent team equipped the FI with an easy to use, fully automated process that yielded tangible gains.

Results
This U.S.-based financial institution revolutionized both internal efficiencies, as well as client interactions, by relying on FASTdocs. The FASTdocs advanced solution suite enables automated workflows, including capturing, archiving and managing information in any form: paper, text, numeric, audio, video and image files, as well as correlating internal and accountholder documentation within a single view.

Internally, employees gained an easy to use, fully automated process that reduced manual steps, enabled a paperless operation, lowered hard and soft costs, and resulted in fewer errors and delays.

Accountholders also saw increased efficiencies and gained real-time access to download account information. With employees now able to reply within seconds, response times were greatly improved and communication enhanced.

Additionally, because FASTdocs interfaces with the organization’s online and mobile banking platforms, user experiences are streamlined, consistent and secure. The FI was also able to use the Alogent solution as a direct connection to their core because of custom coding, which allowed the view into documents and tree-structures.

What once took five FTEs to operate now takes one. The institution has fully automated more than 700 processes throughout their day and continues to build out functionality for new employees and additional automation. The FI also imports digitally signed documents, as well as loan and mortgage origination packets, to name a few of the hundreds of processes, into FASTdocs. While the FI already utilized many best-in-breed solutions within their organization, Alogent provided the key that linked those systems into a single repository for a powerful engine that created a modern digital ecosystem.

With FASTdocs, the financial institution achieved anytime, anywhere access to their documents both online and internally to the organization itself through custom coding and a new user interface. This has allowed them to flexibly deploy and manage the software as an API solution.

Furthermore, the organization significantly lowered paper-use through automating all business processes and empowered its employees with a 360° Google-like search engine that makes sure access to all information is available. The FI is confident they can continue to improve productivity, be more flexible and continue to expand upon their usage for further automation and cost-savings.

 

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About Alogent
Alogent provides proven, end-to-end payment processing, content management, digital banking, and loan origination technologies to financial institutions, currently including over 2,400 credit unions, community and regional banks, and some of the largest national and international institutions. Our solutions are customizable, scalable, user-friendly, and exceptionally stable. Because of our relentless focus on innovation, our clients consistently exceed their productivity, financial, and customer experience goals. Learn more about Alogent at www.alogent.com.

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