Sundaram Finance Ltd started operations in 1954 with the mission of providing financial services to small truck operators. Sundaram Finance emerged as a leading financier of the transport sector. Devoting its services to the growth of the road transport industry, Sundaram Finance is today synonymous with automotive financing in the country.
Presently, its operations are spread across the majority of states and union territories. It serves 3 million active customers, with 15,000 employees working across 634 branches in India. The company relies on Kodak Alaris technology for their information Management strategy.
As part of the company’s regulatory processes, all physical loan application forms and paper documents must be archived into the central documents repository. Before this, information must be extracted from these documents and fed into the business process software. Approvals of individual loan requests are then determined on a case-by-case basis at various hubs within the network of offices.
Before deploying Alaris scanners, the information capture and archival process consumed at least three working days on average for a loan application.
This caused dissatisfaction with customers since loans took almost one week for approval or rejection. The inherent risk in this was losing the opportunity to competitors.
It was necessary to move to a new document handling system to improve the loan application process. This meant that the entire operation had to be streamlined to service clients and reduce turnaround time.
Processing all physical loan application forms and paper documents which are spread across branches, it is a huge task to sort the vital information. This posed a challenge in terms of loss of control.
A typical application would go through the following stages:
Sundaram Finance Ltd deployed Alaris S2080w Scanners across its branches to speed up the scanning process. The scanners currently empower front line office staff with enhanced image processing, better scanning performance of up to 80 pages per minute and 8000 pages per day.
The greatest cost savings come from Alaris wireless scanners being accessible to as many as six users, who can process multiple loan applications simultaneously.
Within 6 months of utilizing Alaris S2080w Scanners, Sundaram Finance experienced a marked increase in operational performance and customer satisfaction levels.
Sundaram has reduced average processing time from three days to just a few hours. This attracted many new clients to Sundaram Finance from its competitors.
We used to dedicate three full days per month for scanning, it was time consuming and hampered productivity. After switching to Alaris scanners, we can finish our scanning work within one hour. Speed and quality of service have increased, resulting in improved customer satisfaction. Mr. A. Mohan Kumar IT Manager, Sundaram Finance Ltd.
Since deploying Alaris Scanners, Sundaram Finance Ltd. has achieved: