Many businesses today are taking advantage of intelligent data capture and processing solutions to improve data accuracy and operational efficiency. This is especially true for financial services organizations, where data quality is critical for successful customer onboarding, regulatory compliance, and fraud detection.
These solutions integrate several technologies, including high-end document scanners and data capture software that automates the extraction of data from a variety of sources, such as paper forms, IDs, emails, and images. This data is then classified, organized, and distributed to various storage locations and line of business systems.
As a result, intelligent data capture solutions are helping financial services to reduce risk and save time and money.
Financial service organizations are constantly looking for ways to simplify critical business processes, improve the customer experience, and ensure regulatory compliance regarding customer data protection. Here are a few ways that data capture solutions can help these companies accelerate business performance.
Loan applications involve many forms and supporting documents that require digitization and careful processing. A typical application involves the collection of customer information, document verifications, a completeness check, credit bureau and other third-party checks, and finally application processing and customer notifications.
This multi-step process can take a lot of time, and any steps involving manual work increase the probability of human error. This is true for any customer workflow in financial services. Comprehensive data capture solutions enable banks and other financial services to automate these essential processes to save time and reduce data errors that would otherwise require re-work downstream.
[ CASE STUDY: Kodak Alaris is helping this financial firm reduce loan processing time by 65% ]
In the financial services industry, nothing is more critical than data security—not only for regulatory compliance but also brand trust and loyalty, critical factors for sustaining long-term business. Data capture solutions are a vital IT infrastructure component; the right solution often means the most secure solution.
It’s critical that document scanners process data exclusively through volatile memory, which ensures that image data is erased upon shut down. They must also support the latest security protocols, such as WPA and TLS, to protect data and customer privacy.
[ ARTICLE: Are Your Document Scanning Workflows Secure? ]
The deployment of data capture and automation solutions in finance is increasing rapidly because the technology had been overlooked as a fast and easy way for businesses to simplify workflows, improve time and cost efficiencies, manage risk, and provide a positive customer experience.
When you scan documents at the point of origin, the data is immediately available for everyone in the approval chain; no time is lost to manual data entry and the flow of data is fast and accurate.
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Kodak Alaris is helping many large financial services organizations make their business faster, more accurate, and more profitable. With award-winning document scanners and software solutions, Kodak Alaris checks all the boxes, delivering faster account processing, reliable data accuracy and security, and a better experience for customers and employees. See Related Solutions >>
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