Case Study
Banking/Financial Document Scanning
Details
Industry: Banking
A few community banks were merging their businesses together and they wanted a cohesive process throughout their organization. There was a lack of an efficient process for storing their files and they had difficulty retrieving documents for clients when needed. Recordsforce digitized their financial records, used document classification and data extraction to make key information searchable, and then uploaded their files into their system. Now the bank’s documents and information are easily searchable, and they also saved space, lowered the cost to store boxes and increased the security of their client’s personal information.
Analyzing The Problem
The success of three merged community banks led to a large collection of commercial lending records, residential mortgage files and home equity loans. The bank was mostly concerned with staying cohesive among their organization. They were concerned as to where to store all of these paper records, as well as the time-consuming process it would take to search for a file if needed. Not only would they spend time searching for the right file, they would also spend time searching for the specific document itself, and then the exact information needed, such as the loan number.
Creating A Customized Solution
Recordsforce was able to digitize the thousands of paper lending records. We collected the documents, prepped them for scanning by removing staples and taping down sticky notes, and then scanned the documents through our high-speed scanners based on the document’s loan number. We then classified each document appropriately, such as Approval Memo, Tax Return, Credit Report, etc. Next, we used data extraction, a combination of AI and manual keying, to index the required data off the documents, such as the Borrower’s Name and Loan Number. Once the images and data are quality reviewed for accuracy, Recordsforce then uploaded the files remotely into their systems while providing a backup of their files. Once uploaded, the documents are reassembled and placed in storage.
Instant Results
Having digital access to all of their loan files has significantly sped up their processes. Not only do they not need to spend time physically searching for a document, with data extraction, they are able to find what they need in a matter of seconds. Data extraction allows them to search by document type (Approval Memo, Tax Return, etc.) but also by field information (Loan Number, Client Name, etc.) Eliminating the time-consuming task of manually looking for documents makes it possible for their team to fully focus on their expertise and tasks at hand. Additionally, they saved space and costs since there is no need to store their documents in-house, and even increased the security of their client’s personal information.