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Banking and Finance Industry
Today’s competitive environment in the financial services market remains fierce. Financial organizations are looking for innovative ways to attract new business and customers, effectively serve existing clients, reduce costs, increase profit, prevent fraud and address regulatory compliance.
In order to get all these benefits, banks and credit unions need to operate with digital documents, because e-documents can be easy to search, access, manage, open, e-mail, etc.
ABBYY FlexiCapture is proven, highly reliable data capture solution. It transforms any type of paper documents into electronic images and data that can be easily managed throughout business processes. Good examples are mortgage, consumer and commercial loan processing.
Mortgage/loan processing
ABBYY solutions help banks all over the world automate and accelerate loan and mortgage processing. ABBYY’s solution enables scanning and verification of loan applications and supported documents right at the point of entry in single Web-based interface. Once captured, the data from these documents is transferred to a scoring system that provides information on the client’s credit worthiness and makes a recommendation about whether to authorize the loan. Making a good decision about whether to issue the loan and for what amount is dependent on this data.
Benefits
- fast data capture at the point of service with centralized server processing
- highly accessible Web-based interface for Scanning and Verification
- minimizes manual entry of critical loan information and increases accuracy of data
- reduces turnaround and processing time by excluding manual labor (sorting, classifying, searching)
- provides digital archiving and quick access to clients’ documents
- delivers a single platform for processing all kind of documents: mortgage processing, loan processing, account opening, credit card application processing, etc.
Case Studies
Account Opening
To open new bank accounts, clients fill out account opening applications and bring a lot of supporting paper documents.
ABBYY FlexiCapture allows fast application processing. Employees at the branches are able automatically capture and verify all relevant documents from their customers right in the Web browser and send them to back-end systems for immediate processing.
According to internal tests and the experience of other FlexiCapture users, it is possible achieve up to 80% time savings by automating account opening processes.
Benefits
- fast and accurate processing of account opening applications and supporting documents
- captures data at the point of service (bank branches) with centralized server processing
- highly accessible Web-based interface for Scanning and Verification
- single platform for processing all kind of documents: mortgages, commercial/consumer loan applications, account opening, credit Card applications, etc.
- immediately adapts to new forms and documents and their classification using ABBYY’s auto-learning technology
Credit Card Application Processing
When a client wants to obtain a credit card from a bank, he has to complete an application form and to provide some additional documents like the photocopies of his passport or proof of income. The information from an application form should be entered into the bank, credit union or other lender's database together with the accompanying documents.
With help of ABBYY FlexiCapture, you can automatically capture data, classify documents and extract information from the application packet. It allows the organization to reduce expensive, time-consuming and labor-intensive manual data entry, and therefore increase productivity by freeing staff to focus on other important issues. With ABBYY FlexiCapture, you will be able to process more applications with the shortest possible delay.
Benefits
- fast and accurate credit card application processing
- capturing data in the point of entry (bank branches) with centralized server processing
- highly accessible Web-based interface for Scanning and Verification
- single platform for processing all kind of documents: mortgages, commercial/consumer loans, account opening, credit card applications, etc.
- immediately adapts to new forms anddocuments and their classification using ABBYY’s auto-learning technology
Case Studies
- Grupo Financiero Uno Grows Its Spanish-language Credit Card Business with the Help of ABBYY FlexiCapture (previously ABBYY FormReader)
- Finansbank Uses ABBYY FlexiCapture (previously ABBYY FormReader) for Automatic Input of Credit Card Application Forms
- Plasticard-ZFT Acquires Customer Identification Data with Help of ABBYY FlexiCapture (previously ABBYY FormReader)
Archiving Financial Documents and Data
ABBYY’s data capture solution can help banks, credit unions and other financial organizations to automate financial document processing, organize the entry of corporate clients’ documents and develop an electronic archive of clients’ files.
Implementing an e-archive initiative in a bank or credit union allows the institution to significantly optimize the business process of data archiving.
Benefits
- reduce man-hours required for administering client documentation archive
- provide document copies at the request of the bank offices and government agencies
- ensure quick access to client documents (fast search)
- reduce the cost of maintaining paper-based document archives
- provides all local bank branches with access to the digital archive
Case Studies
Check Fraud Prevention/Risk Management
Today many banks are trying to avoid paper check transactions because handling paper documents is expensive. But bank customers still use checks in record numbers, thus encouraging the spread of check fraud.
Using ABBYY FlexiCapture with the ICR solution to recognize the hand-printed text of the checks efficiently identifies critical data on incoming checks. When the bank receives a check, ABBYY technology looks up reference images in a centralized database to examine the authenticity of the check and prevent potential forgery or counterfeits. It is also possible to connect a Signature comparison module to match signatures to existing records.
Thus a major problem that affects financial institutions can be solved with ABBYY.
Benefits
- capture data from great volume of incoming paper checks
- exceptional accuracy of data
- reduces manual data entry
- immediately identifies potential counterfeits
Case Study
Key benefits
Cost Reduction — automate data entry, eliminating time- and resource-consuming manual labor. Stop shipping paper documents, which reduces customer service by creating unnecessary time delays. Save the overhead costs of paper storage, including real estate, outsourced services, labor required to maintain files and supplies like file folder.
Better, Faster Customer Service — capture documents at the point of entry, for instance, in bank branches right in front of customers. Benefit from Scanning and Verification in a highly accessible, convenient Web interface.
Business Efficiency — streamline and automate daily operations such as account opening, credit card applications management, loan and mortgage processing, etc.
Regulatory Compliance — meet regulatory requirements that require the ability to trace data and complete full audits.
Fraud prevention — prevent and detect fraud to save money and protect your institution’s reputation.
