Meet Compliance and Regulatory Policies

Many financial services companies scramble to comply with new regulation, like SEC 17a-4c, and maintain compliance with legacy regulations, like Dodd-Frank Act, SOX, Know Your Customer (KYC) and other legislation as they grow. In addition, a changing corporate landscape can drive major efforts in IT governance.
Flexible information management tools will support your any number of policies and allow you to manage existing and future regulatory compliance with confidence, and protect you from unnecessary exposure.

Enable Reporting

Technology that allows you to easily aggregate and share process performance data is essential. If you don’t know where your processes are failing to meet compliance, you can’t fix them. Similarly, visibility into who, how and when content is interacted with is critical. It’s important to have a highly accessible and configurable content analytics platform to expose the precise information you need to detect risk immediately.

Support Granular Information Security and IT Governance

If you can’t configure your information management software security with ease and precision, then you can’t have visibility into performance or activity. More importantly, you can’t protect yourself against legal exposure. Systems that support robust configuration help you enforce the controlled collection of information. They also help you standardized formats and data management, which promotes infosecurity.

Manage Retention & Disposition

From a risk management perspective, disposition can be as crucial as retention. Managing the lifecycle of your data and documents does not have to be complex and expensive. A simple, automated solution can pay for itself many times over. 

Have a Dedicated Process for Records Requests

If you are plagued with requests, it may be worth investing in a solution that integrates any type of content—data, documents, email, assets and more—with line-of-business systems and databases to auto-fill, verify and authenticate requests. Smart systems can help meet deadlines with automatic confirmations, status updates and reminders, auto-redaction, storage of completed requests, trackability and more. 

Facilitate Powerful Search, Consumption and Delivery

Whether you are producing a report, audit results, images or data, it’s important to have a system that supports flexibility and speed. Some options might include:

• Automatically convert document formats upon import or during workflow
• Monitor databases and configure to automatically react when criteria is met
• Search, collect and package actionable content into “time-bombed” mobile repository 

One example is the ILINX Event Tracker. We provided this solution for a large financial institution which is using it to stay compliance by meeting criteria specified in SEC 17a-4c regulations. It provides a reliable tool that creates non-rewritable and non-erasable formats of broker-dealer event records for storage on electronic media.

Other ILINX products that support your compliance initiatives include ILINX Capture, ILINX Email Capture, ILINX Capture Workflow, ILINX Content Store, ILINX Retention Management and ILINX Analytics.

Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions 
Extend Online Invoice Upload Capabilities to Business Partners
Advanced Automation and Robotics Process Automation (RPA) Maximize Efficiencies
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems

Advanced Automation and RPA (Robotics Process Automation) Promote Security and Maximize Efficiencies

Simply replacing human interaction with reliable mechanized operations can produce signifiant benefits and quickly pay for itself. Throughput can be reduced from days to hours for business processes that require high volume document capture and processing. Companies can net significant ROI using advanced automation for processing like mortgage applications, invoices and receipts, bills of lading, claims and purchasing documents.

It Doesn’t Have to Take an Army of IT to Implement

Supervised machine learning, a subset of artificial intelligence, is quickly becoming very reliable and significantly faster to implement. It can be trained by non-technical knowledge workers to automatically identify document types and extract data for hands-free processing.

Automated Processes Help You Meet Service Level Agreement and Ensure Security

Some examples of hands-free processing include:

• Verify and prefill data on web and payment forms through database integration
• Configure automatic email alerts for action, inaction or an exception
• Automatically request additional information or documents when triggered
• Automatically initiate workflow for data and documents as they come in via fax, email, etc.
• Identify type of document start appropriate workflow
• Automatically extract data from a document and share with another system
• Automatically convert document formats upon import or during workflow
• Update metadata to an existing document
• Create document packets and automatically update with incoming documents
• Provide automation around KYC screening for better compliance

Additional Benefits Abound

Mechanized processes are accurate and reliable than those executed by humans. In addition, data that’s obtained can easily be leveraged through RPA for other critical executables. For example, data extracted from a mortgage application can be used for content analytics for rapid iteration and flexibility to support your customers' evolving needs. It can be used for forecasts and predictions. Or it can feed a data lake to used for tasks such as reporting, visualization, analytics and marketing. 

If you’re considering automating your high volume business processes, it’s important to engage an experienced technology partner, like ImageSource, to help evaluate your current state and calculate the expected return on investment. We’ve helped multiple financial services companies save labor, make decisions faster, take advantage of discounts, and more. With flexible ILINX solutions, ILINX eForms, ILINX Capture, ILINX Capture Workflow and ILINX Advanced Capture work seamlessly together to automate transaction processing to better serve customers, business partners and your bottom line.

Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions 
Extend Online Invoice Upload Capabilities to Business Partners
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems
Meet compliance and regulatory policies to mitigate risk of litigation

Extend Online Invoice Upload Capabilities to Business Partners 

Transaction efficiencies can extend to business partners for processes like Accounts Payable. You can enable vendors to upload invoices, check payment status, resolve issues, search for historic documents 24/7, all through a convenient portal on any of your existing websites. 

Multiple Options for Processing Automation to Maximize Efficiencies

Automate indexing through database integrations, approvals, matching, assign account codes, exception processing and all other actions related to the routing process. In addition, you can transform inbound content like PDF, Word, Excel, etc. into a single standardized format like TIFF or PDF for immediate processing. Further automation can be attained using Robotic Process Automation (RPA) and Machine Learning. (See Part 3.)

Integrate Your Data and Documents with Your ERP and Other Business Systems

Seamlessly integrate ERP systems with captured data and documents for data exchange during processing and once documents reside in your repository. With the right technology, this can be configured without writing a single line of code.

Integration Extends Efficiencies to Accounts Receivable

With an integrated solution in place, receivable departments are able to take advantage of a myriad of benefits. Your vendors will appreciate the convenience and ability to track processing, providing efficiencies for them, while you will be able to:

• Take advantage of early payment discounts

• Facilitate better vendor relationships

• Increase cash flow

• Effectively monitor transactions

• Improve your credit line

• Leverage business intelligence

Much of your existing technology can be leveraged to extend self-service to your business partners, including document upload, processing status visibility, automatic notifications to expedite issues and exceptions and historic document search capabilities. Products like ILINX eForms, ILINX Capture, ILINX Capture Workflow and ILINX Advanced Capture can integrate seamlessly with your websites and systems to automate transaction processing for faster throughput and healthier bottom line. ILINX Analytics exposes data on a graphical, customizable dashboard to enable you to make informed business decisions.

​Check out the 5 other posts in this series:
Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions 
Advanced Automation and Robotics Process Automation (RPA) Maximize Efficiencies
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems
Meet compliance and regulatory policies to mitigate risk of litigation

Organizations, from healthcare to insurance to government agencies must process claims that arrive from all points of capture. Because it is difficult to control the scanning process for claims, the result is images of all types with variances of either scale or image resolution. In addition, supporting documentation may accompany a claim form. This makes it challenging to achieve high-levels of processing automation.

OCR and fixed-form capture can be useful tools for standardized forms, but they don't accommodate variation in scale, resolution and unknown types of supporting documentation for claims. If you’re looking to expedite the processing of all claims documentation, advanced capture picks up where OCR capabilities stop.

Advanced capture provides automation far beyond converting images of documents into text. Your advanced capture solution should be able to:

• Configure itself & adapt to changing streams of documents
  This improves claims document preparation time by drastically reducing the need for human input before, during and after the forms are filled out and scanned. Pages can be scanned in any order, further reducing man-hours spent preparing documents.
• Measure & improve system performance
  Smart learning eliminates the need for templates or rules-based approaches and requires only a sample data set and output results to train the system for more accurate, immediate results. These capabilities include classifiers, image perfection, variance detection and document analysis.
• Reduce proprietary knowledge requirements
  Most systems rely on a set of application experts to be able to deploy, maintain and support the business application. Configuration with machine-driven advance capture eliminates the need for specially trained people to be able to maintain it.
• Complete tasks without the typical time and expense of professional services
  Less document prep, fewer requirements on analysis of documentation and less reliance on external services result in faster throughput. By shortening the time it takes to go live, you start producing savings sooner against the project investment.
• Analyze documents through self-learning from your tagged samples
  While adapting to the most dynamic document streams, simultaneously measure and improve performance in the background. Your system learns what data is able to run ‘straight-through’ with no user intervention and preserves better than human-level precision.
• Create a document map with only the click of a button
  By importing a PDF form, your advanced capture should automate mapping fields to the page and set field properties such as data type and name. This reduces hours of work to just one click.

If you'd like to learn more about our advanced capture claims processing solution, please contact us or call 360-943-9273.
ILINX Advanced Capture locates, extracts, and validates any type of information in the document including machine print, table data, images such as logos, signatures, all forms of handwriting, barcodes, check information, and more. Our solution eliminates the need to invest in multiple products, integrations, complex setups for testing and costly programming. It dovetails effectively with ILINX RPA to update multiple systems and expedite decision making and initiatives across multiple departments without requiring human interaction.

In today’s competitive financial services industry, maximizing your productivity is not a choice—it’s essential to be competitive and meet regulations. By optimizing the value of your data and documents across business processes, you will attract new customers, keep them longer and know how to service them better. It goes without saying that an active and happy customer base will help you maximize wallet share—a more efficient way to boost revenue than converting a net new customer.


Ingest and Process Secure Data, Documents and Payments Real-Time During Customer Transactions


In an effort to better serve customers, financial services companies are expanding online services, from new account openings to loan applications and everything in between. Secure web forms and capture of information play a big role in this process. Providing secure access for customers to submit data, documents and payments from any device—desktop computer, laptop, tablet, smartphone, or even a kiosk—is essential.

Better customer experience

Customers now expect the convenience of 24/7 services at their fingertips, anywhere, anytime. Providing the ability to initiate and have their transaction processed quicker will improve loyalty so your customers stick around and become your best advocates. 

Respond quicker to any request

A financial services organization requires complete information that is secure, timely, complete and accurate. By doing so, you enable the back office to process requests more quickly, make better decisions and lock down opportunities faster.

Increase up-sell and cross-sell opportunity


Each interaction will allow you to find out where a customer's needs intersect with your offerings, increasing customer lifetime value and customer share-of-wallet.

Use analytics to know your customers better


Gain visibility into your processes to see where you can streamline to better serve your customer base.

Self-service reduces labor requirements


The fewer employees required to complete a transaction translates to process efficiency. By enabling secure automation through customer self-service, you’ll have happier customers and more profit.

Standardize formats and data management


Bring data into a common format to allow collaborative research, large-scale analytics, and sharing of sophisticated tools.

Mitigate risk through compliance


Enforce "Know Your Customer" (KYC) and other regulations through online interactions that require identity verification, provide deeper understanding of customer activity, and ongoing monitoring.

Strategically leverage customer content

Regardless of source, type or orientation, extracted content can be leveraged through workflow, RPA and analytics to make better informed business decisions. This valuable data, flowing through a powerful workflow, can trigger transaction and predictive analysis.

The controlled collection of information will allow you to take advantage of these benefits

Learn how you can automate your customer transactions using a secure web form to capture data and documents. Enable customers to initiate transactions, from account openings to mortgage applications, upload supporting documents, have visibility into the status and automatically get notifications. With this flexible solution, ILINX eForms, ILINX Capture and ILINX Capture Workflow and work seamlessly together to automate transaction processing for faster throughput and happier customers. Additionally, ILINX RPA and ILINX Analytics will help inform strategic business decisions and initiatives.

Check out the 5 other posts in this series:
Extend Online Invoice Upload Capabilities to Business Partners
Advanced Automation and Robotics Process Automation (RPA) Maximize Efficiencies
Integrate Data from All Systems to Optimize Business Process Management (BPM)
Control the Flow of Information and Access to Manage Risk and Identify Problems
Meet compliance and regulatory policies to mitigate risk of litigation