6 Automation Improvements to Help You Grow Consumer Lending Without Increasing Supporting Staff
Two years ago, we helped one of the largest credit union in Alaska (17th in the nation at the time) automate their consumer loan processing operations. With a growing number of their 78 locations looking to processing auto dealership loan requests, Alaska USA Federal Credit Union needed to replace their manual, paper-based process to meet current and future demands.
As is the case with many lenders who haven’t yet gone electronic, paper loan requests packets were being submitted via multiple avenues from dealerships. These packets consisted of anywhere from 20 to 25 pages per packet with a variety of page sizes, file sizes and quality. Some documents were even printed from DOT Matrix printers at some of the dealerships. Packets came in primarily through fax and email, and local dealers in Anchorage would even hand deliver loan packets. Once received, faxes and emails were printed out and paper documents were used to process the loan request. The documents had to go through various people for review and approval creating a lot of manual movement of paper. Having these documents in paper format also created a need for document storage in file cabinets consuming significant floor space in the building.
In order to rise above the limitations that paper processing placed on loan approval volume, Alaska USA went digital, with 6 major automation improvements to shave valuable time off the process:
- Fax Ingestion – When faxes come in they are dumped into a folder, which is monitored by a product called ILINX® Import. As soon as a fax lands in the folder, it is immediately injected into a robust capture product—ILINX Capture
- Email Ingestion – Similar to faxes, ILINX Import monitors email folders and pushes the documents (attachments) into ILINX Capture
- Scanning Paper – Paper is scanned using prebuilt batch profiles in ILINX Capture for quick indexing in. This component is very flexible, in that scanning can be done with a variety of devices, from small desktop scanners to MFPs to dedicated, high-volume scanners
- Image Clean-up – Documents are automatically improved and made more readable through image repair: de-speckle, deskew, auto-rotate, advanced binarization and more
- Auto-Indexing – Once in ILINX Capture, database lookups from supporting systems are performed to auto populate many of the index values to alleviate manual entry of data already available
- Workflow – The documents, along with pre-populated metadata are then released into Alaska USA’s existing backend software, EMC ApplicationXtender, to travel through workflow to various queues for further processing
Having automated their Consumer Loan process, Alaska USA has greatly improved their service to auto dealers and can be more competitive on winning new business. On the cost savings side, they can process more loans without increasing headcount and have eliminated hard copy document storage.