Efficient document capture and information management results in increased customer base for a private sector bank in southern India
Customers expect banks to provide fast and seamless transactions at all times of the day, regardless of the location. With its vast network across India, this bank is always looking for ways to improve their internal business processes. For this banks’ Department of Foreign Exchange Operations, customers expect the bank to respond at breakneck pace, something that is inherent to currency trading.s
With the heavy information, process driven nature of currency trading, staff in the Forex Department is deluged with huge amount of paper documents generated by the hour. These documents include letters of credit, packing credit limit loans, bank guarantees, applications for discounts and many more. These documents require approval from a competent authority in the head office of the bank in Chennai, which is located separately from its branch offices spread across the country.
Given this background, previously the bank had to invest extensively in logistical processes and support, and this led to increased expenditure for the Bank. Apart from this, the bank had also been incurring long lead times for the approval of documents, which impacted the customer.
In association with Kodak Alaris, the management of Information Technology and Forex Departments of this Private Sector Bank, embarked on a document capture journey encompassing intelligent information management with Kodak Alaris scanners.
These included over 70 units of Kodak Alaris scanners, coupled with a document flow application which was seamlessly integrated into their business operations. Since then, the Bank has not looked back.
Paper assets from the Forex Department are now digitally captured and sent to the International Division office in real-time, eliminating the need for courier services and consequent delays.
- By utilizing Kodak Alaris document capturing solutions, this Bank was able to achieve the following benefits:
- Increase in new and existing customer base by over 30% due to faster turnaround time and resultant improvements in service quality.
- Increased productivity due to easier capturing and extraction of information from paper assets.
- Elimination of courier expenditure resulting in huge cost savings for the company.
- Easing process of financial audits due to convenient, retrievable digital documents complete with searchable tags.