Leading supplier of document capture and transformation technology, Kofax, recently announced it has won an order worth over £600,000 ($1 million) to supply a mortgage processing solution. The sale highlights the value of automated document capture technology in document-heavy processes such as mortgage application processing.
The mortgage processing solution will be used by a subprime mortgage service provider to capture information from up to 20 million pages per day. The solution will use a combination of the products Kofax Capture, Kofax Transformation Modules and Kofax Monitor. It works by enabling automated classification and extraction of information from incoming documents such as application forms or correspondence and eliminating costly errors and delays which arise during manual document separation and data rekeying processes.
According to Aberdeen Group research analyst Nathaniel Rowe, “Financial services and related organisations that invest in improving the speed of their document capture and processing, capture information 53 percent faster and spend 83 percent less per document. Multiply that over tens of millions of pages daily and you’ll see the kind of operational savings that can drive major growth initiatives.”
Howard Dratler, executive vice president of Field Operations at Kofax, commented, “By removing manual document preparation, Kofax mortgage processing solutions accelerate critical processes and reduce the time it takes to approve mortgage applications.”
Kofax Capture is an industry-leading document scanning and capture application enabling the capture and indexing of digital document images. Indexed document images can then be stored in repositories such as FileStore EDM or SharePoint. Capturing documents electronically helps significantly reduce document retrieval times and costs and improve compliance.
Kofax Transformation Modules (KTM) brings automated page separation, document classification and data extraction and validation capabilities to Kofax Capture. Kofax KTM enables the deployment of front end capture-to-process workflows and provides the means to automate time-consuming, labour-intensive and error-prone tasks to reduce costs, improve information quality and accelerate business processes.
Kofax Monitor ensures the operational health of the complete Kofax system with real-time performance monitoring allowing immediate corrective action.
In the UK, leading Kofax reseller Data Capture Solutions offer expertise in delivering Kofax-based digital mailroom solutions to improve document-driven processes such as the processing of application forms, invoices or insurance claims, or management of employee records. For more information, please ask to speak to a DCS business consultant on 01753 616 720 or send your enquiry using our Contact Form
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