Case Study Finance Now - Fuji Xerox - Better Business
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Case Study Finance Now : o r k f l o w $ u t o m a t i o n 6 W U H D P O L Q H G F R Q V X P H U O H Q G L Q J
2XUSURFHVVLQJLVVRPXFKIDVWHUWKDWZHFDQSrocessFRQWUDFWV
ODWHULQWRWKHGD\ULJKWXSWRWKHODVWPLQXWH$QGZHKDYHKLJKHU
DFFXUDF\IRUFRPSOLDQFHSXUSRVHVDORQJZLWKDXGLWDELOLW\ZKLFK
FRPHVZLWKDV\VWHPWKDWDOORZV\RXWRHDVLO\VHHZKRKDVWRXFKHG
HDFKFRQWUDFW
– Phil Ellison, CR)RXQGHUDQG&(2
Finance Now
Digitally transformed: A rapidly expanding finance company has
eased some of its growing pains by
Additionally, the loans approval process
requires the applicant to provide a great deal
Finance Now partners digitising lending processes with the help of
Fuji Xerox New Zealand. Thanks to
of personal information – resulting in a high
number of documents being submitted,
with Fuji Xerox to digitisation, Finance Now has significantly
expanded its business without having to add
collated and checked.
Once the loans are approved, the entire folder
streamline consumer extra administrative staff at the same rate.
It is assured better compliance and enjoys a
containing the customer’s documentation
was retained in paper form, making it time
lending processes competitive edge by responding to customer
applications ‘now’.
consuming to retrieve and reference in future.
In addition to taking time, these processes
Founded in 2000, Finance Now provides a
can be error-prone and depend on the
range of financial products and services
diligence of individuals, some of whom aren’t
including personal loans, car finance, credit
employees of Finance Now or familiar with
cards and business solutions. The company
our processes, as Ellison points out. “Some of
has consistently grown over the years both
the finance solutions we offer are provided by
organically and through acquisitions and
intermediaries in the retail market for people
has served over 420,000 Kiwis in the process.
buying televisions and appliances, or through
motor dealers in the case of vehicle finance.”
S I T U AT I O N
This can result in processing delays, as
Traditional back-end loan reviews, audit applications were regularly submitted
procedures and approval processes are highly without all the necessary documentation,
paper-intensive and require extensive manual thereby inconveniencing customers and
intervention. Careful management of this affecting the speed of Finance Now’s delivery.
paperwork is essential for regulatory
“Even with some digitisation in the form of
compliance and internal governance,
emailed documents, the administrative
explains Finance Now co-founder and CEO
overhead was substantial,” says Ellison. “A lot
Phil Ellison. “The traditional way of doing
of time would be spent finding and receipting
applications involved literal paper – we used
paperwork, classifying it, and storing it for
to get everything in the post - and then we
future reference.”
started moving on to scanned emailed or
faxed documents which would be printed It was, he notes, a process ripe for
and assembled into a manila folder,” he says. improvement and digitisation.
SOLUT ION The six-month implementation phase R E S U LTS
largely concerned itself with process
While it enjoyed an existing relationship mapping to fully understand how With the implementation of the Streamlined
with FXNZ, Finance Now opted to test the applications for finance moved through the Lending Processing solution, Finance Now
market to be sure of getting the best company. “It took some time to look at enjoys multiple benefits which can be
solution for their process automation every aspect, including the type of files sent summed up as ‘faster, more accurate and
requirement. “One thing we were firm on is on email – you get every kind of attachment lower cost application handling’. The
that we wanted a local provider. With the – the size and quality of documents received solution provides multichannel capture,
level of detail involved in this process, having which could be ingested into the system, automatically classifying and enhancing the
a New Zealand company’s knowledge and and to understand precisely what the Kofax image of the documents submitted by fax
expertise was essential,” says Ellison. engine can and can’t do in reality, as and email.
Two proposed solutions made the shortlist, opposed to on the drawing board,” notes Data extraction and transformation is
both of which used Kofax TotalAgility Ellison. automated, with intelligent optical capture
workflow automation software as a core He has praise for the FXNZ team, explaining recognition eliminating manual keying,
component. FXNZ focused on exposing the that as the inevitable issues associated with while Dynamic Case Management enables
issues related to Finance Now’s manual a complex enterprise software project smart application processing that adDpts to
back-office processing of loan documents; occurred, they were addressed in ‘a mature, requirements of each application depending
“What won it for FXNZ was their knowledge solution-based way’. on criteria including lending type, SLAs,
of the business and the application process,” stage in the process, and more.
Ellison says.
The system also enforces a workflow, so all
the right steps are followed in the right
sequence before a loan is approved or
purchased, assuring better compliance with
policy and procedures.
It’s proven to be flexible, too. “Since it
started working around three years ago,
we’ve acquired multiple companies and
expanded the business from consumer
goods and personal finance towards motor
vehicle finance, and processing it all through
the same system,” says Ellison.
The benefits extend to Finance Now’s Summing up the value of the Streamlined intermediaries, because if finance isn’t Lending Processing solution, Ellison again granted or if there are delays, those stresses the assurance of compliance as intermediaries don’t get paid, which can an overwhelming advantage, above even adversely impact the end consumer. “Our processing speed. “Compliance is a processing is so much faster that we can crucial component. If you’re not compliant, process contracts later into the day, right up it means big risk and big regulatory to the last minute. And we have higher exposure. With this system, that risk is accuracy for compliance purposes, along significantly reduced.” with auditability which comes with a system that allows you to easily see who has touched each contract,” Ellison adds. The electronic nature of the system also means the performance of employees is easily measured and when documents need to be reviewed for any reason, finding them is far easier than dealing with paper or other record management processes. Looking ahead, Ellison says Streamlined Lending Processing is evolving with the business. “We’re looking forward to enhanced classification for JPEGs and other non-PDF files, so there will be even less manual intervention, and we’re working on a customer user experience piece to confidently send automated email or TXTs to prompt them for any missing documents. We are also looking to extend the solution to our credit card and business finance lines.”
AT A G L A N C E About Fuj i Xe rox Ent e rpri s e Con su l t ing
Company: Industry Sector: At the heart of every business is a critical workflow.
Finance Now Financial services It’s driven by a mass of incoming and outgoing physical and
www.financenow.co.nz electronic documents. As the volume of your information and data
continues to grow, your ability to process and manage it becomes
Business requirements: an ongoing challenge.
• Accelerate loan document processing by eliminating Fuji Xerox Enterprise Consulting can optimise your document and
multiple manual data inputs data processes to improve employee productivity, increase customer
• ,PSURYHFRPSOLDQFH satisfaction, achieve process visibility compliance and consequently
reduce operational costs.
Solution:
Why choose Fuji Xerox Consulting as your partner?
• Kofax TotalAgility workflow automation toolset, implemented by
Fuji Xerox New Zealand With our vast multinational experience across a wide range of
industries, and highly skilled and talented resources, you can be
Outcomes: confident that we will deliver innovation, value, service and
• Simplification and automation of loans applications process outstanding business process transformation.
• Compliance assurance by eliminating ‘information gaps’ For more information and our latest case studies and blog, please
visit us at www.betterbusiness.fujixerox.co.nz
• Improved information accuracy
• Elimination of tedious manual information sorting
• Acceleration of key business processes
Fuji Xerox New Zealand Ltd
79 Carlton Gore Road, Newmarket,
Auckland 1023
0800 4 XEROX (0800 493 769)
www.betterbusiness.fujixerox.co.nz
Xerox, Xerox and Design, as well as Fuji Xerox and Design are
registered trademarks or trademarks of Xerox Corporation in
Japan and/or other countries.You can also read
