Investing in DocuWare

Loan and investment company BACS Banco de Credito y Securitizacion S.A. integrated DocuWare to simplify documentation and record-keeping practices, and strengthen the security and accuracy of their records. BACS improved document workflows, auditing practices, and customer service by switching to electronic document management.

Based in Buenos Aires, Argentina, BACS is a leader in the design of financial solutions for investment companies and capital markets. BACS has an impressive volume of loan portfolios—including pledges, leases, personal loans, and car loans. They have a large distribution capacity made up of insurance companies, mutual funds, hedge funds and family businesses. BACS is among the leading underwriters of the Argentine notes market, with more than $26 million in assets under its management between 2010 and 2014. 

Requirements

With only 20 employees responsible for the documentation inventory and filing of more than 50,000 loan documents that came through BACS each month, they struggled with inefficient document processes. BACS’ existing workflows were almost entirely manual in nature.

Each month employees were tasked with matching these loan documents to a new or existing client file. Many of the documents were redundant or incomplete, forcing the staff to constantly take inventory of every document and file. Every time new or updated documents came through, staff members were required to physically take inventory of them, attach them to the correct client file, and record the level of their completeness using spreadsheets.

Documents were frequently lost or misfiled, which led to reporting errors and limitations since the document inventory record did not ensure that a particular document was currently on file.

BACS simply didn’t have the time or personnel resources to handle the large quantity of incoming paper documents, and found it more and more difficult to keep track of documents as they were shared and moved between multiple departments. Searching for specific documents and client files was a time-consuming and inefficient process that often left employees frustrated.

It soon became clear that manual, paper document processes were holding them back. They needed a solution to help them keep up with the demands of their growing company as well make it easier to comply with FACTA (Fair and Accurate Credit Transactions Act), which stipulates privacy policies for bank documents and limits the ways consumer information can be shared.

Solution

After a comprehensive evaluation of various document solutions, BACS ultimately chose DocuWare because of its ability to streamline the management and inventory of client files with automated, transparent workflow processes that improved recordkeeping compliance. Authorized DocuWare Partner, Ranko S.A., worked with BACS to develop a zero-interruption plan for the implementation of DocuWare and the creation of digital workflow procedures, easing the migration process so employees were not overwhelmed.

First, a study was conducted to analyze the intricacies of current document workflows, then digital workflow rules were established for each process. Indexing was automated by linking DocuWare with the company’s internal systems. With their systems now linked, an index field such as document ID number can be used as a “match code” to pull related data records which are already in existence in the company’s system, as additional indexing terms further enhancing the security and accuracy of their records. All paper documents were then scanned (using multi-function devices) and indexed into the secure digital database, making the move to digital storage a seamless transition.

Benefits

The electronic routing of documents between departments has made it easier for employees to find and share information. Additionally, as documents are scanned into the system, inventories are automatically updated to show the degree of completeness of each individual file. This helps employees keep accurate reports of the information the company has on file, and also alerts them about missing information so they can work to complete each file more efficiently. Different levels of alerts are in place to send specific notifications depending on the importance and type of document that is missing from a file. All documents and records are now immediately available for internal, external, state, or national auditors.

Although BACS still stores their paper files for up to ten years (as required by law) in an offsite facility, the company is now able to make better use of office space that was once filled with paper files. Also, with digital document workflows in place, BACS has improved security for customers and meets or exceeds compliance with all industry regulations including FACTA, UIF (Financial Information Units), and the BCRA (Central Bank of the Republic of Argentina).

With DocuWare, BACS no longer experiences the cost and frustrations associated with handling paper files on a daily basis, and has significantly reduced the amount of time it takes to process documents and files. Document sharing, collaboration and customer service has improved greatly now that requests for information can be filled immediately; eliminating long wait times. The number of lost documents has been significantly reduced now that all documents are scanned, indexed, archived, and easily retrievable. DocuWare has helped BACS unify all of its documentation in a single repository, making it easy to retrieve information from several different platforms and systems without delay.

BACS Operations and Systems Manager, Daniel Arzamendia, is pleased with the way DocuWare has streamlined document processes across the organization. “DocuWare has given us peace of mind regarding the management and security of our electronic documents, alerts, and reports. Additionally, we are very happy with the integration between DocuWare and our internal systems, which allows us to quickly and easily share documents without duplicating information.”

The most notable improvement to BACS workflow processes is its ability to provide responsive, real-time information to clients and auditors, while increasing the overall quality and accuracy of that information.

Since BACS manages sensitive financial documents that could invoke serious financial consequences if such information is not properly managed and protected, BACS considers the switch to DocuWare a “priceless” investment.

The Tasks

• Efficiently process and manage loan documentation and client files
• Eliminate lost documents and streamline document sharing between departments
• Become compliant with industry regulations established by FACTA, UIF, and BCRA 

The Benefits

• Electronic workflows facilitate efficient movement of documents between departments
• Transparent processes provide management and employees with accurate documents status listing
• Documents and records are now immediately available for internal, external, state, or national auditors.
• Document processing time has been reduced and customer service has improved
• Document security now meets or exceeds compliance with all industry regulations