Kofax® plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that two major banks in Asia Pacific invested over $550,000 in Kofax solutions to process more than eight million documents per year.
Both banks are using Kofax Capture™ and Kofax Transformation Modules™ to dramatically increase efficiencies associated with automated loan processing. They will decrease operating costs while enhancing customer service by reducing approval times from more than five days to just one day.
“Kofax has a very strong presence in banking and the adoption rate of our mortgage processing solutions continues to grow around the world,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “These two banks selected Kofax because of its unique ability to help streamline their operations and achieve faster response times. More importantly, it gave them an easy and cost effective way to boost productivity and to focus more time and energy on improving the loan experience for their customers.”
One bank noted that having a higher degree of automation enables it to accommodate peak volume spikes that result from marketing promotions, discount rate offers and new product launches. The other bank cited that having the ability to eventually incorporate mobile devices such as tablet computers and smartphones into its document capture process was a key factor for choosing Kofax.
Kofax Capture provides industry leading scan-to-archive capabilities by scanning documents and forms to create digital images, extracting index data for retrieval purposes and delivering the images and associated data to a variety of repositories and applications. This can significantly reduce retrieval costs while improving regulatory and compliance efforts. Kofax Capture is flexible and scalable, enabling customers to define where and how images are captured and indexed, whether in a home office, remote branch or back office data center.
Kofax Transformation Modules adds document classification, page separation, data extraction and validation capabilities to Kofax Capture to drive robust capture-to-process applications. By automating what were previously labor intensive, error prone and time consuming tasks, Kofax Transformation Modules can significantly reduce labor costs, improve information quality and accelerate business processes.
Kofax Mobile Capture™ extends Kofax imaging capabilities to smartphones and tablets. It enables customers to use cameras in those devices to capture images of documents, photographs, and data and then pass that content to Kofax workflows that manage it into enterprise applications and repositories. Capturing this information at the Point of Origination™ from virtually anywhere, and delivering it to enterprise applications accelerates processes, minimizes latency, speeds transactions and reduces processing costs for better customer service.
About Kofax
Kofax® plc (LSE: KFX) is a leading provider of smart process applications for the business critical First Mile of customer interactions. These begin with an organization’s systems of engagement, which generate real time, information intensive communications from customers, and provide an essential connection to their systems of record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization’s customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.
© 2013 Kofax, plc. Kofax is a registered trademark and First Mile, Kofax Capture and Kofax Transformation Modules and Kofax Mobile Capture are trademarks of Kofax, plc.