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DOCUMENT MANAGEMENT
All finance companies require various types of information to be captured for their products, including basic but vital data like customer name, address, income, existing financial commitments, credit rating, etc. Along the way, particularly during the contract compliance stage of the process, multiple supporting documents are often needed to support the application. For example, passports, bank statements and drivers' licences. These are checked by the compliance team for authenticity before returning to the owning customer.
As part of this process, most finance companies require that a record is kept of what documentation has been provided, along with copies of the important documents. This may be used, for example, to support court actions, maximise the chances of recovery of any debts and monitor the risk factors for their portfolios (perhaps adjusting the credit decision criteria on the basis of their experiences with various identifications and supporting documentation used in the past).
Given that a single personal loan application can generate two dozen or more pieces of paper, managing the paperwork is a major activity in its own right for all but the smallest of finance companies. For example, a customer or broker may request the original application paperwork for some reason, perhaps in the event of a dispute about account charges, many months after the original application. The finance company must be able to find the paperwork in question quickly to maintain customer satisfaction and, in some cases, meet legal requirements.
WHY FASNEXUS?
Our Document Management team manages the paperwork on behalf of our administration services clients. To do this, we have developed (and linked to our financial software system, CreditPlus) a system that focuses on efficient, accurate scanning, handling and archiving of all types and sizes of documents. From the moment a document enters our work processes (be it by fax, e-mail or letter), it is captured into the system and accessible by a unique identifier linked to the customer and / or their account. It can therefore be viewed on-line and its location is known at any moment in time so the original can be easily retrieved as required.
This process feeds an efficient workflow spanning all parts of FASNexus, as well as our clients. An application's documents are available on-line from the moment they arrive at FASNexus, whilst the originals can be stored, firstly on-site for a defined period to allow easy retrieval of the originals for our clients, and then, when permitted, shipped to off-site storage and eventual disposal.
SUMMARY
- By scanning all paperwork into our integrated, on-line system, financial applications documents are viewable immediately from anywhere, including over the internet (for authorised users)
- Original documents are also retrieveable within a short period of time, maintaining customer satisfaction and meeting any attendant legal requirements
- Contact us for more information.
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