streamlining - xerox
TRANSCRIPT
Topics• On-Ramp
• Business Process Management
• Secure Information Sharing
• Regulatory-Compliant FaxSolution
• Knowledge Sharing
• Capturing the Cross-Sell
• Understanding Your DocumentCosts
• Controlling Document Costs
• Procurement
• Achieve Compliance with Xerox
StreamliningFinancial Service
Workflows
Xerox in Financial Services
Mortgage loans have reached extremely high numbers, and at the same time the
industry is starting to trend downward. As loan volumes decrease, many organi-
zations struggle with an inverse relationship between the number of loans
processed and cost to process each loan.
The average mortgage loan application includes moving roughly 250 pages.
To meet heavy loan volume demand, organizations hire additional personnel
that stay on long after the volume returns to lower levels. The delta results in
a higher cost per loan. At the same time, organizations face delays in loan
processing for human errors that could be easily prevented, given the right tools.
As the loan volume decreases, competition increases. Maintaining and growing
a customer base with good service and fast loan processing is an excellent start.
Mining an existing customer base for additional sources of revenue is a best next
step. Increasing your cross-sell opportunities from mortgage loans to home equi-
ty lines of credit can be one of the fastest paths to creating additional revenue.
Do you have the right tools in place to achieve your
objectives? Have you taken the time to evaluate your
current workflows, the supporting infrastructure,
and determine what changes should be made?
Xerox offers a complete portfolio of solutions
tailor-made for financial services, targeting
workflows that are more accurate, more expedient,
more cost-effective, and better proven for
meeting the needs of your customers.
We look forward to better understanding
your environment and identifying
opportunities to partner.
The Challenge:High loan volumes dictate the need for expediency in processing.
Converting customer documentation to digital format offers the
fastest processing times, but introduces the opportunity for errors
and creates a potential backlog at the capture point in the process.
The Solution:A customizable forms processing solution that accommodates
existing processes and documentation, with automatic classification,
data extraction and indexing by form and document type.
Cardiff TeleForm
Rather than require employees to learn entirely new ways of processing loans,
TeleForm offers a customizable interface and ability to work with a variety of
documents. Hand-written and type-written customer documentation is scanned
in to the Xerox WorkCentre® device using OCR technology. Multiple text filters
help to reach accuracy rates approaching 100%, with any questionable marks
automatically flagged for confirmation. Cardiff TeleForm integrates with Cardiff
LiquidOffice and Streem, allowing your digital on-ramp to be fully interconnected.
The ResultsAccurate: Multiple OCR filters and quality
confirmation allow for greater accuracy
and more expedient loan processing.
Integrated: Cardiff TeleForm offers
integration with Cardiff LiquidOffice
and Streem, providing an on-ramp for
a fully digital workflow.
Xerox in Financial ServicesOn-Ramp
Capturing Critical Information
The Challenge:Any bank or loan office is accustomed to hundreds of documents
changing hands throughout the day. How can an organization provide
users with the right documentation, concurrent access, and ensure
they are working with the latest information?
The Solution:A web-based business process management solution for creating,
deploying and automatically managing the routing, tracking and
approval process for electronic forms.
LiquidOffice
LiquidOffice manages every aspect of a form’s lifecycle within your organization:
creation, deployment, approval and tracking. A handwritten customer loan
application can now be scanned in using Cardiff TeleForm with a Xerox WorkCentre
MFP, and instantly routed to a user’s personal folder. The digital documents are then
available as attachments to new electronic form transactions within LiquidOffice.
These attachments will remain with the electronic form through the processing,
routing, tracking, approval and archive functions. The transaction is now completely
digital, so any requests for additional information now occur real–time rather than
after mail delay. Through additional integration of enterprise search from Autonomy,
LiquidOffice enables real-time access to, and use of, time-sensitive content
throughout the process lifecycle.
The ResultsSeamless: Automatic work routing and
notifications across groups, networks and
external partners reduces the time, errors
and complexity in loans processing.
Concurrent: Leverage existing applications
and legacy systems by filling the gaps with
more efficient web–based forms, interfaces
and reporting.
Xerox in Financial ServicesBusiness Process Management
Business Process Management
The Challenge:A business loan customer requires a final decision within 15 days
to meet project terms with potential tenants.
The Solution:A fax server and software package to automate the process of
receiving, processing and storing high volumes of faxes, coupled
with a module to share information across multiple channels with
password protection.
Streem Center®
Streem Center® fax server and software directly integrates with a variety of data
capture and OCR software including Cardiff TeleForm and LiquidOffice. Now your
office can automatically receive, process and store account applications and
changes, mortgage applications, refinancing information, loan applications,
customer surveys and employment listings. As loan decisions are received,
the Streem Center application allows the business loan customer to receive
the update automatically. Using a touch-tone phone, the customer can navigate
through a prompt system and receive the information via audio or fax. This is
ideal for access to automated loan or account information.
The ResultsEfficient: Streem works with many existing
versions of data capture and business
process management software, allowing
your office to handle high volumes of
paperwork incoming and outgoing easily.
Productive: Using Streem, a bank’s staff
is freed from answering customer inquiries
on loan status and account information.
The customer can access the important
information they need 24 hours a day
without waiting for a customer service
representative.
Xerox in Financial ServicesSecure Information Sharing
Completing the Information Loop
The Challenge:Loan processing includes distributing considerable amounts
of confidential information to a number of sources. Meanwhile,
Gramm-Leach-Bliley legislation requires financial services
establishments to implement track-and-trace capabilities for
data movement, and monitor unauthorized attempts to access
customer data.
The Solution:A proven and reliable enterprise fax and electronic document
delivery solution that automates the delivery, receipt and tracking
of confidential customer loan information.
Captaris RightFax
Captaris RightFax automates delivery, receipt and tracking of customer financial
information including sensitive financial records, so loan processing is expedited
and secure. RightFax provides an electronic document delivery system that’s
modular and fully scalable to meet the needs of offices of many sizes. Fax and
electronic document delivery provided by the solution paves the path to regulatory
compliance, while eliminating many of the repetitive manual entries that stand in
the way of higher productivity.
The ResultsCompliant: RightFax offers simplified
tracking of data to meet Gramm-Leach-Bliley
requirements, and establishes an electronic
paper trail to meet with SEC 17, Sarbanes-
Oxley, and Anti-Money Laundering Act
regulations.
Efficient: Faster information delivery
translates to faster claims processing,
and nearly instant access to information
via fax, email, print or web.
Instant: Accelerated delivery of information
enhances your loan programs, customer
satisfaction and your bottom line.
Xerox in Financial ServicesRegulatory-Compliant Fax Solution
Secure Electronic Document Transmission
The Challenge:You’ve implemented new digital workflow. Processes move faster,
but you may be lacking a centralized, secure location for confidential
client information. Can you provide information access when it’s
needed, prevent unauthorized access, and ensure that when disaster
strikes, a recovery solution is in place?
The Solution:A Xerox–native, scalable enterprise content management (ECM)
solution that delivers a central repository for your customer’s data,
providing ECM across territories, geographies, branches and
organizations with multiple levels of document and content security.
Xerox DocuShare
Xerox DocuShare provides the backbone for your data network, allowing financial services
organizations to significantly improve productivity, streamline business processes, and reduce
the time and cost of managing paper documents. Tightly integrated with Xerox Document
Centre and WorkCentre MFPs, DocuShare is available to small and mid-size CPA, brokerage,
or mortgage firms, as well as large banks, investment firms, and other financial enterprises.
Web-based functionality provides for distributed and timely access to information, excellent
version control, several layers of security, storage processes, and certified, intuitive records
management that can be deployed widely across a financial organization to meet regulatory
requirements.
DocuShare CPX
DocuShare CPX builds on the scalability of DocuShare to automate standardized business
processes within financial services through an online project dashboard. DocuShare CPX
allows users to contribute content directly from Microsoft Office applications, including Outlook
and other e-mail programs, and create sophisticated workflow processes by configuring
content rules that automatically act on content when submitted. Loan processing is fast and
efficient through the removal of manual gatekeeper steps. An XML-based Knowledge Network
Engine helps export and compile previously captured loan information into new forms,
providing for exceptionally fast cross selling from home mortgages to home equity LOCs.
The ResultsScalable: Web-based, multi-platform and
well-integrated, DocuShare can meet the
needs of small offices or large enterprises
that need to share information securely
across departments and branches.
Native: DocuShare is native to Xerox
to ensure support by just one vendor,
and excellent integration with the advanced
functionality of Xerox multifunction products
(MFPs).
Intuitive: DocuShare provides a web-page
interface so no client software is required,
and icon navigation aids with rapid
adoption. Optional client software can
alternatively let people work through the
familiar interfaces of Microsoft Office and
other desktop applications.
Xerox in Financial ServicesKnowledge Sharing
Distributed Concurrent Access
to Critical Information
The Challenge:Centralized campaigns are harnessing sophisticated CRM systems
with variable data for 1:1 marketing. Still, your loan officers know
their customers best. How can you help them reach customers that
are prime targets to take advantage of additional banking services?
The Solution:Distributing professional color printing enables lightning fast
campaigns pushed from central marketing, highly segmented
1:1 direct marketing campaigns, and excellent support for
enhancing services offered with fresh collaterals in every store.
Xerox Color Capable Devices
Color captures attention, increases productivity, improves communications and
helps boost sales. Bringing more global access to color empowers users to reach
out to the customers that matter most; the ones that are in your stores interested
in banking services. Color gains readership by 80%.* If your conversion rates from
mortgage to home equity LOC are hitting low numbers, adding color to your
collaterals can be a decisive step in the right direction.
Keeping your customers informed is not only an initiative to improved customer
service; it also has a direct impact on your telephone support volume. Color
increases comprehension by as much as 73%.* By employing color in more
effective document design, your customers can better understand bank
communications, amounts due, loan status, and avert the need to call with
questions.
The ResultsEffective: Color gains readership by 80%.
Adding color to product guides can help
convey critical information and inform
your customers of banking services that
align well with their goals.
Efficient: Information can be located
70% faster when in color, and color can
increase payment response by up to 30%.
Your customers pay on time and cash
flow increases.
Powerful: Color helps sell up to 80%
more. Collateral materials, sales brochures
and other customer communications can
help generate more sales with the
application of color.
*20 ways to improve business with Xerox Color, with
data from studies by Loyola College, Maryland, U.S.A.,
by Ellen Hoadley, Ph.D., Laurette Simmons, Ph.D., and
Faith Gilroy, Ph.D; Case & Company, Management
Consultants; Bureau of Advertising, Color in Newspaper
Advertising; Maritz Motivation, Inc., Southern Illinois.
Xerox in Financial ServicesCapturing the Cross-Sell
Leveraging Color to Increase Business
The Challenge:When asked, many organizations don’t have a solid grasp of
the annual spend on document output. Device management
responsibilities are often fragmented, and even usage analysis tools
on larger devices don’t account for the number of thermal faxes and
single-use, non-networked devices that exist throughout. Gartner
estimates that organizations spend between 1% and 3% of annual
revenues (around $180 billion worldwide) on document output and
management. That’s a significant amount for any organization.
The Solution:A powerful and scalable set of integrated tools and methodologies
to analyze a business environment, define current state and show
the path to an improved bottom line. Xerox Assessment Services are
helping organizations understand the current state and reach cost
savings of up to 40%.
Xerox Assessment Services
Xerox Assessment Services include the Xerox Office Efficiency Calculator, a free
instant analysis tool (www.xerox.com/efficiency); The Xerox Office Productivity
Advisory (XOPA), a site-based service that estimates costs and volumes leveraging
industry metrics; and the industry recognized Xerox Office Document Assessment
(ODA), a consultative, in-depth analysis using Lean Six Sigma methodologies. The
Xerox Office Document Assessment is available worldwide, uncovering the actual
costs of document output, assets, infrastructure, and workflows across your
enterprise. The ODA is a holistic, vendor–neutral approach that provides accurate
data about the cost of doing business, to help formulate a comprehensive plan for
getting the most from an organization’s document infrastructure.
The ResultsScalable: Xerox Assessment Services are
designed to be in tune with the needs of
your organization. An online analysis can
provide a snapshot of current document
costs and where there may be potential
for cost savings. More in depth analysis
is available to help identify and reach
document output cost savings goals.
Adaptable: Xerox Assessment Services
are developed to work on your terms.
They begin with an understanding of your
requirements and those of your users;
fully comprehending your document output
processes and the ways people work within
your organization; and analyzing the work
environment to establish a true total cost
of ownership.
Proven: Conducting assessments worldwide
since the mid-1990s, Xerox has developed
a solid understanding of the challenges
organizations face today, and that the
opportunity to reduce cost and improve
worker productivity can be significant and
immediate.
Xerox in Financial ServicesUnderstanding Your Document Costs
Lowering the Cost of Doing Business
The Challenge:You recognize the high costs incurred in printing with non-networked
devices, especially lower volume inkjet devices. There is also a good
business case for color capable devices in branch locations. How do
you modify user behavior and ensure that the organization is keeping
document costs at bay?
The Solution:With Equitrac Office software, you can track, analyze, allocate and,
if necessary, recover the costs of every document that any employee
sends to any networked printer, copier or multifunction product (MFP).
Equitrac Office
Equitrac Office is tailored to the demanding document management and
accounting needs of financial services environments, from those with one
device to configurations with hundreds of networked devices. Equitrac Office
enables job-based rules for routing of color prints; if a user routes a 50-page
color presentation to an inkjet printer, Equitrac will intervene to suggest a more
cost-effective high volume MFP, or automatically transfer the job, based on
administrator settings. In addition, user authentication ensures confidential
information remains so, and job codes connect every document to a budget
center or client code.
The ResultsCost-effective: Equitrac integrates into your
network and immediately ensures the right
levels of feature access are provided to the
correct users, ensuring the most cost
effective devices are used.
Secure: Equitrac offers Follow-You print to
ensure confidentiality while providing a new
level of convenience to the user.
Streamlined: Through extensive operational
reporting, IT and administrative processes
can be simplified, help desk calls reduced
and fleet management enhanced.
Xerox in Financial ServicesControlling Document Costs
Controlling Document Costs in the Organization
The Challenge:You need advanced workflow solutions, but are required to make
a solid business case with strong ROI for every purchase.
The Solution:Xerox is part of the American Bankers Association. Under a National
contract with Xerox, ABA members are eligible to receive special
pricing when purchasing or leasing Xerox products designed to help
you work more effectively and efficiently in order to help increase
your productivity. If your Bank is looking for professional quality
outputs—fast, easy, and affordable—Xerox benchmark digital
copiers/printers will enable you to produce high-quality, professional
documents. Xerox offers the widest array of document-related
business solutions, including the latest in the Xerox family of digital
copiers that can copy, scan, fax, or serve as a network printer.
Whether you need to create crisp black and white or high-impact
color documents, Xerox has the perfect solution to meet your needs.
Contact your local Xerox sales representative or authorized sales agent, and mention
you are a member of the American Bankers Association and/or your State Bankers
Association. To locate a Xerox representative near you, call the Bankers hotline at
1-800-275-9376, ext. “BANK” (2265). Important: Make sure you reference the ABA
contract number 0706438 when you purchase or lease your Xerox machine.
The ResultsAccessible: Banks can take advantage of
National contract prices for the purchase
or lease of Xerox copiers, duplicators,
multifunction products (MFPs), facsimile
machines and other office equipment
available through the local Xerox sales office.
Guaranteed: Xerox is dedicated to customer
satisfaction. If a Banker is not satisfied with
the Xerox equipment purchased, Xerox
will replace it—without charge—with an
identical model or a machine with
comparable features and capabilities.
Contact your local Xerox rep for further
details about Xerox's Total Satisfaction
Guarantee.
Xerox in Financial ServicesProcurement
Getting the Right Equipmentfor your Organization
Copyright © 2006 Xerox Corporation. Xerox®, Xerox Business Partner™, WorkCentre®, Phaser® and Smarter Document Management sm are trademarks and service marks of XeroxCorporation in the U.S. and/or other countries. FINBR-01UA
Achieve Compliance with Xerox
Sarbanes Oxley is probably the most prevalent legislation affecting the financial services industry.
However, there are a number of regulatory mandates that have a direct impact on the way
transactions are conducted and information is handled today. Consider the high level demands
of each of the four following mandates. How do you measure up? Xerox can help you get where
you want to be.
Sarbanes Oxley (www.sarbanes-oxley.com)
Sarbanes Oxley requires enhanced financial disclosure, and holds Chief Information Officers responsible for the security, accuracy and
reliability of the systems that report the data. Ensuring records are archived, readily available for auditing, and secure from tampering is
a critical path to compliance.
Gramm-Leach-Bliley (http://banking.senate.gov/conf/; www.ftc.gov/privacy)
This legislation includes privacy provisions that mandate financial institutions disclose to their customers what information the institu-
tion gathers, where the information is shared and how the company safeguards the information. The Safeguards Rule specifically
requires all financial institutions to safeguard customer information, and holds accountable both agencies collecting the information as
well as those that receive information from other institutions. Securing access to critical customer information is required – including
the electronic transmission of sensitive information and authorized receipt.
Anti-Money Laundering Act (http://www.occ.treas.gov/handbook/bsa.pdf)
The Bank Secrecy Act requires 5 different reports to be submitted to the government; that all records required be kept for a period of 5
years; and that insider abuse of any type be reported. Clearly, detailed job-based accounting with tracking to the user level has a central
role in best practices for compliance. In addition, maintaining an Enterprise Content Management (ECM) system for secure records
management becomes more of an imperative.
SEC 17-a3/4 (http://www.sec.gov/rules/interp/34-47806.htm)
Requires broker-dealers to store required records in electronic form, and that they be preserved exclusively in a non-rewriteable and
non-erasable format. This includes provisions that broker-dealers preserve a comprehensive record of each securities transaction they
effect. Taken in full, this requires an electronic paper trail that includes electronic transmission of documents to and from the customer.
Having every incoming and outgoing fax automatically scanned and archived to a central repository, with appropriate safeguards that
ensure records are non-rewriteable, is a valid path toward full compliance.
Interested in learning more about how Xerox can help you meet your regulatory requirements?
To complement the solutions provided in this brochure, please contact your Xerox Representative for an in-depth consultation.
Xerox in Financial Services
To learn more, visit www.xerox.com