OVERVIEW
One of India’s largest financial institutions disburses between 20,000 and 30,000 loans every day.
While loan appraisal and underwriting is centralised, the documents are submitted by customers at
over 1000 branches situated all over India. The documents, including the legal agreements, are
critical financial records – these agreements represent the ‘assets’ of the institution.
OPPORTUNITY
The client wanted to create a digital archive of the loan documents. The purpose of the archive was:
- To make available a digital copy in case of any loss/damage to the physical records
- To provide access to the documents to different stakeholders from multiple enterprise
applications
APPROACH
Scanning and Indexing of documents was to be done at source branches to mitigate the risks of
loss / damage during transit of the loan files. This helped reduce the time to process the
repayment mandate instructions.
A web-based application was required given the geographically distributed location of users.
Centralised tracking and reporting was necessary given the business criticality of the process, and
the large volume of documents.
Access control, by product, branch and type of document, was devised to ensure restricted access
to highly confidential documents
SOLUTION
The solution was built using WorkflowWaves for document capture and PowerFile DMS as the
repository. PowerFile was integrated with the Hitachi Content Platform Object storage, the
customer’s choice of storage. Web based scanning with support for high speed document scanners
ensured that documents are captured quickly. Auto Indexing of legal agreements is done after
scanning to reduce manual indexing. Manual Indexing of other documents including creation of
separate photo and signature cards for downstream application usage. Dashboards and Daily
Reports provide Operations the ability to monitor the entire process and ensure that digitisation is
completed within the defined TAT
RESULT
- 2000+ concurrent users archiving 300,000 loans a month.
- 17+ Enterprise application systems integrations.
- Over 30 million loans have been digitized & managed in the system.
- ROI in less than one year
