NeoLotex & Kodak Alaris help Vistaar Financial Services reduce loan application processing time by 65%.

The problem

Vistaar Financial Services Private Limited is a non-banking financial corporation providing a range of financial services and business loans to the small to medium-sized enterprise sector. Their loan application process was a paper-intensive workflow beginning at the branch level. Requiring a range of documents submitted by customers to support a loan application, with an individual application being over 300 pages in many cases.

Processing such large volumes of physical documents was time-consuming and with only basic internet connectivity in the branches, much of the paperwork had to be sent to head office, leading to some documents being missed or overlooked. In many cases, as not all of the information was processed at the same time, multiple files were created for the same customer, causing delays and additional costs.

The Solution

The organisation was looking for a solution that would address these key issues. NeoLotex and Kodak Alaris collaborated to provide a solution that encompassed 250 Kodak ScanMate i1150 Scanners and NeoLotex’s proprietary web- based doQman platform which features a built in document management system (DMS), and business process management (BPM) solution.

The scanners from Kodak Alaris integrated with the web-based doQman DMS/BPM platform were installed in each branch as well as within a centralised hub and in the head office. With the new system in place, branch- based staff were able to create a reference number, digitize documents and automatically push the information to the next steps in the workflow process.

With the new solution, once documents are digitized in branch and uploaded into the DMS, the system automatically places the information into the existing file – eliminating the problem around creating duplicate files. The doQman platform is feature-rich. It incorporates configurable workflows, designed to accommodate the clients’ requirements for efficient document handling and collaboration; automates tasks such as categorizing documents, reducing manual steps and human error.

The previous workflow which involved physically sharing information between the branch, hub and head office has now been fully automated and streamlined. Both the central hub and head office receive the information simultaneously in real-time which has improved speed of access to information. The biggest benefit has been that, as long as all of the necessary documentation is provided at the application stage, customers are now receiving funds within four working days rather than the 12 days it was taking prior to the solution’s implementation.

Perfect Page technology reduces document preparation to simple tasks like removing staples, with absolutely no pre-sorting required; enables staff to process mixed batches of documents without sorting for orientation, size, type or shape; increases OCR results significantly; and cuts exception handling to a fraction of what it was prior to adopting scanners from Kodak Alaris.

The new system has enabled Vistaar Financial Services Private Limited to realise a paperless environment and from day one delivered a strong RoI. Importantly, the solution which offers complete control at a user level addresses the strict security requirements of this regulated environment – the organization is able to set security levels to control access at the document, page or category level – a criterion that was equally as important as the financial and productivity benefits realised.