A case study of automated processing solutions in a financial services company

About the customer

The client is a specialized global financial services company, which focuses on services for mortgage application and related documents. Backed by a global network spanning over 70 countries, this financial institution is a leading provider of financial services to agencies, corporations, governments, private individuals and institutions in the Americas. The value of the loans processed from this line of business is approximately $1 trillion annually, with an average mortgage size of $250,000. 
Having first established a presence in the Americas in the 19th century, this finance company began independent operations in the US in 1978, opening its first North American branch in New York City. The bank has a strong worldwide presence and needed a strong and innovative document scanning company to partner with to help digitize their manual processing of millions of critical print mortgage documents. 
 

The Challenge

Manual processing of millions of critical mortgage documents

The bank’s employees were having to carry out labor-intensive and time-consuming tasks, such as:

  • Manually check the paper documents against data in their system 
  • Edit corrections 
  • Enter missing data
  • Storing documents in a facility with over 55 miles of high-density shelves  
 
 

The Solution

The client partnered with SPS to review and remodel their print workflow processes for the implementation of a digital scanning solution, with two areas of focus: immediate scanning of mortgage closing documents received daily and ongoing scanning of additional incoming documents for existing files. 
 
The client sought a solution that would: 
  • Streamline the processing of new documents as they arrived 
  • Create digital copies of all documents in their storage facility
  • Meet an aggressive turnaround time of 3 hours or less
  • Be scalable for fluctuating volumes
  • Deliver recommendations for innovative go-forward 
 

Flexible staff workflow 

SPS implemented a flexible staffing model with staggered schedules to ensure maximum productivity during peak periods. A core group is assigned the daily files while additional staff members focus on existing documents, ensuring that the 3-hour service level agreement is met. 
 

Document scanning with OCR

The daily files are comprised of many different types of mortgage documents, and it is critical that the scanned
data for each document type feeds correctly into the client’s systems. The client’s imaging platform uses optical character recognition (OCR) software to ensure that the data is processed correctly.
 
 

The Benefits

SPS is scanning more than 6 million pages per month for the client, while meeting the service level agreement
of providing scanned dailies within three hours of receipt. In turn, the client is able to meet the demands of its mortgage processing clients and process the documents more quickly.
In addition, SPS’ solution has allowed the client to:
  • Increase disaster recovery and business continuity capabilities
  • Increase automation / do more with less human intervention
  • Identify documents that are missing
  • Reduce labor costs
 
 

SPS as a Document Scanning Service Outsourcing Partner 

Swiss Post Solutions innovate document management services are available across a range of industries, Swiss Post Solutions (SPS) is a leading provider of business processes outsourcing for document management, mailroom solutions and office services. 
Numerous international business customers rely on the competence of SPS in the conceptual design of development and implementation of end-to-end solutions, as well as competent consulting on the central value drivers in business process outsourcing (BPO): location concept, process optimization and technology such as intelligent automation. SPS is a division of the Swiss Post Group with headquarters in Bern (Switzerland); the 7,500 employees and co-workers of specialized partners look after customers in almost all industries in more than 20 countries, focusing on banks, insurance companies, telecommunications and healthcare.
 
To see how SPS could improve your business processes,
 
 

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