Kainos revolutionise business at IIB Bank using Meridio
"This system will revolutionise the way we do business, significantly enhancing our service to customers and the broker network, and consolidating IIB's position in the Irish market place. Kainos' strong technical capabilities and proven local experience were key factors in our decision to choose them for this project"
John Delaney, Director, IIB Homeloans.
IIB Homeloans
The Solution
Based on the award winning Meridio document management product, Kainos developed a web-enabled solution called Solas that provides IIB's staff, across multiple offices, with immediate access to all the information and documentation necessary to process a mortgage case. Using workflow technology the solution ensures that each step of the mortgage process is completed to schedule and by the appropriate personnel. Extensive business validation coupled with a sophisticated calculations engine enables full automation of tasks, including signoff approval, letter generation and cheque printing. Web, phone, paper, fax and email contact channels are supported to enable the brokers and through them the customers to drive the solution according to their needs. In its first week of operation Solas had issued over £46m for approved mortgage cases.
Delivering the Business Benefit
Solas enables dramatic improvement in the productivity of both user teams and management. The scanning based solution forwards work to teams earlier in the day and automated task management ensures efficient management of that work. The use of new storage systems effectively removes the costs associated with microfilm and reduced re-keying of data, faster data capture and easy online access to all critical documents all combine to transform the mortgage operation.
Faster turnaround times at critical parts of the process, reduced complaints and improved communication significantly increase the confidence of the broker community in IIB. Faster turnaround of credit checking for example makes an immediate impact. Handling of urgent cases and file reconstruction, both sources of broker dissatisfaction, can be significantly reduced. The new Solas system allows the broker and thus the end customer to drive the process according to their needs. Derived benefits include a differentiated service experience for the broker and a clear and positive re-positioning of the IIB brand.
Improved broker service directly results in the improvement of the key Loan Conversion Ratio. Even a marginal increase in this ratio combined with predicted productivity savings will produce a significant return. Over the long term, the new operation will have a positive impact on redemption figures.
The Benefits
Control of Processing Costs
Work teams assigned work tasks earlier
Improved efficiency due to automated task management
Less management time allotted to scheduling
Elimination of paper
Reduction in paper storage and retrieval costs
Removal of microfilm cost
Instant access to customer documentation
Enhanced Service Levels
Single-time data entry
Automatic recognition and capture
Reduced time to capture applications
Easy on-line access to all critical documents
Automatic credit referencing
Ability to provide status updates while file is in use
Faster, better informed decision making
Visible case-tracking
Improved communication with brokers
Increased Mortgage Volumes
Faster turnaround times at critical stages in the process, e.g. AIP, credit checking etc
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