Financial organization implements ibml’s SoftTrac Synergetics software and ImageTracDS scanner for loan document processing
BIRMINGHAM, AL, May 12, 2015 – ibml, a leader in information capture solutions for the enterprise, today announced that United Acceptance, Inc. (UAI) has selected an ibml end-to-end capture solution to automate its loan review process. UAI is a 24-year-old financial organization, that purchases Retail Installment Contracts from automobile dealerships that have a “buy here, pay here” operation. Previously UAI processed loan documents using a low-speed desktop solution with manual document classification that resulted in onerous document preparation, software processing delays, poor workflow visibility, and lost pages. As a result, UAI had an up to 3 ½ month backlog of pre-funded loans that needed to be processed.
UAI uses the ibml intelligent capture solution to process pre-funded loans that it is considering purchasing from “buy here, pay here” automobile dealerships. UAI receives loan documents as part of a proposal for purchase. A proposal contains numerous client loan packages, which include all of the documents related to a loan. Each package averages about 35 pages. In order to accurately review the loan packages, UAI is required to determine whether all the loan documents exist.
“The ibml capture solution has enabled us to make quicker decisions on loans,” said UAI IT Project Manager Laeeq Malik. “We also have been impressed with ibml’s straightforward training, the ease-of-use of their capture solution, and their excellent communications and project management.”
ibml’s intelligent capture solution has provided UAI with immediate benefits:
- No need to insert separator sheets between documents. SoftTrac Synergetics automatically determines the start of a new document
- A 50 percent reduction in staff due to automated document classification and auditing
- Delivery of images and data to downstream applications in a fraction of the time it took UAI’s old scanning and document capture solution
- Visibility into document status without the need for staff to perform manual steps
- A single license fee that allows multiple people to work on batches simultaneously
UAI also eliminated its loan backlog within 1 month of deploying the ibml capture solution.
UAI’s capture solution includes ibml’s ImageTracDS 1085 scanner and SoftTrac Capture Suite software with SoftTrac Synergetics. The ImageTracDS 1085 is a mid-volume production scanner that provides high-quality and efficient processing, and reduces document preparation costs, by allowing for the scanning of intermixed documents of varying thickness and size in a single pass. The ImageTracDS 1085 is equipped with two sort trays for automated out-sorting of documents.
Synergetics, part of ibml’s SoftTrac Capture Suite, is an intelligent document recognition solution that classifies documents and extracts metadata automatically. Synergetics reads three fields on the document processed by UAI – account number, first name (and middle name, if present), and last name – using optical character recognition (OCR) technology. The extracted data is used primarily for UAI’s output file naming convention and indexing. After meta-data extraction is complete, PDF files are created from the images and moved to a specific location on UAI’s SharePoint server.
“In UAI’s business, time is money. Our capture solution has enabled UAI to significantly speed its review of loan packages, resulting in more revenue opportunities and enhanced service to customers. Organizations in virtually any industry can benefit from automating document import, classification, extraction, and export with ibml technology,” said ibml Chief Marketing Officer Dan Lucarini.
ibml provides intelligent information capture solutions that drive business process improvements. Combining intelligent scanners, software and services, ibml’s comprehensive solutions automate the most demanding document applications in banking, financial services, healthcare, government services, outsourcing and more. Every day, ibml customers in 48 countries rely on our technology to accurately and efficiently capture and process millions of documents.