As with any financial services company, a large volume of paperwork was generated daily at Equitas. The greatest challenge faced by the company was verifying the accuracy of the data given the manual document creation and processing mechanisms. Manual checking of application forms also meant lower employee productivity levels. This led to delays in responding to customer requirements, and had a negative effect on the overall customer experience.
Faster Loan Processing
To overcome the above challenge, the organization adopted a DMS from Newgen Software, comprising a document management software and optical mark recognition scanners. Mahalingam explains that scaling up the operations without additional costs meant increasing the throughput without increasing the number of seats in back office operations. Implementing the DMS has allowed Equitas to exactly do so. Prior to the implementation, every loan document-processing operator processed up to 80 documents in a single shift per day.
After implementing the solution, the company has achieved a three-fold increase in productivity. The same operator processes up to 250 documents per day in a single shift. As a requirement, while only around 75 percent of the data is captured through the DMS, the organization has been able to achieve almost 100 percent data accuracy for its loan documents.