North Carolina State Employees Credit Union Utilizes Kofax Enterprise Capture Platform to Create Distributed Capture Solution for Mortgage Processing
The North Carolina State Employees Credit Union (SECU) is the second largest credit union in the United States, with 240 branches and 1,000 ATMs in 100 counties. Founded in 1937, SECU headquarters are located in Raleigh, North Carolina, and are home to more than 3,500 employees, which serve its 1.4 million members. SECU’s membership is comprised primarily of teachers, state employees and their family members. .
With nearly three-quarters of a million mortgages established and an average of four documents per loan transaction, the SECU branches had become increasingly overwhelmed by processing the huge volume of paper documents and needed a way to transition away from hardcopy files and filing stations.
The credit union’s multiple branches and operating locations meant that documents had to be transported to and from branches, making it easy for files to get lost in transit. The credit union wanted a mortgage solution that would ensure all loan documents were electronically captured and then stored in one central location. Documents would also need to be easily accessible in real-time from any credit union location.
We needed a way to get mortgage-related documentation digitized efficiently so that our members could access their own file information and our employees no longer needed to go searching for files.Leanne Phelps | Senior VP of Card and Record Services, SECU
SECU wanted to expand its online and branch offerings to allow members more freedom in obtaining their financial information, as well as minimize the time it would take for a member service representative to retrieve information while serving members. Whether in-person at a branch location or through the call center, which receives millions of calls per year, SECU wanted to improve and accelerate communications through the use of a distributed capture application.
The Solution: Kofax Capture, the world’s leading automated information capture platform
The Kofax solution automates business processes by capturing paper and electronic documents and forms into a digital format, transforms the content into accurate data and delivers the resulting information to an organization’s business applications and repositories.
With features that are vital to business-critical applications in enterprise environments, Kofax Capture allows for customized applications, such as specialized routing and processing, to meet the specific needs of the credit union.
Since implementing the Kofax solution at all branch locations, SECU has already seen significant improvements in productivity, efficiency and member service across its mortgage program. With the Kofax solution, a total of 700,000 loan documents have been captured and made available to branch employees.
The mortgage program is just the tip of the iceberg. The next phase is to consolidate our paper based forms and capture them, along with new account opening forms and all correspondence.Leanne Phelps | Senior VP of Card and Record Services, SECU
By digitizing the loan files, SECU has reduced the time it takes for Financial Service Officers to access member information and respond to inquiries. In addition, SECU now guarantees 100 percent quality assurance to members that their files will be accurately processed and available.