case file: financial institution
Profile
Industry:
Financial/Banking
Needs: Internet
Fax Desktop Solutions
profiting from higher efficiencies and lower
costs
Overview
Venali's client is a top 10 global financial institution and a top 5 mortgage
originator with over 1.5 million customers. The largest international
bank in its home country, it ranks within the top 10 in Europe and the
top
15 in the world based on total assets. The company's business focus has
expanded recently from consumer, commercial and wholesale clients to include
investment banking, corporate advisory, finance, and asset management
services, leasing, and growing operations in pan-European real estate
development, financing, and management. Total assets numbered almost EUR
600 billion (as per 2001) with much of the growth coming from
Asia and Europe.
Employing more than 110,000 employees, the company has over 3,400 branches
in more than 60 countries and
is listed on several exchanges in Europe, and the New York Stock Exchange.
Key Issues
Lower home mortgage interest rates have fueled a real estate boom in many
countries, driving an increase in
the amount of mortgages to be processed. In the U.S. alone, housing analysts
cited a 58% increase in the number
of mortgages processed this year versus last year*. For Venali's client,
this has resulted in an increased number
of activities in their mortgage loan processing department, which is heavily
dependent on fax communication.
Each loan processor would spend over one hour a day printing from their
personal computer and manually faxing documents to other recipients in
the loan approval process.
Not only was the company's outgoing fax process slow and unproductive
- many times the phone number would be busy and repeated attempts needed
to be made before a transmission was successfully received - but so was
the receiving process for the loan processor and fax originator. Once
received internally, the transmission was often misplaced or mixed up
with other documents because the fax machine was shared among a group
of employees.
An Internet fax solution was desperately needed to streamline internal
workflow and render document delivery
and receipt more timely and efficient. Additionally, adding an electronic
storage component was highly desirable
to retrieve and archive documents for later reference.
The Venali Solution
By integrating Venali email to fax and fax to email Internet Fax Desktop
Solutions, the company enabled their mortgage lenders and processors to
immediately send and receive fax transmissions directly from the desktop
to intended recipients anywhere in the world. Faxes can be sent to multiple
recipients simultaneously in just minutes, and multiple documents can
be attached to a single fax transmission. In-bound faxes can be opened,
read, printed, stored, and forwarded, just like any email message. Even
paper documents that the mortgage processor does not have electronically
can be converted into an electronic format by faxing the document to their
individual in-bound number, then forwarding it to other recipients.
Another advantage for the company is integrating in-bound documents (TIFF
attachments) into the company's Electronic loan folder. The images are
simply moved to the appropriate loan, and stored for later access. This
process eliminates the previous method of scanning or printing documents
for review.
The estimated time saved by implementing these solutions was about six
hours a week per loan processor. This amounted to over 2,400 work hours
weekly for the 400+ loan officers using the Venali solution. The time
is now more productively spent offering increased customer service to
current customers and prospecting for new clients, which results in better
productivity and substantial revenue gains for company operations.
IP fax offers greater convenience, flexibility,
and cost savings of up to 40% over stand alone fax machines, resulting
in higher margins and a quicker turnaround time for Venali's client to
process mortgage loans
and increase applicant retention.
Business Benefits
| • | Zero capital cost, installation expenses and operating overhead |
| • | No changes to existing IT infrastructure required |
| • | A single global IP-based fax solution is easy to deploy and implement for multiple locations and platforms, company-wide |
| • | Infinitely scalable fax capacity without any additional hardware, software, or maintenance |
| • | Company confidentiality
is enhanced with secure delivery, ensuring that only intended recipients
receive and view message content |
| • | A selection of local or toll-free in-bound fax number area codes are available in major metropolitan areas |
| • | Venali Network Operations Center (NOC) is staffed 24/7 to ensure continual uptime and successful transmission of documents |
| • | Venali Account Management Center provides real-time fax reporting and account administration online |
About Venali
Venali is a premier provider of innovative eMessaging solutions. Its Internet
Fax Desktop Solutions and Internet Fax Production Solutions enable companies to
improve the flow of crucial business information between customers, suppliers,
partners and employees.
Venali operations began in 1996 and have experienced rapid growth over
the past 7 years. In this time, the company has acquired an expansive
customer base of Fortune 2000 corporations across a wide range of
industries, and formed strategic alliances with leading software manufacturers
and telecommunications
companies.
The company has corporate headquarters in Miami, Florida, and an international
office in Munich, Germany.
*Mortgage Bankers Association of America,
Mortgage Finance Forecast, September 18, 2002.
Contacts
www.venali.com
sales@venali.com
Phone: 1 786 276 0770
Fax: 1 305 695 4022
