Financial Service Provider                    View as PDF

Profiting from Higher Efficiencies and Lower Costs

The Company
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.

The Challenge
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.

*Mortgage Bankers Association of America, Mortgage Finance Forecast, September 18, 2002.

Profile
Industry: Financial/Banking
Needs: Internet Fax Desktop Solutions