Karomi Technology: Karomi Document Management Workflow Automation BPM Solutions

Karomi

Solutions

Financial Services

Loan Origination System (LOS)	Document Archive and Retreival
Account Opening	Document Distribution
Document Review and Approval	Document Enable Software
Customer Complaint	Fraud Investigation

Business Drivers

• The banking and financial service sectors have relied heavily on paper to manage business documents. Today these organizations are seeking technological advancements to replace out of date and inefficient systems.


• Banking and financial service organizations are looking for ways to leverage the internet to accelerate their business processes.


• Banking and financial service is an extremely competitive business. In this competitive industry the bank or financial service organization that is first in service will often get the business. For example, the bank that processes your loan application the fastest will likely be the bank that wins your business. Banks and financial service organizations are looking to apply technology to process documents faster, to improve internal operations, to improve customer service and to expand their competitive advantage.


• Many banks and financial service organizations have branch offices in major metropolitan areas. The cost for office space in these areas is extremely expensive. These organizations are looking for ways to reduce physical storage costs by eliminating storing paper–based documents.


• In a time when there is a worldwide economic slowdown, all organizations today are looking for ways to cut costs, to do more with less resources and in general to streamline their business operations.


• Due to recent corporate improprieties, the banking and financial service sectors are subject to numerous guidelines established by regulatory bodies. These guidelines define how banking and financial service organization must manage their business information.


• As part of the Anti Money Laundering requirements, all financial organizations need to do a KYC (Know your Customer) process and collect relevant customer documents.


• These organizations are looking not only for a return on the investment but they are also concerned with the total cost of failure.

Karomi Solutions

Karomi's Document Management and Workflow solutions address these business drivers including the critical document imaging component, as it enables them to capture, manage, store, preserve and deliver information and documents related to business and organizational processes.

• Loan Origination System(LOS) : Built on the Karomi Workflow and Document management framework, the LOS solution has the following features
  Application capture
  • Scan and extract application details
  • Scan and store supporting documents
  Application processing
  • Loan Appraisal process
  • Loan Sanction process
  • Loan Disbursement process

The solution also includes Loan Product configurator, Credit Scoring and integration with Core Banking Systems.

• Document Archive and Retreival : Archive and retrieval can assist by converting paper-based document such as
  • Customer records,
  • Human resource records,
  • Signature verification cards,
  • Safe deposit contracts,
  • Wire transfer documents, and
  • Export documentation
  into electronic documents that can be archived. These electronic documents can be searched and retrieved for viewing or printing. Accessing electronic documents is much faster enabling bank and financial service organizations service internal and external clients at a faster pace.


• Account Opening : Opening an account for a new customer who currently does not have a relationship with a fi nancial services organization is a more difficult process, even for relatively low value products, and increases in diffi culty to match the value and complexity of the product. An organization’s own risk management policies, combined with regulatory compliance, make it all the more important to process new accounts accurately.
  
  

  Karomi enables the definition and enforcement of account opening processes and tasks alongside accurate and efficient information and document capture. From an operational standpoint, the solution ensures that business objectives can be met by design rather than accident and operational policy and regulatory compliance is reliably achieved.



• Document Distribution : Document distribution can be used to electronically distribute documents using the intranet/internet eliminating the time and resources required to fax or courier documents. Additionally, this can be used for redundant off-site storage to ensure the physical protection of data.



• Document Review and Approvals : Karomi's Workflow automation product can be applied to automate business processes by routing electronic documents to appropriate departments or individuals to expedite the approval processes.



• Document enabling Software : Document Enabling Software, gives banking and financial service organizations the ability to add scanning and document management functionality to existing line of business applications (Core Banking, Credit Management) and business processes such as lending processes. This gives them the ability to implement document management without having to change the way employees are used to doing their jobs.




• Complaint Management

  Karomi Complaint Tracking Software has been designed to meet the specific regulatory requirements of the Financial industry -- yet can be customized to suit your business. Karomi uses flexible business rules to ensure you meet the requirements set by each state for responding to written and oral customer complaints.

  Receive Complaints:
  Karomi lets you record new customer complaints received through any channel, quickly and efficiently. Any authorized staff member can log new complaints using Karomi’s simple, intuitive web form. The intake form is fully customizable, allowing you to record all information necessary in order to categorize complaints and report them to regulators.

  Acknowledge Complaints:
  Each company sets its own rules on how quickly they should respond to customer complaints. Karomi incorporates customized business rules to ensure you meet these targets every time. Karomi can also generate template letters to your customers, acknowledging the complaint.

  Manage Complaints:
  Once a case has been assigned to the appropriate person in your organization, the “case owner” can begin to record the resolution process. From within the complaint file, the case owner can:

  • Record notes
  • Set reminders
  • Assign tasks to others
  • Send emails
  • Generate letters using automatic templates
  • Attach documentation
  • Send for review
  • Record the outcome

  Review Complaints:
  As complaints progress towards resolution, you may need to involve legal or compliance staff in a review of the recommended resolution. Karomi Customer Complaint Tracking software simplifies this process by notifying appropriate personnel each time a review is required. All case files requiring review are placed in a queue where they can be accessed by authorized “reviewers”. The case owner is automatically notified by email as soon as a review is complete.

  Benefits of the Karomi Customer Complaint Tracking Software for Financial Services:

  • Quickly record and document new customer complaints
  • Ensure acknowledgement of every complaint within regulated guidelines
  • Maintain a complete record of every complaint
  • Centralize complaint information
  • Collaborate across the organization
  • Ensure necessary reviews are carried out every time
  • Effectively manage milestones and key dates
  • Effortlessly generate necessary reporting for regulators
  • Learn from customer complaints



• Fraud Investigation

  Karomi Fraud Investigation process is web-based case management software that provides financial institutions with a centralized, workflow driven solution for managing investigations.

  If you are investigating suspicious claims or incidents the investigation must be carefully planned and documented. Once suspicious activity has been identified Karomi provides the tools needed to assign the case to the right investigator where they can document their activities.

  Compliance with fraud bureau guidelines can be built in to the workflow rules to ensure your compliance.

  Investigators
  • Record contacts, activities, expenses and evidence
  • Create to-do lists and follow-up tasks
  • Create recommendations and send for review
  • Generate summary investigation reports
  Managers
  • Easily view all outstanding cases and their progress
  • Alerts keep managers aware of inactive or overdue cases
  • Report on individual or overall performance and trends
  Senior Managers
  • Ensure compliance with state and national regulations
  • Enterprise reporting of trends

  Karomi enables investigators to document their progress leaving a clear trail of activity. Once the investigation is complete Karomi saves time by automatically creating a template report of the findings, including a listing of contacts, evidence, and recommendations.

Benefits

Implementing document imaging technology in the banking and financial service sectors can yield many benefits such as:

• Faster access and retrieval of documents associated with customers, employees and transactions to improve customer service and expand their competitive advantage.
• Track access and manage information more efficiently to assist with regulatory compliance guidelines for protecting and ensure the privacy of information.
• Leverage the internet to enable better business to business communication and better business to consumer communication.

Return on Investment

In addition to the business improvement benefits there are many tangible returns on the investment banking and financial service organizations will achieve from implementing Karomi's Document Management and Workflow automation system. These include the following:

• Cut costs associated with the labor required to manage paper-based transactions. In many cases organizations have increased productivity with the equivalent or less staff members.


• Another major cost savings is associated with the reduction of physical office space by eliminating storing paper documents.


• By reducing processing time organizations can increase the volume of transactions and revenue. This also facilitates improved customer service and overall customer satisfaction.


• As a result of managing their business information more efficiently, these organizations can be more forthcoming with their business documents to assist with regulatory compliance. This reduces their risk of potential fines and penalties.


• The ultimate ROI is the result of redundant off-site storage ensuring business continuity should they experience any type of data storage disaster.