Financial Industry Sectors
At Axis we support a multiplicity of financial solutions for markets such as banks, credit unions, insurance brokers and leasing companies. Addressing a variety of implementations for account openings, loan processing, payment solutions and range of administrative tasks such as claims processing and logically back office operations.
Areas of Implementation
Within these operations of banking and insurance we have improved processes that involve procedures like client documentation including applications, financial history, insurance information and verification of eligibility. Administration support including claims processing, accounting, human resources, legal and contract management have also been implemented.
Axis has tackled many of the challenges pertinent to the document intensive processes inherent financial information systems. In today’s very competitive market for banks, credit unions and insurance operations, trying to win the deal attract the new client or retain and existing one, may just come down to who can expedite the application quickest. Loans and insurance policies are commodities and applicants just want the best rate with as few headaches as possible.
Unfortunately, one of the main challenges is that up to 60% of the information regarding clients can reside in unstructured documents; documents that lack form structure, like correspondence. Unknown information can be buried deep within these documents, and it is time-consuming, error-prone and expensive discovering and extracting this information using manual, labor-intensive data entry.
Another major challenge is the sheer volume of information that has to be manually keyed into systems from structured paper and electronic documents. In all too many cases typing in the same index fields into the countless number of screens; first and last name, social security number, address, etc.
It can all be time-consuming, inefficient and in some cases next to impossible to connect and associate information from disparate and un-connected repositories. Legacy mainframe and midrange systems, paper documents in filing cabinets and content residing in other structured content management systems and financial systems may need to be associated together. This is very apparent in these type of operations where branch offices rarely process everything onsite; they have to collaborate with other remote offices and the organization’s headquarters.
Axis AI Advanced Data Extraction and Document Classification software can
address all your indexing and document processing challenges.
Software and Services Solutions
Axis services and software solutions address a full spectrum of proven methods to address these challenges. With over 12 years of experience Axis has offered its clients a range of solutions to address their individual and unique environments. Areas addressed have included software system integration, document imaging and ECM implementations, advanced data extraction, workflow/bpm process improvement, electronic signature and data mining to name a few.
Our clients have realized a range of positive outcomes such as increased customer and employee satisfaction from quicker and more accurate access to client information, faster application and claims processing. Axis is an authority in breaking down the silos typical to such operations. With more seamless access to content at the click of a mouse vs. hunting information from filing cabinets, financial clients can spend time focusing on the customer, and less time wasted trying to find information.
Back office operations have always benefited from more robust ECM solutions. Areas such as accounting see improvements of accelerated cash flow, fewer errors from human data entry, all at with higher quality while yet still reducing the cost of operations. All of this while helping adhere to records management, governance, security, disaster recovery, compliance requirements and best practices.
I have been waiting twenty-five years for this technology to arrive! This is really going to drive down our operational costs by allowing us to use fewer people at the data entry level and ultimately at the verification level too. In addition to the benefits going forward, the system also has the ability to take stale data and have it converted into the new system. We had a plant that we capped a few years ago but continued to buy the electronic images from the County….
“We now offer an innovative and high-tech solution to our clients. The system is faster and more efficient than our previous solution. It results in faster responses from the customers and quicker responses to their inquiries. The result: our portal moves the process along faster, and everyone wins. We are delighted with the quality of the work Axis had delivered; their implementation has indeed performed on the vision we had for our solution.”
Working with your company, we have been able to maintain an extremely high level of talent within the group. The resources you have provided us with have given us some key technical skills in specific areas and have made it quite affordable to provide quality support to our business. The Axis resources have blended well into our existing teams and have allowed us to augment our staffing with a variable cost structure.
Our team spent several years looking for the right technology solution that would provide our customers with the most robust, accurate, easily searchable data. Axis proved that they could do what they said they would do. They are knowledgeable, competent and understand our needs as a customer.
It doesn’t have to take a big army to get something done. By engaging Axis’ technical resources, we were able to fast-track our project. With Axis, we have IT staff on demand.