Business Challenge

A Midwest financial services company had grown to a volume of 160,000 loans and 39 locations. The problems that were identified in loan servicing required an investigation of technology options. After a thorough internal investigation aided by a Records Management Consultant, it was determined that the investment to improve management and productivity revolved around the following objectives.

• Control Risk - By reducing / identifying missing or misplaced records and key documentation. By applying automated lifecycle management, methodologies and procedures. To reduce liability and insure compliance with regulatory and business requirements.
• Provide Quality Service - By reducing the time to respond to both internal and external requests for information and documentation.
• Reduce Costs and Increase Productivity - By automating the management, reporting and delivery of the loan and document collection process.

In researching vendors, the bank discovered FileOnQ through a local reseller that offered professional services to manage the physical records consolidation project. FileOnQ was selected to identify and track the files from remote locations to the new central loan service center. As the existing loans are organized for efficient servicing FileOnQ is used to track required documents for all new loans that then will be scanned for servicing. FileOnQ proved to be an effective solution to manage their current and future content collection challenge.

Why FileOnQ?

Scanning and indexing loan documents for electronic retrieval and workflow offers a more efficient solution than pushing paper from desk to desk. FileOnQ provides a collection service to define and track the complete document sets ensuring accurate online data. With the high cost of scanning historical records, FileOnQ allows off line files to be indexed and referenced for retrieval providing a complete content collection management solution.

FileOnQ integrates with host systems to manage the content collection process and assign retention classification to ensure complete accessibility to documents and timely review or destruction.

How Has It Worked?

The project was completed on time with significant benefits quantified.

• Reduced Risk - Immediate identification of missing loan documents as loan files were collected before they were consolidated from various locations
• Improved Service - Staff no longer searched by going to the shelf location first, only to find the file gone. FileOnQ provided current location data and an audit trail for tracking all use.
• Improved Efficiencies - Filing time was reduced by 50% by using a uniform bar code identification system as opposed to retention guidelines interpreting the various complex numbering schemes.
• Imaging Functionality - FileOnQ built a foundation of electronic information to prep for accurate complete scanning and audit management
• Reduced Training Costs - The FileOnQ logic and user interface allowed new or temporary staff to significantly increase productivity in a matter of hours.

Future Plans

Expansion of this application will include web access to document processing data via the LoansOnQ WebView module. With WebView, authorized personnel will be able to search, view and request records and information from any geographic location via the corporate web site. The application will also be expanded to include storage, management and delivery of any digitized object.

About FileOnQ

FileOnQ is a technology leader in content collection management solutions. FileOnQ is committed to providing user-friendly software applications with the lowest total cost of ownership and best value available in the industry.

The modular, configurable design and architecture of FileOnQ provide financial institutions with solutions that are fully tailored to their unique and specific needs. The unique FileOnQ Profiler enables tailored applications to be profiled and installed in hours rather than the weeks or months typical in the industry. All our applications, like LoansOnQ, provide the customer the option to begin with a basic application and move forward in logical, affordable and proven steps, providing the right solution both initially and long into the future.