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.
IP fax offers greater
convenience, flexibility, and cost savings up to 40% over
stand alone fax machines, resulting in higher margins and
a quicker turnaround time to process mortgage loans and increase
applicant retention.
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.
