ARC Business Solutions, an IT solution provider and certified professional services provider for EMC Captiva, created a solution for BMO in January of last year to help speed-up the application process for online investors.
The solution was designed using EMC Captiva InputAccel technology and has since turned the work that was previously done by four regional document scanning centres now into one.
Gord Sacuta, director of enterprise content management solutions at ARC Business Solutions, says the total time it took for the company to upgrade BMO’s technologies and to implement the solution was about three months. He also says the bank wanted to do one of two things when looking for a solution to meet their application processing needs.
“They wanted to improve the time it took for a customer to open an account by opening it online and they also wanted to attract more customers while doing this,” Sacuta said.
InputAccel uses advanced capture software technology and is a customizable document capture solution. By integrating this technology into this solution, BMO is now able to quickly receive and process paper and Web applications and forms. Before implementing this solution, application processing time could take anywhere up to two weeks. Now, these same applications can be processed in as little as between two to four hours. “When an online account is created, documents are generated [to comply with Canadian legislation],” Sacuta said. “These can be printed off and signed and there’s a bar code on it so once it’s read and indexed, the account can then be released.”
The result, Sacuta says, is a fully audited end to end solution that is tracked starting from the point of initial contact. This comes in the form of on-site, near-site and telephone support, as per the client’s request and needs.
This solution has been well-received by BMO, Sacuta says, because it allows employees to be more efficient with their time. “It has also driven down the cost per account to initiate and opening these accounts,” he said.
The Silver Award winner was to Compugen Inc. and Thoughtcorp was honoured with the Bronze Award in this category.