Application Empowers Customers with Self-Service Capabilities and Shortens Time to Close Loans
Kofax plc (LSE:KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announced that CashCall, one of the nation’s premier consumer finance lenders, selected a Kofax mobile smart app to streamline and automate its mortgage loan processing, enabling an improved customer experience.
CashCall will use Kofax Mobile Capture for Mortgage to leverage mobile devices in capturing the original and trailing mortgage documents necessary to complete an application or transaction. The lender will also use Kofax Transformation Modules™ to automatically classify, separate, extract and validate the business critical content in those documents. By using mobile devices, CashCall’s customers can quickly and easily submit documents such as paycheck stubs, W-2s, driver licenses, investment account statements and tax returns directly into the loan process, which allows the lender to more rapidly service, approve and close loans.
“CashCall needed a next generation mobile solution to transform and streamline our mortgage loan process, and at the same time deliver a positive customer experience,” stated J. Paul Reddam, CEO and President at CashCall. “By partnering with Kofax, we developed an innovative solution designed for the mobile minded customer with a focus on enhancing the customer value, with faster turnaround, better customer experience and satisfaction.”
Simon Yates, Vice President and Principal Analyst, and Clay Richardson, Principal Analyst at Forrester Research, a leading global research and advisory firm, stated in the February 2013 report Mobile Engagement Demands Process Transformation, “Mobile engagement means empowering people to take the next most likely action in their moments of need… The app on their mobile device is just the face of a 'system of engagement' that ultimately touches your core processes.”
“Kofax’s smart mobile apps help lenders accelerate processes, minimize latency, speed transactions and reduce costs,” commented Drew Hyatt, Senior Vice President of Mobile Applications at Kofax. “As a result, CashCall can improve its customer service and fund more loans faster. What lender doesn’t have those two objectives in mind?”
Kofax Mobile Capture™ delivers on the promise of true mobile capture by applying Kofax’s patented and market leading Virtual Rescan® (VRS) image perfection technology directly on the device. It ensures images taken with the phone or tablet are process-ready, avoiding the need for additional submissions and the need to manually correct content extraction errors. VRS corrects problems associated with poor camera angle, illumination, warping, blur and other variables. It provides feedback on the quality of the image before the document is submitted, and the file size is significantly smaller than the original picture, accelerating transfer and reducing impact on the device’s data plan.
Kofax Transformation Modules™ (KTM) is an integrated platform of applications that streamline the transformation of different document types into structured electronic information, ready for delivery into business systems and processes. It replaces manual, error-prone and expensive document sorting, filing and data entry processes with assisted and automated document classification, separation and data extraction, significantly reducing labor costs, improving productivity and information quality, and accelerating throughput of data collection in support of business decisions and related processes.