Credit Union Manages Millions Of Documents With Data Capture And Imaging Solution
The largest credit union in South Florida, Eastern Financial Credit Union, needed to replace its COLD (computer output to laser disk) and document imaging solution. Manual indexing and verification of member financial information was inefficient for a credit union that services 174,000 members nationwide and holds $1.4 billion in assets.
To build a complete document imaging system, Eastern Financial selected SER Solutions' SERsynergy and SERdistiller. A document recognition and data capture solution, SERdistiller automates classification, indexing, and verification of member account data. What influenced Easter Financial's purchase of SERdistiller was how the software quickly read and scanned documents without human intervention. "If I did not have SERdistiller and SERsynergy to rely on, I would have to hire eight more staff and purchase two more verifiers for the document recognition and capture demand that SERdistiller manages daily," notes Dee Raber, assistant vice president of document management, Eastern Financial Florida Credit Union.
SERsynergy, an integrated COLD, document and check imaging solution, manages loan documents, invoices, reports, signature cards, and check images - all within a single, member information repository.
Immediate Access To Customer Information
Eastern Financial uses SERdistiller to index customer account and loan information in the loan department, which maintains 5,000 mortgage files (each containing over 600 pages of documents). Every month, approximately 90,000 pages from newly signed mortgage applications are scanned into and read by SERdistiller. Within just three minutes of SERdistiller's scanning of a member's mortgage application, any credit union representative in either the main office or one of 18 branch locations can access details of the application using SERsynergy. "Eighty percent of our staff of 500 use SERsynergy every day," notes Raber. "Tellers and credit union employees have electronic access to mortgage files, signatures, loan documents, check images, and statements directly from their computer."