Our client is a leading financial services provider in Malaysia, with a significant presence across the ASEAN region. One of the bank’s core businesses is the Credit Operation Department (COD), which is responsible for assessing the risk and acceptability of bank lending to creditworthy customers. However, the department faced several challenges in its current process for the Letter of Advice (LAD) and Balance Sum (Bal Sum) mortgage documents. The existing process relied heavily on physical documents and manual operations, which led to inefficiencies, high costs, and errors.
The Malaysia’s largest commercial bank COD faced several pain points with its existing process for managing mortgage documents. The department relied on physical documents, which required an extensive number of employees to manage the process manually. The average workflow process involved 500 pages, which made it challenging to track and trace documents. Additionally, there was heavy use of stationery and equipment for documentation, and the movement of physical documents from person to person increased the risk of missing files. Manual data entry and updates, as well as eyeball checking, added to the time-consuming nature of the process.
To overcome these challenges, our client engaged IFC to introduce a document digitalization process that would help the department streamline its operations and increase efficiency. The proposed solution included a new digital scanning process, enhancements to the current document management system, and employee performance monitoring and reporting modules. The three main modules delivered by IFC were the Docuflo Admin, Docuflo Scan, and Docuflo Web Portal.
With the new solution, our client was able to replace the manual data entry and updating process with a digital approach that started with a new scanning process. The solution also allowed for better document management, retrieval, and collaboration, as well as enhancements to productivity and performance monitoring.
The new solution implemented by IFC had a significant impact on The Malaysia’s largest commercial bank COD’s operations, resulting in several benefits, including:
- Reduction in the cost and heavy utilization of physical documents.
- Increase in employee output, as digitalization made workflows easier and more accessible.
- Refinement in productivity and performance monitoring.
- Reduction in production errors, leading to increased process and operation effectiveness.
- Easy document storing and retrieval process.
Structured archival process and arrangements.
A month after the project went live, The Malaysia’s largest commercial bank COD employees had smoothly transitioned to the new system and were using it efficiently to complete their daily tasks. The new process not only proved to be cost-justifiable but also added a new dimension of expansion into the ongoing business. With the help of IFC, our client was able to overcome its document management challenges, streamline its operations, and improve its productivity, resulting in a successful outcome for the department and the bank as a whole.