Security Finance Finds a Way to Speed up Payment Process
Security Finance, a consumer loan company located in Spartanburg SC, deals with 3,000 plus invoices a week for over 1,000 locations. Responding to them often took up to four weeks. With no imaging capability and a completely paper-based process, there was an inevitably slow turnaround time on invoices. A desire to streamline their process led Security Finance to seek a better solution. In their words,
“KeyMark had the best integrated solution with room for growth.”
KeyMark’s Accounts Payable solution was initially implemented in 2003 with great success. All approvals were managed in the OnBase Workflow module, which helped make the invoice system more efficient. Invoices were then electronically routed to remote locations for approval and paid within four days or less from receipt as opposed to four to five weeks.
After realizing the efficiency of the solution with invoices, Security Finance decided to add most of their accounting documents into OnBase such as; Cash Management, General Ledger, Audit, Tax and Bank Reconciliation. This has lead to a successful document approval process with set standards that can be tracked.
The initial Accounts Payable solution continues to grow at Security Finance and OnBase has been applied across many departments. They have done an exemplary job of taking ownership of KeyMark’s solutions to best suit their needs and better serve their clients. Security Finance has reduced errors, improved process time and increased overall efficiency; all leading to better customer relations and improved service.
Rich Roth, Project Leader – Enterprise Content Strategy initiatives, led the expansion of the KeyMark solutions into other departments.
“Due to the success of the accounting team, Human Resources implemented KeyMark services fourth quarter 2005. All HR documents are now scanned, completed and archived electronically instead of in filing cabinets making it far easier to find and respond to employee requests,” said Roth.
More departments such as the legal and customer service departments are utilizing the benefits of OnBase. There has been a great increase in efficiency in the handling of requests due to the immediate nature of electronic documents to locate hard copies.
Creating Customer Surveys
Security Finance began utilizing the Customer Survey function within OnBase in 2006. Before this, customer satisfaction was tracked on paper. Now, surveys are sent to customers to be filled out. The returned surveys are scanned and Optical Mark Recognition is performed by Kofax Ascent. The answers are validated in Kofax Ascent and released to OnBase, then OnBase workflow is executed to create Keywords to cut back on the amount of time spent on inputting responses. OnBase Report Services is then utilized for analysis. These customer surveys have helped determine service areas for improvement, and they effectively evaluate customer satisfaction.
Next Phase of Solution Integration
Security Finance implemented RightFax within their entire home office so that all incoming faxes are received through RightFax and distributed through email. All outgoing faxes are routed from the desktop, or scanned on departmental Fujitsu fi- 5110c scanners and routed through RightFax. Security Finance eliminated all traditional fax machines during their headquarters move in 2005, and are now piloting RightFax for some of their Professional Finance Services branches.
Making Proven Solutions Even Better
With the addition of the Kofax Ascent for Payables tool, Security Finance has further utilized automated data entry by reducing the time spent keying in information. With the automated system, they have reduced manual entry in their ECM repository and their Accounting System. KeyMark took this one step further by adding Boston Software, an integration tool, which bridges the gap between document capture and the routing of information without the need for keying. Information that is captured can be organized and delineated with the Boston Software program without the need for manual data entry. The implementation of Boston Software is an example of KeyMark’s attention to client needs. The overall goal of KeyMark is to save clients time and money by efficiently automating paper-based information. By bringing the benefits of Boston Software to Security Finance, KeyMark customized the best solution for their client, based on their client’s needs.
About Security Finance
Located in Spartanburg, SC, Security Finance is a consumer loan company. They handle personal and auto loans, income tax services and a printing company. They have 1000+ Offices in 21 States with their home Office being located in South Carolina.