As is the case with most financial institutions, Equitable Bank was spending considerable resources servicing the needs of their clients in a prompt manner, while keeping all of the information safe, secure and organized. It became clear they needed to find a better way to automate workflows, enhance security and reduce overall storage costs to support the growth of its lines of business.

Prior to implementing FileNexus®, Equitable Bank had a paper based mortgage approval process. All documents produced while servicing customers—mortgage and credit applications, approval documents, customer information, etc.—would reside in paper files. These documents are generated from a variety of sources—email, web, mail, fax and various other printed material. Regardless of how the information arrived—digitized or not—all documents were printed and then stored on paper in filing cabinets by loan number. Files were housed at various locations, including at third party vendors’ secured sites. The process to locate, access and circulate information in approval cycles was very time consuming and the cost of storage needed to be reduced.

Loris Technologies Inc. worked closely with Equitable Bank to review their existing workflow processes and determine a more efficient way to manage records using their FileNexus® Document Management System. FileNexus® was then rapidly modified to address their specific needs.

For Single Family Residential mortgages, all new incoming and outgoing documents are now standardized as electronic files. FileNexus® automatically indexes, archives and logically organizes documents in their native file format. No more paper files. With advanced logging features, Equitable Bank will be able to use FileNexus® to track the metrics of how long documents take to cycle. And they know at a glance where the document is and at what stage it is in the process.

Paper inherently runs the risk of being lost, stolen or damaged. And while a paper file is awaiting action on someone’s desk it is inaccessible to other departments. FileNexus® employs automated approvals and routing of documents to streamline Equitable Bank’s approval processes. Users with appropriate security access are notified of pending tasks—which documents need their attention and what actions need to be taken allowing them to better service customers and expedite funding decisions.

FileNexus® offers enhanced privacy and security—all files are encrypted. With all documents electronically backed up off site, Equitable Trust was able to ensure their business continuity and develop a strong disaster recovery strategy.