Suffolk County National Bank
|Three different imaging applications were integrated with the bank's core business system and across 27 branches. The system designed and delivered by R2K provides improved security, tighter system administration control, and immediate access to documents by multiple users. The solution provides the capability to transfer electronic check images to banks and clearinghouses and helps the bank meet regulatory requirements.|
Suffolk County National Bank (SCNB) is a $1 billion full-service, federally chartered commercial bank in New York. SCNB needed a better way to manage paper documents generated in three areas: 1) teller transactions; 2) loan processing; and 3) accounts payable. Microfilming checks was becoming costly. The paper documents in loans and accounts payable were cumbersome to manage, susceptible to loss, could only be used by one person at a time, and took storage space that could be better utilized. Retrieval of documents for internal use and customer service was slow, and in the case of microfilmed checks, could take as long as 7-10 days. There was a need for a more solid backup plan if the paper was lost or destroyed. The bank recognized that they had an urgent document management problem, but did not have in-house expertise in document management technologies.
Consulting and an implementation plan for document management technologies by R2K
The bank selected R2K to conduct a study of SCNB's current handling and management of paper throughout all bank operations, including teller transactions, installment loans, mortgage loans, commercial loans, accounting, and administration. They engaged R2K for this analysis because of R2K's reputation for deep and broad experience in document imaging technologies.
R2K conducted a study of existing business processes with the goal of understanding the net changes to these processes if the bank were to implement a document imaging system. R2K also helped the bank assess the return on investment with imaging technology. R2K provided a detailed analysis of existing operations, estimating the cost and feasibility for implementing imaging technology in each of the bank's departments. R2K delivered a report that outlined a plan for implementing imaging technology and improving current business processes, demonstrating a potential return on investment of less than two years.
R2K configured, integrated, and deployed an enterprise-wide document imaging system for SCNB. The system included microfilm replacement for checks captured at 27 branch offices, and loan and Comptroller's office documents captured at the bank's headquarters. R2K offered a variety of hardware/software options. SCNB selected a new vendor for check processing, extended their existing vendor for COLD technology to support imaging, implemented Kofax Ascent for image capture, and deployed Kodak i260 scanners. A critical requirement was integration of electronic documents with SCNB's core processing systems. This would allow automated look-ups and population of fields based on index information as well as viewing of electronic images compared with keying data from paper.
Summary of Solution Benefits
Benefits Across All Applications
Check Capture Benefits
Loan Processing Benefits
Accounts Payable Benefits
Future Plans at SCNB
This implementation serves the business goals for the three applications deployed and provides an enterprise foundation to support additional bank requirements. SCNB is exploring two other areas: 1) The Trust department to support both back file conversion of documents as well as administering new accounts going forward; and 2) corporate and legal records management related to the holding company shareholder information, and other corporate documents.