Southern Pacific Mortgages Limited, says it has revolutionised its business processes by deploying Vignette IDM to electronically store and process all of its customer records.
The firm says that customer service delivery has already improved by 40% in key areas. By increasing its efficiencies so significantly, the company is aiming for increased growth over the next 12 months.
Securitisation and loan sales are the key funding strategies for SPML, and the required suppor ting paper-based processes, which are necessary for audit, were creating substantial administrative overhead.
Vignette solutions have made a significant impact in this area. Further, regulations in the United Kingdom state that lenders must retain a full record of a customer’s history from inquiry through closure.
Retrieving the necessary files to comply with these regulations would have been an extremely time-consuming and costly process for SPML, since its paper-based files were all stored off-site.
Melanie Leask, executive manager of mortgage servicing at SPML, says: “Vignette has definitely helped us to review and revolutionise our existing business processes, resulting in increased productivity and improved turnaround times.
“The efficiencies we have gained since working with Vignette mean that we have been able to process more volume without additional resources.
“Since SPML implemented Vignette’s document management solution, all its customer files are now held electronically and can be retrieved, managed and processed within seconds, leading to a 40% improvement in customer service delivery on key processes in just six months.
“The visibility of processes has also been improved, and the company has met its compliance objectives with the adaptability to rapidly respond to future regulatory changes.
“Moving forward, Vignette will now help SPML set up electronic accounting and direct debit services to co mplement the customer services strategy.”
Gonzalo Usandizaga, vice president and general manager of the EMEA region at Vignette, says: “SPML is a great example of how organisations can turn the obligation to comply with specific regulations into an opportunity to review and improve their business processes.
“Compliance should not be regarded as a costly constraint, but rather as a long-term investment that will help increase efficiency, improve customer services, grow business visibility and reduce IT costs”