A Housing Finance Company (HFC) processes loans at multiple locations, and retains all related documents at the local / zonal office. Each files received consists of multiple documents and should be filed and processed swiftly considering the competitive environment. In the manual process, documents need to be stored physically in the office resulting in wastage of expensive real estate. Additional paperwork needs to be stored in the right place with the other documents so as to make it easily accessible. This results in a lot of time and money spent on handling paper. Finding the correct document is akin to finding a needle in a haystack especially at the time of audits or at the time of a default. With a document management system in place,
- All documents are scanned and archived on a central server thereby making it available to users anywhere (provided they have the requisite rights and permissions).
- Expensive real estate can be put to better use and documents can be stored off site.
- The concerned people have access to the records from anywhere they work using the web or mobile interface.
- Improve workflow, response times and efficiency
- Reduce costs
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