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Fidelity Financial automates faxed mortgage application processing through digital transformation

Fidelity Financial is helping connect families to their new homes faster and with less hassle by automating the processing of mortgage documents through fax.  Using ABBYY digital transformation solutions, 5,000 new faxed mortgage applications are processed within one hour of receipt every day. This has dramatically reduced errors and response times, while improving customer service levels.

Easily Automating the Process of Faxed Mortgage Applications

Despite advancements in digital transformation, the fact is that faxing is not dead.

Fidelity receives over 5,000 faxes (in excess of 15,000 pages) every day. In order to meet Service Level Agreements (SLAs), each of these mortgage applications must be processed within one hour of receipt so that mortgages can be funded and fully processed on time. To make the challenge even bigger, 75% of this fax traffic is received between the hours of 11:00 a.m. and 4:00 p.m.

Fidelity couldn’t afford to hire the staff necessary to meet these standards, and needed a better way to do business so they adopted ABBYY FlexiCapture technology to automate the receipt of their client’s incoming fax applications. They capture the faxed images, extract important data using Optical Character Recognition (OCR) mixed with advanced natural language processing, and then upload that information instantaneously in their Transaction Management System for approvals.

The results have been impressive. Now qualified homebuyers are happily approved sooner and Fidelity’s bottom line gets better.

Fidelity Financial is helping connect families to their new homes faster and with less hassle by automating the processing of mortgage documents through fax. Using ABBYY digital transformation solutions, 5,000 new faxed mortgage applications are processed within one hour of receipt every day. This has dramatically reduced errors and response times, while improving customer service levels.

Flexible Technologies, Services, and Solutions

There are some big challenges facing banks and financial services firms today. The move to digital means the need for real-time flexibility, data agility and premium self-service. Our team helps global banks and financial service firms bridge the gap between paper and digital transformation.

Real-World Digital Transformation in Retail Banking & Financial Services

Fidelity Financial is just one example of how you can boost service levels, delight customers and save money by strategically using digital transformation and artificial intelligence solutions from ABBYY. To find out more, click here to watch our webinar, “Solving the Four Common Pain Points in Banking and Financial Services” that explore the aspects and advantages in more detail.

If you’re not investing in digital transformation powered by artificial intelligence, you are behind and unsatisfied customers will simply move on to the competition. Watch the webinar now.

By Derek Gerber, Product Marketing Manager, Engine Group at ABBYY

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