Kofax and ImageTech Partnership Uses Smart Automation to Accelerate COVID-19 Relief
Kofax and ImageTech Systems have partnered to apply intelligent automation to reduce the backlog of applicants seeking funding from government assistance programs related to COVID-19.
Kofax is partnering to apply its smart automation to reduce the backlog of people seeking funding from government relief programs related to COVID-19.
Kofax and ImageTech Systems have created an end-to-end freight processing solution to help financial institutions cope with high volumes of applications for the CARES (Coronavirus Economic Relief, Relief and Relief) and PPP Paycheck Protection Program initiatives. Applications include cognitive capture, software robots, and process orchestration capabilities to streamline loan applications.
Kofax’s intelligent automation platform provides automation for loan application processing, including information from paper and digital channels (email, faxes, etc.). The project accelerates application processing by up to 80 percent and increases productivity, according to Kofax executives.
Additionally, the loan operations team receives powerful analytics to gain visibility and insight into the status of all applications. Other use cases include requests for documentation, providing disclosures, and electronic signature for all government forms and disclosures. Leveraging smart automation provides the scalability and capabilities to quickly review and meet loan application requirements and support clients.
Chris Huff, Chief Strategy Officer at Kofax, said: “Kofax and ImageTech Systems recognize that time is of the essence for these businesses. This intelligent automation solution can help speed up loan processing and ensure small businesses get the help they need. faster during this crisis. This collaboration demonstrates how quickly processes can be automated with the Kofax intelligent automation platform. “
ImageTech Systems CEO RJ Oommen added, “Kofax is the only company that combines these technologies into a single platform that simplifies deployment. Combining our experience with the loan process and the Kofax Intelligent Automation platform helps financial institutions to put funds in the hands of customers. as quickly as possible. “
Kofax Intelligent Automation Platform is a flexible combination of automation software that offers a unique range of pre-integrated and interoperable capabilities from a single vendor:
- Artificial intelligence to automatically recognize people and documents, understand the content of customer communications and documents, and access knowledge centers for better decision-making.
- Robotic process automation to reliably automate routine and repetitive tasks
- Cognitive capture to ingest and understand any document and its information through any channel and in any format
- Process orchestration to drive successful outcomes by orchestrating multiple actions, people, software robots, policies, and systems.
- Advanced analytics to provide visibility, process intelligence, and insight to customers, employees, robots, and business partners.
- Mobility and commitment to communicate and carry out transactions efficiently, effectively and reliably with electronic signature, facial recognition and on-demand communications.
Kofax Intelligent Automation leverages natural language processing (NLP) artificial intelligence technologies for sentiment analysis and other functions. AI capabilities include machine learning for document identification, classification, and separation, which are integral to cognitive capture, process orchestration, and RPA.
The Kofax website described the AI-based features in its Cognitive Document Automation (CDA) solution:
These improve customer and employee engagement and loyalty. Additionally, it also offers more detailed information for social media, chatbot dialogs, email, and channels that reveal customer intent.
“Organizations that function like tomorrow employ cognitive capture to intelligently automate the acquisition, understanding and integration of all types of information in an organization, including unstructured data in documents and emails. Through cognitive automation of documents ( CDA), which combines multichannel document capture (including mobile) and intelligent OCR, users have the power to quickly and accurately process any document of importance to any business.
“Organizations can increase cognitive capture with robotic process automation (RPA) and other ‘smart’ capabilities such as process orchestration, analytics, communications and electronic signature, all within a single unified intelligent automation platform. Customers can implement a comprehensive business workflow that manages and streamlines all document and data capture tasks to reduce operational costs and improve customer engagement. “
Together, Kofax’s suite of cognitive capture technologies helps companies modernize time-consuming, manual, error-prone, or costly processes related to electronic data and document processing.
In a related partnership in Europe, Netherlands-based Intelligent Automation customer Rabobank has developed a program with Kofax RPA robots to streamline COVID-19-related loan modifications.