Absa faced a challenge managing paper documents received from their panel of >800 law firm branches, in their home loans process. Both from a process efficiency, cost & a compliance (FICA) perspective.
The primary challenges were processing mass paper, missing documents, poor quality documents, slow turnaround times, difficulty in complying with regulatory requirements (FICA) and potential fraud.
With paperless processing, Stordoc has reduced headcount and turnaround times, while improving customer service & fraud prevention. Absa achieved 100% risk control assessments over numerous audits. On the back of testimonials & a detailed case study from Absa, e4 won the "Best GRC Solution Provider" category in the Southern Africa Compliance Awards 2014. See: www.ethic-intelligence.com/events/4959-southern-africa-compliance-awards
Stordoc has been live for more than 5 years now, having processed millions of documents successfully for Absa. The solution itself has continued to be enhanced & is being used in other areas of the bank. In addition, Stordoc is now used by 4 of the 5 major banks in the country, including Standard Bank, Nedbank and Investec, all in their home loan divisions.
Reference: Mr JR Sulon / Mr D Malan, Absa/Barclays
Investec required a complete end-to-end solution to manage its home loans process with its panel of law firms.
Investec previously used a variety of internal solutions, to process and manage home loan transactions with its panel of about 50 law firms across South Africa. It did a 6-month review of the 2 major players in this space and selected e4 to build it a customised, end-to-end solution.
Bond solution for Investec.
To date phase 1 of the project has been completed, allowing Investec to streamline the various processes, govern all task management throughout the process lifecycle, track milestones, performance monitor attorneys, manage SLA’s and view reports. It incorporates full document generation and control of all of Investec’s home loan documents. Phase 2 has also gone live and e4 is engaged with Investec on several more phases.
e4 was chosen for its proven technology, know-how and client service levels, to build and manage a complete end-to-end solution for Investec over a multi-phase project set to last several years.
Reference: Mr Keith Strachan, Investec