Equitable Bank is a federally regulated Schedule I bank with approximately $14.4 billion in assets. This growing Canadian financial services business employs more than 400 skilled professionals, and offers deposit products and mortgage lending services to customers nation-wide. Equitable originally deployed FileNexus® in 2012 to streamline and automate their retail mortgage approval process. To read the full story, click here.

Equitable Bank (Deposit Services) Benefits: 

• Improved  Productivity and Faster Service – instant document recall and automation of workflow means better staff efficiency and happier clients.

• Less Space and Materials Wasted – physical filing space eliminated.

• Better Control – real time monitoring of document flow and staff efficiency.

• Improved Compliance – original records linked to related files, automated audit logs, and retention schedules make for easier compliance audits.

“FileNexus® is just a lot more convenient and easier than going through boxes and flipping pages – files can be brought up in seconds.” – Justina Natividad, Manager, Deposit Services

Deposit Services provides customers with a range of deposit products, including short-term, long-term, and Cashable GICs — in both non-registered and Tax Free Savings Accounts.  Prior to deploying FileNexus®, employees were required to manually file GIC applications in boxes using a numeric index. Filing and subsequently locating physical documents was highly inefficient, and also increased the chances of a filing error.

The FileNexus® team worked closely with Deposit Services to review their existing workflow processes and find the most efficient way to manage records using their existing FileNexus® System.

“Before we would file everything in boxes, with FileNexus® we use a lot less paper, boxes, and space.” – Justina Natividad, Manager, Deposit Services

Deposit Services now electronically files all GIC applications and customer correspondence records directly to FileNexus®. Using advanced search and indexing capabilities, all required documentation can be recalled in mere seconds. What’s more, space previously used for filing has been freed for other purposes.

In addition to managing GIC applications, Deposit Services also uses FileNexus® to automate rollovers, renewals, early redemptions, and cancellations. The system also gives the department the ability to monitor document flow and track staff productivity.

About FileNexus®

The FileNexus® Enterprise Document Management System gives organizations, both large and small, the ability to capture virtually any type of document from any source (i.e. paper records such as maps, drawings, manuals, electronic files such as host generated reports, client statement streams, IVR recordings, etc.), index and compress them for secure archival and future recall—providing a single cohesive repository for all document management, workflow, archival and business continuity needs. Simple to use and learn, FileNexus® is designed to take advantage of existing infrastructure, minimizing project costs and reducing both IT and user training requirements.

For more information on how FileNexus® can improve your business efficiency, please visit www.loristech.com, or email sales@loristech.com.