Cebu CFI Project Profile

Community Cooperative integrated workflow automation and document management to manage loan application

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Details

 

Industry: Banking & Finance

Duration: November 2019 to Present

About Cebu CFI: The Cebu CFI Community Cooperative  (CFI) is an incorporated cooperative existing since 1970. It is duly registered as a Cooperative in Good Standing with the Cooperative Development Authority (CDA). CFI is a members-only incorporated entity that has over the years, grown to more than 130,000 members and continues to grow by the day because of the benefits enjoyed from membership.

Project description: Integrating multiple system interactions (Document Management System, Workflow Automation Platform, and E-Services Portal) for simplified loan processes that enables an accelerated lending volume.

 

Problem & Solution: Cebu CFI had previously relied on manual loan application processes. With its growing number of members and different loan offers for its members, the volume of loan applications had risen, which prompted the need to improve decision speed, productivity, and overall operational efficiency.

To address these, Cebu CFI considered our solutions for its functionalities and inexpensive maintenance, its better level of service, and its expertise, being a locally based IT service provider.

 

Integration of Activity Factory Workflow, Archive One DMS, and their own E-Services Portal to create a Loan Application Solution

 

The E-Services Portal is Cebu CFI’s pre-existing system that serves as an external portal where customers can apply for a loan, check loan status, check account status, withdraw deposits, etc.

The Activity Factory workflow system is where the routing, review, and approval of loan application is executed. This is where the application is reviewed for accuracy and completeness.

The loan application workflow starts with the borrower completing a form and submitting other requirements in the E-services portal. Once these information are submitted, it is processed in Cebu CFI’s account system where they compute the loan interest rate and other charges. The account system then creates a workflow to Activity Factory workflow system where the loan application is reviewed for completeness, routed, and approved. Once approved, the document attachments go to Archive One DMS.

Results

Timely approval of loan application. The solutions enable Cebu CFI to handle a higher volume of applications within the appropriate timeline. It eliminates bottlenecks in the loan application process and allows the tracking of the loan application, to ensure that no loan application will slip through the cracks.

 

Better audit and control.  Activities that occur within the process can easily be traced back to the source.  The system keeps an audit trail of activities, which is used to review and confirm that proper standards were followed and that sources can be identified. It also controls operational risks such as human error and fraud from happening.

 

Integration of disparate systems. The loan application workflow is simplified and efficient, and there’s a smooth flow of information since processes and systems are connected.

 

Reduced administrative burden. One of the biggest challenges in initiating the loan process is the manual collection of data and the back and forth with the customer that comes with it. The workflow system and the web-based customer portal facilitates the digital collection of data for higher data accuracy, faster turnaround time, and lesser data entry.

 

Centralized records. All transaction records are kept in Archive One DMS in accordance with the retention period ordered by the BSP.