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“The problems of locating documents, moving documents through the approval process, and having documents available to customers regardless of which branch they enter—those problems are gone, thanks to KnowledgeLake and SharePoint Server.” Dan Barbattini, Senior Vice President and CIO, Bank of Choice
Bank of Choice found that paper-based loan approval processes were standing in the way of providing the fastest and most effective customer service. Bank of Choice adopted a complete document management system based on software from KnowledgeLake, a Microsoft® Gold Certified Partner. The result cuts loan processing time from days to hours, boosts customer service while cutting costs, and increases competitiveness.
Business Needs
When Bank of Choice was founded in 2004 it was a small community bank with four locations in Colorado, and U.S.$250 million
in assets. Four years later, the bank has 20 locations and more than $1 billion in assets. That rapid growth has been a validation of the bank’s founding philosophy to offer a high level of customer service and a strong local presence in the communities it serves. Rapid growth has also been a challenge for Bank of Choice. That challenge: to ensure that it can continue to offer those same levels of customer service and local presence as it grows. One of the bank’s areas of concern was loan processing. Handling all the paper associated with a loan application was a time-consuming process, one that could take several days of photocopying and filing documents, then searching for and retrieving the filed documents as they were needed. If customers happened to visit a branch other than the one in which they’d filed their loan application, updates on their loan approval process would not be available.
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