Asgard has streamlined its information flow by using a tailored electronic solution from Decipha.
The following article was published in the July / August Edition of Priority Magazine.
Asgard Wealth Solutions, a member of the St George Bank Group, offers a wide range of financial services and products and manages more than $26 billion of investments for around 350,000 Australians.
In 2005, the company began a major project to introduce electronic workflow into the business. Part of the new workflow system required digital images of incoming client correspondence to be attached to a client's case file and then to be electronically sent to the appropriate Asgard processing department for actioning.
Asgard's operations centre in Perth investigated a number of imaging providers before deciding that only Decipha had the necessary skills, experience and scale to ensure that the company's transition to digital imaging and electronic workflow would be successful and trouble free, according to Paul Morse, Business Improvement Analyst, Asgard.
"Decipha has been very responsive to our needs and provided analysts on site to help us develop a solution that met our specific business requirements," says Paul.
Today Decipha plays a pivotal role in Asgard's operations, providing a tailored solution. This includes managing all courier services that run between Australia Post, Asgard and Decipha and collecting Asgard's mail from its various post office boxes around the city.
Decipha opens, sorts and scans the incoming mail, which includes items such as cheque deposits, applications and other general account correspondence. The mail is then electronically transmitted to Asgard along with the sophisticated metadata requirements.
In addition, original documentation that is considered essential is sent to Asgard for processing, while other paper-based mail is held for a specified period before being securely destroyed. Decipha also arranges document retrieval from the paper-based archive on demand if required.
In providing these services, Decipha is regularly handling between 2,000 and 4,000 items per day.
One of the keys to the success of the Decipha solution has been its ability to access the mail early and provide prioritised sorting and delivery of the mail and cheques to Asgard.
"By sorting and batching all of our incoming mail into specific transaction types and then linking this information to the scanned images, Decipha has enabled us to receive and disperse the scanned mail directly to our processing teams for actioning," explains Paul.
"The captured metadata also means we can present the most critical work to the team, ensuring a higher standard of service to our clients."
Efficient Cheque Processing
Decipha has also helped improve the efficiency of Asgard's cheque processing by capturing basic banking information from each cheque received and linking this information to the image of the cheque and any other relevant correspondence. Asgard is able to use this information to automatically receipt the money into the client's account.
"This has been a significant process improvement for us and has saved considerable processing time and effort," says Paul.
The company has also reported greater efficiency and cost savings in the management of incoming client paperwork.
"Decipha staff begin processing our mail much earlier than our staff ever could, which means the information flow into our business is occurring a lot faster."
And because all client mail is now scanned and stored electronically, Asgard is no longer reliant on paper-based client files and only stores the original paper temporarily before it is securely destroyed.
"This has reduced our dependency on our off-site storage facility, which we will eventually close," says Paul. "Asgard could only consider doing this knowing that the images supplied by Decipha are a true and accurate reflection of the paperwork received. Decipha's attention to detail in this regard has been outstanding."
Another benefit of working with Decipha, according to Paul, is the efficiency with which it can handle client enquiries.
"Client records can now be retrieved instantly by multiple users working anywhere in our business," he says.
According to Paul, Decipha's service standards have been exceptional. "Its willingness to be flexible in meeting our business needs, especially in the early stages of our implementation, has been greatly appreciated."