Avrio Corporation Success Story

Westpac Bank was founded in 1817, and is now one of the four major banks serving Australia and New Zealand. With branches and affiliates throughout the entire Pacific region and offices in key financial centers around the globe, Westpac provides a broad range of banking and financial services to both corporations and individuals, including complete retail and commercial banking services.

The Problem

Responsible for servicing Westpac's entire retail mortgage loan business, Westpac’s Mortgage Processing Center was surrounded by millions of paper documents, all of which had to be physically managed and archived. A series of labor-intensive manual checks and balances was employed to handle each of the loan servicing processes, such as data entry, auditing, and billing, as well as physical document storage. A customer document request or auditor inquiry required the staff to spend hours looking through boxes and filing cabinets to find particular physical documents.

The Solution

Avrio Corporation teamed with FileNet to help Westpac develop the Mortgage Packet Retrieval System, a full-featured paperless document management system. Avrio Corporation first helped WestPac streamline their basic business processes to better-handle data entry, customer inquiries, and bank audits more efficiently, and then leverage these business processes while designing the system's document capture and retrieval components. Throughout the project, Avrio continued to provide functional and business process consulting to Westpac, as well as project management and critical technical assistance for the entire development effort.

Westpac generates and applies document type and loan number bar codes to their physical paper.  When these paper documents return to the Mortgage Processing Center as loan funding packets, the bar codes provide for fully- automated indexing and committal, including the application of supplemental index values pulled from other legacy databases to ensure quick and easy future document retrievals.

The bar codes and integration with legacy mainframe systems greatly reduced the number of Mortgage Processing Center staff required to catalog and file documents. The Mortgage Packet Retrieval System made loan history and mortgage documents available to Loan Servicing Representatives in a matter of hours, rather than days, allowing immediate response to loan document and billing requests. The Mortgage Packet Retrieval System was installed at the Mortgage Processing Centre in Adelaide, Australia, and is now used by over 800 Westpac employees to process hundreds of loan packets and thousands of document requests every day. The efficiency of the new paperless FileNet® system prompted Westpac to expand its Mortgage Processing Center by offering its document storage and retrieval services to outside financial institutions. The transaction fees generated by this new service helped Westpac achieve the return on their investment in FileNet and Avrio Corporation far sooner than originally anticipated.