Bank of America is using a high-speed credit application document imaging system to process up to 20,000 credit card applications each day without outsourcing. Now the bank can do all of its credit card processing by itself, at three times the speed and half the cost. "Our data capture productivity has increased 40 percent, and now it takes one day instead of two weeks to train a data entry operator," says Marcia Heath, manager of technical systems in Bank of America's Phoenix-based credit operations unit. "We expect full payback on this implementation in less than a year."
The workflow system is based on software from FileNet Corp. of Costa Mesa, CA, and FileNet partner ICG Consulting, based in Phoenix, which modified the system to work for Bank of America.