Arvest Bank, Bentonville, Ark., has licensed document capture products from Captiva Software, a San Diego-based software company, to process incoming account applications, correspondence, loan and other financial documents and forms.
The Captiva products selected by Arvest are InputAccel, a document capture system, and FormWare, a forms capture system. Together, they convert business critical information from paper, faxed and scanned forms and documents into Internet forms and XML data streams.
Arvest chose to scrap its previous image capture system and replace labor-intensive paper processes with a streamlined input management system. The bank will use InputAccel to scan and convert documents into electronic content, and use FormWare to automatically recognize and extract data from forms.
The Captiva products together eliminate the need to manually inspect, identify and key information from the more than 300 document and form types in Arvest's operations.
The products will not only reduce internal paper processing costs, but also improve customer service, said Jon Pascoe, imaging manager at Arvest Bank, adding that the system will be capable of recognizing more than half of the documents used by Arvest.
The bank will also use InputAccel and FormWare to convert and process many of its existing paper backfiles.