First New York Credit Union employs IMM documentation technology
26 June 2006 | 908 views | 0
Source: Integrated Media Management
Integrated Media Management (IMM), which specializes in output management and document automation technology, has announced that First New York Credit Union, located in Schenectady, N.Y., is using its TotaleAtlas document presentment solution to create member and lending forms through seamless integration with its core processor Summit Information Systems and its imaging product, TrueImage.
First New York Credit Union has $180 million in assets and more than 27,000 members.
"We were re-evaluating our core systems solutions and looking at the big picture," said Mark Milanese VP of IT for First New York. "We wanted a solution that would fulfill our current needs as well as take us into the future. Summit has their own imaging product TrueImage that we viewed as a cost-effective solution, but it wasn't quite as robust as we wanted it to be. So, we needed to enhance it for our needs. Summit introduced the IMM technology to us as an alternative and we believe it's the best solution for us."
TotaleAtlas is a complete turnkey, browser-based document presentment solution. It eliminates the time consuming effort of either storing paper and manually retrieving or physically scanning and indexing. With TotaleAtlas, XML host data is merged with documents and presented to the user. All fields that were not populated from the host database are completed on screen allowing the entire document to be completed, including an affixed e-signature before printing. Documents can be laser printed, faxed or emailed to a customer. The documents are then archived as non-editable and indexed PDFs.
"We were looking at what the future would hold for us and we saw a ton of paper in our files," said Mike Krywinski, Vice President of Lending for First New York. "Our filing space was shrinking and we thought that the IMM technology would complement our automated lending system in terms of expediting our decisioning process and closing the loan while the member is present. It produces the closing documents instantly, as opposed to printing them out, having the member look at them, reviewing them and then signing them. It complemented our system so perfectly."
Krywinski also likes the DocQ feature, "We can retrieve documents when ever necessary and even prepare home equity documents in advance when we know a closing is going to take place. Users can review documents before they are produced and make corrections if necessary. We are saving a lot of paper."
Milanese points out additional efficiencies that are achieved using the IMM technology. "Because of DocQ, its queuing capability, the primary and secondary signer on a loan does not have to be at the credit union at the same time. It keeps the entire process electronic and cuts down on a lot of errors from a documentation standpoint because the documents are produced directly from the Summit system as opposed to them being produced manually. That's where the efficiency really kicked in."
"Our focus for implementation was on the lending side but, quickly seeing the advantages, member acceptance, and efficiencies, we decided to complete new membership applications with the products," said Milanese. "It makes us a much more technologically advanced, forward thinking credit union," said Lucy Gottung, chief operating officer for First New York.
"TotaleAtlas, along with our other products TotaleReceipts and TotaleChecks, are highly effective solutions for financial institutions looking to reduce the headaches and cost of dealing with paper documents," said Chuck Klein, chief executive officer of Integrated Media Management, "We are a one-stop source for document output and signature capture needs in all areas of a financial institution."