Finance Now partners with Fujifilm to streamline consumer lender processes using Kofax

Robotic Process Automation implemented by local experts starts Finance Now on their digital transformation journey

Kofax RPA Solution

Provided by FUJIFILM Process Automation

Finance and lending giant Finance Now were looking to automate their consumer lending process. Specifically, they needed a local New Zealand based team to do it, which is where the FUJIFILM Process Automation team and RPA come in.

The solution; Kofax RPA, along with our experts, took their old manual way of processing and launched it into the modern era. With a structured approach, our team listened, analysed and anchored the solution to help Finance Now achieve their digital transformation goal.

And that’s just for now, looking ahead, Phil Ellison says Streamlined Lending Processing is evolving with the business. “We’re looking forward to enhanced classification for JPEGs and other non-PDF files, so there will be even less manual intervention, and we’re working on a customer user experience piece to confidently send automated email or TXTs to prompt them for any missing documents. We are also looking to extend the solution to our credit card and business finance lines.”

Huge growth in loan applications processed thanks to RPA

Customer Experience drastically improved for Finance Now

Loans are now processed faster with minimal delays

Finance Now Background

Founded in 2000, Finance Now provides a range of financial products and services including personal loans, car finance, credit cards and business solutions. The company has consistently grown over the years both organically and through acquisitions and has served over 420,000 Kiwis in the process.

While it enjoyed an existing relationship with FBNZ, Finance Now opted to test the market to be sure of getting the best solution for their process automation requirement. “One thing we were firm on is that we wanted a local provider. With the level of detail involved in this process, having a New Zealand company’s knowledge and expertise was essential,” says Ellison.

Two proposed solutions made the shortlist, both of which used Kofax TotalAgility workflow automation software as a core component. FBNZ focused on exposing the issues related to Finance Now’s manual back-office processing of loan documents; “What won it for FBNZ was their knowledge of the business and the application process,” Ellison says.

One thing we were firm on is that we wanted a local provider. With the level of detail involved in this process, having a New Zealand company’s knowledge and expertise was essential

Phil Ellison
Co-founder & CEO
Finance Now

Acceleration of key business processes using RPA

Data extraction and transformation is automated, with intelligent optical capture recognition eliminating manual keying, while Dynamic Case Management enables smart application processing that adopts to requirements of each application depending on criteria including lending type, SLAs, stage in the process, and more.

The system also enforces a workflow, so all the right steps are followed in the right sequence before a loan is approved or purchased, assuring better compliance with policy and procedures.

It’s proven to be flexible, too. “Since it started working around three years ago, we’ve acquired multiple companies and expanded the business from consumer goods and personal finance towards motor vehicle finance, and processing it all through the same system,” says Ellison.

Since it started working around three years ago, we’ve acquired multiple companies and expanded the business from consumer goods and personal finance towards motor vehicle finance, and processing it all through the same system

Phil Ellison
Co-founder & CEO
Finance Now