Document & Data Automation

Transcription

1 Document & Data Automation Mike Packer, TransCentra Claude Edkins, Leukemia and Lymphoma Society Scott Carter, Mitek Systems Vijay Balakrishnan, StratEx LLC Be sure to tweet about the #RDCSummit and

2 StratEx LLC Consultancy focused on payments and RDC Strategy- Company/ Institution, Product Business Process Improvement Alliances and Distribution Mergers and Acquisition Vendor Evaluation and RFPs 2

3 Agenda Today Introductions Overview- Vijay Balakrishnan Trends and Capabilities- Mike Packer Case Study- Claude Edkins Futurescape- Scott Carter Q&A 3

4 Course and Speed Payments, Documents, Data- Divided Worlds Waves of Convergence EFT and EDI Imaging and Recognition Structured and Unstructured Data Extraction Store and Retrieve to Embedded Workflow Centralized to Distributed Data to Document to Content Management Big Data 4

5 Mobility Prevailing Winds Multi-function Peripherals (MFPs) Service Oriented Architecture Cloud Computing Business Intelligence, Analytics, Data Warehousing Continuous Recognition Improvement Legislation- ACA 5

6 Perfect Storms? Whither EOBs and Healthcare Payments? What Happens to Lockboxes? Beyond Capture-Correct-Balance-Send? More and more.. IT S THE INFORMATION THAT SURROUNDS A TRANSACTION THAT S THE GAME CHANGER 6

7 State of Recognition Technology Mike Packer, Account Executive TransCentra September 27, 2013

8 TransCentra Overview TransCentra Focus on developing Clients for Life through deep relationships and consultative solutions Vertical specific best practices to help clients improve processes Serve approximately 430 clients 259 outsourced clients 171 clients using in-sourced technology Serve 1 out of 3 Fortune 50 Clients Key Annual Statistics Generate Mail Present Process Receive 1.5 Billion Images 490 Million Statements 235 Million Images Over 600 Million Payments Over $400 Billion Receipts

9 Recognition Technology Automate getting data from image Many different types of recognition technololgy Bar codes OCR ICR MICR OMR Optical Marking Recognition (Checkboxes) aka Mark/Sense 9

10 Structured vs. Unstructured Do you know what info is on the document? Do you know where on the document the info is? Structured Unstructured Semi-Structured 10

11 Recognition Technology Accuracy varies Machine print, handwritten Quality of image Color of ink, background, etc. Results returned with a Confidence Level 11

12 Recognition Technology Recognition of Documents Checks Consumer Highly standard, handwritten Corporate Semi-structured, machine print 12

13 What Do You Want From a Check? CAR/LAR, Date, Maker info Detect signature (front), Detect endorsement (rear) Maker Legal Line (LAR) CAR 13

14 A Case Study in Data Extraction Claude Edkins VP Technology Leukemia and Lymphoma Society September 27, 2013

15 Largest VHA in the Blood Cancer Research Space Our Mission is to find a cure for blood cancer We have funded $1B in blood cancer research Just in the past year: We invested approximately $70 million in cutting-edge research 7,763 customized clinical trial searches were conducted using LLS resources We provided financial aid to 30,603 patients Our co-pay assistance program provided $44.2 million for almost 14,000 patients. 15

16 Deployed My LLS Participant fundraising App Track Fundraising Goals Process CC Donations Process Check Donations Provides immediate feedback Messages your donor Ask for support Thank for donations Tax Statements/Letters Socialize your efforts Facebook Twitter 16

17 So let s talk numbers, the first 4 months of operation* Total check values through the app since June launch 11,192 checks, $1,138,742.08, $ average Total credit card values through the app, same period 2,598 credit cards, $238,545.65, $91.82 average Labor Cost Savings to process checks at chapter level 14 minutes, $5.22 per check, $58, Lock Box Savings during pilot, $28, Projected Savings in Labor Cost for a full year: $472, or 12 FTE without optimization of services Projected Lock Box Savings for a full year: $735,000 Projected increase in donation revenue based on increase in current averages: $1,270,784 ($8.23 increase over other channels) Fully implemented, anticipated savings and addition revenue: $1,200,000 & $1,275,000 respectively 1300 employees, 2,000 volunteers, 40,000 fundraisers, 1.2M constituents, 90 locations in USA and Canada * Soft Launch 4/23/13, Published Launch 6/1/

18 Document & Data Automation Scott Carter Chief Marketing Officer Mitek September 27, 2013

19 Mitek: Intelligent Mobile Imaging Headquartered in San Diego, publicly traded (Nasdaq: MITK) Invented Mobile Deposit Created the category of mobile imaging for financial transactions Over 1000 financial institutions signed for Mobile Deposit Proprietary IP portfolio with16 patents and 23 pending including: Camera phone check deposit Camera phone bill pay, Mobile Photo Bill Pay Signature verification Enables next generation of mobile services The camera as the keyboard Checks Bills Drivers Licenses Proven expertise with personal and financial documents

20 Mobile Deposit Innovations Endorsement analytics Device & Deposit Business Intelligence MiSnap auto capture More in the lab 20

21 Mobile RDC Extended Across Customer Life Cycle 21

22 Mobile Imaging & the Customer Life Cycle Lifetime Customer Value Age Account Opening (DDA) Account Funding (Checking) Balance Transfer (Credit) Check Deposit Account Opening (Savings) Bill Pay (Enrollment) Bill Pay (Payment) Account Opening (Auto Loan) Account Opening (IRA) Account Opening (Mortgage) Account Opening (CDs) Capturing New Customers Early is Key to Maximizing Lifetime Value of a Customer

23 Analytic Framework for RDC Descriptive analytics Segmentation and customer profiling Predictive analytics Transaction mining and behavioral insight Regression, neural networks and AI Prescriptive analytics Optimization and simulation Decision technology enablers Rules management + experimental design 23

24 Questions? 24

25 About The Presenters Scott Carter, Chief Marketing Officer, Mitek Mike Packer, Account Executive, TransCentra Claude Edkins, VP Technology, The Leukemia & Lymphoma Society Vijay Balakrishnan, President, StratEx, LLC 25

26 Learn more Register for Mitek s MPAO Webinar - Visit for the latest news, insights and articles on this topic. 26