Camillo MelchiorreThe financial services industry is in a constant flux when it comes to regulations. Today’s business market requires financial institutions, including community banks, to demonstrate agility to remain competitive and committed to their compliance efforts. As more consumers turn to community banks for financial services, the institutions struggle to ensure their processes are automated and integrated. Worse yet, the operational and credit risk, compliance, audit and quality control functions continue to work in silos. This is where IndiSoft comes in with a solution. The company provides SaaS solutions based on a collaborative rules-based workflow platform for the financial services industry through various portals. IndiSoft ensures community banks to have the most up-to-date compliance technology that helps them remain compliant while still gaining process efficiencies.
Indisoft’s technology enables users to manage internal workflow as well as communicate more efficiently with business partners. According to IndiSoft’s President, Camillo Melchiorre, the company offers a collaborative platform to the U.S. financial industry that rests on three factors: efficiency gains and user satisfaction, collaboration with external stakeholders, and control and accessibility.
The company’s product portfolio comprises of an array of web-based software solutions spanning compliance, mortgage, counselor case management, valuations, vendor management, and foreclosure. IndiSoft’s RxOffice platform helps banks to gather and manage consumer information and achieve the goal of improved processes and better customer service, to spur more banking activity and a stronger community. It is uniquely suited to manage processes, documents, and communications for multiple lines of business. The platform’s open architecture allows users to modify any process based on legislative or bank-specific changes easily. “Our platform enables disparate parties to communicate and transact online in real-time,” notes Melchiorre. The transparent customized workflow technology improves the efficiency of business processes and offers audit, compliance and quality control capabilities to accelerate decision making and support business excellence.
RxOffice is designed particularly for legal representatives who are not as well versed with technology as IT professionals.
IndiSoft rests on three factors, efficiency gains and user satisfaction, collaboration with external stakeholders, and control and accessibility
The user interface of RxOffice speeds up the decision and execution of the same based on technology. Additionally, RxOffice Compliance module—an entirely web-based quality control (QC) software solution—extends a robust dashboard that displays real-time results to manage the audit cycle based on parameters like loan assignment, audit sharing, and performance of the auditor. As quality control is redefining itself with evolving compliance and risk efficiencies, the Maryland-based company assists clients in adopting compliance technology for process integration to create a single QC system of record for all their audits and processes. The customized workflow technology improves the efficiency of business processes and offers audit, compliance and quality control capabilities to accelerate decision making and support business excellence. The company also provides solutions with out-of-the-box features that can comply with fair lending regulations. Furthermore, RxOffice Vendor Management portal offers mobile access to users for monitoring vendors and allowing them to provide updates when required.
Adding credence, the RxOffice Valuation mobile application and portal help to track the process of receiving and assigning both commercial and residential valuations with a customizable workflow. This platform also provides each participant with a web access to relevant data in the process, along with information on current status and customized reporting to enable easy evaluation of their portfolio performance.
Forging ahead with a focus on the U.S. market, the company is bullish on strengthening its automation offering by helping clients manage more with less effort. Melchiorre mentions that it is an exciting time for IndiSoft to truly harness the power and capability of technology to make fundamental changes in boosting efficiencies while being agile enough to be compliant with the ever-changing regulatory climate.