Wells Fargo, San Francisco, has selected Panagon eProcess and Content
Services from FileNet (www.filenet.com), Costa Mesa, CA,
to Web-enable
its key trust administration transactions.
Since Wells Fargo began using the Internet to centralize administration
and processing for its more than 120 Trust and Investment offices across
the United States, more than 10 million pages of trust documents have
been scanned, indexed, stored and made accessible through the Web.
Deployed in early 2001, the Panagon-enabled automated payment process
starts with the client's phone call. Administrators can view the
client's files online and alert the caller to any missing information.
From here, all relevant content associated with the trust, including tax
returns, budgets and account histories, are automatically forwarded
online to the trust officer who renders a decision. The system issues
letters of denial or approval and updates databases accordingly. If
approved, the system will automatically transfer funds.
"Our challenge was to link our Trust offices through information, making
them more efficient and more client focused," stated George Leis, vice
president and national director of Wells Fargo's Trust and Investment
Centers. "With the Panagon eBusiness system in place, our trust officers
now have more time to engage in existing client business, as well as
develop new investment management and trust business."
