- October 4, 2010
- Posted by: OceanX
- Category: Press Release
Dah Sing Bank applied OceanFax Fax Server for paperless E-fax application and integrates it with Unit Trust Reporting System and OceanFlow Approval System to automate and streamline investment fund service, including order generating, approval and fax processes, achieving the improved efficiency, reduced cost and enhanced safety.
Dah Sing Bank is Hong Kong-listed Dah Sing Banking Group’s major banking subsidiary. She is also the strategic investor of Bank of Chongqing.
Continuing her expansion in recent years and likes other financial-services organizations, every day, Dah Sing Bank’s staff from Investment Fund Division were busy in manually faxing a large volume of paper-based fund house orders via traditional fax machines. They were under great pressures including:
- Low efficiency due to manual work, especially queuing up in peak hour for the limited numbers of fax machines
- High operational cost due to high paper use and telephone cost
- Lack of fax approval, report and archival
- Disclosure of confidentiality
- Accidental paper document destruction
- Environmental pollution
After an exhaustive and meticulous search, the Information Technology Division of Dah Sing Bank decided to go for the No.1 Fastest Growing & Award-winning OceanFax Fax Server provided by OceanX Technology Limited to achieve paperless e-Fax application, and integrates the server with her internal Unit Trust Reporting System and OceanX’s another flagship OceanFlow Approval System to streamline and automate the bank’s investment fund service, including fund house order generating, approval and fax processes.
How It Works
Once a user inputs data to Unit Trust Reporting System, the system will generate a fund house order. OceanFlow imports the order and starts an approval process. After Fund Manager approves the order with e-signature and e-stamp, the order will be passed to OceanFax to fax to Fund House. In the whole process, except that data input and order approval which requires manual processing, all the other steps are automated, which greatly improves efficiency and eliminates manpower. Besides, the transition from paper-based practice to paperless application drastically reduces paper use and operational cost as well as being friendly to environment.
Like Dah Sing Bank, instead of wasting money and taking risk of document damage, every day hundreds of financial-services organizations are using OceanFax Fax Server to handle a large volume of faxes to increase efficiency, reduce cost and improve security. It delivers long-term benefits to financial services organizations including:
- Streamlined investment fund service process, including fund house order generating, approval and fax processes
- Increased efficiency and productivity
- Reduced telephony and consumables cost
- Easy to track and monitor fax status
- Greater information security and achieved regulatory compliance
- Friendly to environment
- Fast Return on Investment
“OceanFax offers comprehensive and powerful functions, supporting E-fax and automated faxing. The system is easy to use and administrate. By integrating with Unit Trust Reporting System and OceanFlow Approval System, OceanFax streamlines and automates the entire investment fund service process. Such integration achieves the improved efficiency, reduced cost, enhanced safety and fast return on investment.” said Benjamin Chu, Project Manager, Information Technology Division of Dah Sing Bank.
OceanFax’s functions fully meet Dah Sing Bank’s requirements. Likewise, Benjamin Chu also praised OceanX’s quality service. He added, “we are very satisfied with the technical support and professional service provided by OceanX. OceanX’s engineers are certified and fully understand banking practices’ demands. They not only responded us promptly, but also gave us many pieces of innovative advices, meeting our requirements on the system.”
About Dah Sing Bank
The Dah Sing Group is a leading financial services group in Hong Kong, active in providing banking, insurance, financial and other related services in Hong Kong, Macau and the People’s Republic of China. The Dah Sing Group consists of two listed companies, Dah Sing Financial Holdings Limited (“DSFH”) and Dah Sing Banking Group Limited (“DSBG”). Dah Sing Bank, DSBG’s major banking subsidiary, is the strategic investor of Bank of Chongqing.