Digital Imaging Sparks AFS Sales
David Page Managing Editor, THE JOURNAL RECORD
Growing demand for digital imaging software by financial institutions has accelerated sales growth for Advanced Financial Solutions.
Sales for 1998 soared to $31 million from $17 million for 1997 and AFS President Gary Nelson expects sales for 1999 to reach $40 million.
Much of the Oklahoma City-based company's growth is being fueled by financial institutions upgrading item-processing capabilities to the latest in digital imaging technology. Advanced Financial Solutions is the developer of AFS ImageVision, a digital imaging system used by more than 3,500 financial institutions and non-financial businesses. "Financial institutions are fiercely clambering to position themselves to compete in a market driven by the value of customer service and operational efficiencies," Nelson said on Wednesday. Digital imaging software, like AFS ImageVision, scans each financial document and saves the image as a digital file. By storing the images on a computer, financial institutions considerably simplify the item-processing function, and streamline record retention and retrieval. "Financial institutions are demanding more speed, higher quality and the ability to process large daily volumes of items," Nelson said. "Digital imaging technology can deliver all three." But growth is not limited to financial institutions. AFS took major steps outside the banking industry during 1998, Nelson said. Major sales and significant growth were recorded in state government, city and county government, security firms, insurance and oil and gas. Contracts included three of the largest oil and gas companies in the United States, he said. The company also has strong international sales. AFS received major contracts during the year from Kenya, Mexico, Asia and Brazil. The company now has about 65 employees. In addition to the headquarters in Oklahoma City, AFS has an engineering office in Norman and sales offices in Tulsa, Dallas, Los Angeles, Charlotte, N.C., New York, Baltimore and Atlanta. The New York, Baltimore and Atlanta offices opened since mid-1998. In a quest to increase service as well as achieve an advantage over the competition, financial institutions like Sterling Bank of Houston were some of the early adopters of computer-driven, image- based technology. "We've always embraced innovation as long as it improves customer service and, at the same time, demonstrates an ability to increase productivity, " said Glenn Rust, executive vice president of operations and technology at Sterling Bank. …