Adding Document Capture Into Your Financial Application


07/31/2018

If you're a developer working with traditional lenders, you know how difficult it can be for them to gather all of the  necessary documents from a prospective borrower. Whether it's W-2s, employment verifications, credit histories or other supporting information, the data comes in various different digital formats. Trying to capture all of this data from digital file types like PDF, Word, .txt, .xsl, .jpg, etc., is a daunting task.

Plus, with reduced timeframes to process the data, the job quickly becomes overwhelming. Sorting through dozens of file formats and manually gathering the data is causing delays in loan approvals that are costly to your customers. Your current application offers a variety of benefits for lenders, but aren't there tools that could allow them to be more efficient in the document capture process?

The Problem With Multiple File Formats

Some lenders can't seem to figure out why everyone keeps saying that digital banking is the future. It's been nothing but a headache for them – especially when they consider the pressure to reduce turnaround times for credit or loan approval. With a variety of different file formats sent to them digitally, information often gets lost in translation.

The time it takes to convert files to a standard format is one issue, but that's not even the biggest worry. Many documents come in with misaligned data, ink blotches covering essential info, blurry text, and other imperfections. How are your clients supposed to keep up with their competitors when they're facing so many delays in the approval process?

Speed is essential when competing for the borrower's business. Institutions like LendingClub have figured that out, providing credit approval in as little as a week, even for large sums. That turnaround seems unrealistic considering the amount of work it takes to evaluate a person's credit and financial stability, but it's the sort of benchmark facing banks every day.

The Solution Is in Your Product

What if we told you that your applications can play a huge role in solving the problem? Some banks and other traditional lenders – just like your clients – are becoming more and more efficient at compiling and analyzing a prospective borrower's credentials and providing approval in a competitive timeframe.

How are they doing it? They're eliminating roadblocks, starting with removing blemishes on documents and speeding up the aggregation process. Stop wasting time developing data correction solutions that are already built. Why work harder and waste time when you can easily integrate a ready-made SDK into your own applications to make the fixes?

Help your banking clients process and evaluate borrowers' financial stability faster. Integrate our ScanFix Xpress SDK into your software and help your clients discover the data they need quickly, including confidence values that let them know where data integrity problems are most likely to live.

Don't waste time or money developing redundant code. We have a team of developers that specializes in SDKs addressing the needs of the financial community. When you integrate ScanFix Xpress into your software, you gain another selling advantage for your product, as well as more clients appreciative of the difference you're making for them.

Help your customers stay ahead of the competition with this functionality. Give your work confidence values that will make you smile. Learn more about ScanFix Xpress here. If you have questions for Accusoft, contact us here.

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