Adding Form Processing Into Your Financial Application
As a developer working with lenders, you strive to build an application that makes life easier for your clients. In the financial industry, processing data is essential. In order to process it efficiently, lenders must collect data from a variety of different forms. Whether consumers are coming to them for a loan, bank account or credit card, lenders must collect a variety of personal information from them in order to approve or decline their request.
In an ever-changing digital landscape, financial institutions big and small are struggling to keep up with the instantaneous product offerings which consumers are coming to expect. This mindset is pushing lenders to reconsider their data gathering processes, searching for faster, more efficient solutions.
Manual Form Entry Is Outdated
There are so many forms consumers must fill out to get approved for financial requests. Loans, in particular, can be daunting. Underwriters need everything from pay stubs and bank statements to work history and credit score reports. When you think about it, that's a lot of data (in a variety of different formats) for lenders to sort through.
In today's world, manually entering data from paper forms is outdated – and, quite frankly, tedious. Why work harder, when there's the ability to work smarter? The only problem for lenders is that this technology is often expensive. They all need a solution that they can afford with more efficient capabilities. That's where your application can help.
Lenders can use digital technology to identify form types, convert them into the same file format, scan documents using optical character recognition (OCR), and extract information from forms, all thanks to software that adapts automatically to the format of the form being read.
Creating a Solution within Your Application
Your application offers a variety of robust services for financial professionals, but is it lacking a forms processing component? Don't waste precious development time coding the functionality when a comprehensive solution is already available, and at an affordable price.
At Accusoft, we have a team of experienced developers who specialize in SDKs serving the financial industry. FormSuite for Structured Forms uses industry-leading OCR, ICR, and OMR to identify form types, cleanup document blemishes and extract data.
This SDK enables your application to extract phone numbers, signatures, filled-in bubble answers, checkmarked boxes, hand-printed text fields, barcodes and more. FormSuite identifies the correct form and aligns it even if it is rotated, skewed or scaled. Plus, you can build in the functionality to route data from the form into any database, making the application process so much easier for your clients to navigate.
When you integrate FormSuite for Structured Forms into your application, you gain much more functionality for your product and your customers gain another benefit from your services. They'll be saving time using your application – just like you'll save time writing code.
When your clients have the ability to process data faster, they win more business. Help your customers succeed, and remain their trusted partner for digital financial technology. For more information on FormSuite for Structured Forms, visit our overview page. If you have any questions for the Accusoft team, feel free to contact us.