Functionalities You Need in Your Financial Software Solution
Whether your clients are working on processing a loan or gathering financial data for a consumer's credit request, lending is a complex process that is only getting more complicated in this fast-paced digital era. Your application helps financial institutions address a variety of pain points, but is it solving the one that's most pressing today?
Finding consumer data should be easy. However, lenders deal with multiple forms, files and documents, all containing various data points in different formats. Needless to say, juggling Excel, PDF, Word, JPEG and other file types all at once can get complicated quickly – especially when you consider there are thousands of people applying for loans daily.
As we discussed in our recent blog post, Build Data Extraction Into Your Financial Application, a major advantage of using algorithms like optical character recognition (OCR) and intelligent character recognition (ICR) is that they provide searchable borrower data. In addition, these algorithms reduce the processing time delivering data to your lending teams faster.
Banks can use these algorithms to search prospective borrower histories in seconds for unique identifiers like name, Social Security number, or employer ID. While OCR and ICR are both crucial for searching borrower data in an application, they wouldn't help much if the lender didn't have a way to view a variety of different formats in a singular viewer.
Document Viewing as a Service
Financial institutions are searching for a standard procedure to help them facilitate viewing of and collaborating on borrower histories. Due to time restrictions, they need a procedure that simplifies functions like search, annotation, file conversion, and more.
What if there was a way to view a variety of different document types within your own application? Imagine a lender uploading the forms into your product, viewing customer data all in one place, sending information through various approval routes, and searching for the information they need in seconds. Our previous blogs Adding Document Capture Into Your Financial Application and Adding Form Processing Into Your Application explain these pain points in further detail. Building out the entire process could take a long while to code, which can easily be avoided by integrating Accusoft products into your solution.
With Accusoft's unique software development kits (SDKs) and application programming interfaces (APIs), you can integrate a variety of different features into your product to help lenders process credit applications faster. They can view consumer data within files, identify data in form fields, and extract borrower information into a database.
A Pre-Built Solution to Enhance Your Product
Accusoft has a solution that can greatly reduce your coding time. PrizmDoc is a highly versatile document viewer that handles a variety of issues typically encountered in loan origination. Easily embeddable into applications, the PrizmDoc HTML5 viewer enables you to worry less about code and focus more on your clients' pain points.
When you integrate PrizmDoc into your application, your lenders can view dozens of file formats, including the text files most commonly associated with loan processing, without leaving the native program. For example, if a lender needs to view an Excel file, they can view it within your application without opening Excel itself and exiting your application.
In addition, PrizmDoc has search functionality that enables you to find information quickly and efficiently. When you search a document for specific information, PrizmDoc uses hit highlighting to locate the information in seconds – even if the document is thousands of pages long.
With these unique features already in PrizmDoc, it's easy to see why Accusoft products are trusted by major brands. Make sure your clients are getting the versatility they need by delivering a customized solution for them. When you integrate the PrizmDoc HTML5 viewer into your application, you're saving coding time and creating a more powerful solution for your customers.
Stay tuned to learn more about the loan origination process and what pain points your application can solve in our next blog. For more information on PrizmDoc, visit our overview page. If you have any questions for the Accusoft team, feel free to contact us.