Technical FAQs

Finovate and Informa Engage surveyed fintech and banking companies on behalf of Accusoft to gain a better idea of the current capabilities available in document management systems, and the challenges these firms face in using them more efficiently. Learn what we found.

Periods of great disruption often have a way of presenting opportunities to companies willing to make the right investments in the future. That’s been especially true of the COVID-19 pandemic, which demonstrated that many organizations are, in fact, capable of implementing rapid and sweeping technology changes when they prioritize such initiatives. A survey of executives by McKinsey found that companies implemented significant digital transformations 20 to 25 times faster than expected, largely due to urgency and the removal of longstanding roadblocks. 

By undertaking major technology upgrades now, businesses can position themselves for future success before a new status quo settles in to stifle change. Companies would do well to focus their attention on a few potential areas where their applications could support digital transformation efforts with just a bit of customization.

The Great Remote Migration

The COVID-19 pandemic forced many organizations to rapidly implement the policies and technology necessary to support a remote working environment. Even though the vaccine rollout has made it possible for people to return to the physical office, not every company is rushing to bring everyone back. According to a survey of enterprise CEOs, 68 percent of large organizations are planning to downsize their office footprint and keep at least some portion of their workforce remote.

Although it no longer seems likely that remote work arrangements will completely replace traditional in-person offices, it does appear that the hybrid workforce is gaining popularity as the new normal for organizations. These workplaces will maintain a physical office presence while also incorporating a large number of remote employees. In some cases, these remote workers will be geographically distributed and never set foot in the office. This will allow companies to tap into broader talent pools from around the world. In other cases, employees will be given the option to work remotely under certain conditions, allowing them to decide when they have to actually travel to the office.

Both arrangements will present a number of challenges from a technology and a policy standpoint. In order to create a successful hybrid workplace, companies must continue to make investments in the digital document management technologies that make remote work possible. In addition to managing the myriad security challenges posed by remote employees, they also need to rethink how to handle documents now that passing paper for processing is not as simple as walking that paper document down the hall.  Developers can support the transition by focusing their efforts on building robust applications that can be accessed anywhere and can handle the viewing and processing of digitized documents.

Shifting Customer Expectations

Another major change coming out of the pandemic is the extent to which customers now expect brands to offer a better digital experience with their services. Not only do people use more digital services, but their expectations about how those services should respond to their needs also underwent a significant change. They expect services to be faster and less complicated, and their tolerance for experiences that fall short of those expectations will be lower than ever in the years to come.

Organizations that fail to invest in technology and applications that allow them to better address customer demands will find themselves falling behind in an increasingly competitive landscape. That creates tremendous opportunities for developers to build and market software that does a better job of creating a seamless link between companies and their end-users. That will include user experience features like better document viewing, more accurate data capture, and improved automation tools.

Developers are also under pressure to design innovative applications that can transform business processes and help companies get an edge over their competitors. Sophisticated features powered by machine learning and big data can provide valuable business intelligence and automate low-value tasks to boost productivity. To focus on those capabilities, developers will increasingly rely on third-party SDK and API solutions to deliver core functionality like viewing, conversion, annotation, and compression. By relying on proven, ready-made solutions, they can dedicate more time and resources to innovation.

Rethinking Document Lifecycle Technology

Even before the pandemic, organizations were trying to consolidate and simplify their technology infrastructure to eliminate unnecessary sprawl and software redundancies. Often referred to as application rationalization, this trend will undoubtedly continue as companies look to maximize efficiency to reduce costs while enhancing productivity. One business process that will certainly get a closer look is document lifecycle management.

Traditionally, companies have relied upon multiple software tools to handle the operations associated with each step of the document lifecycle. Common tasks like document scanning, form identification, data extraction, file conversion, viewing, and annotation could all be performed by distinct applications, forcing employees to constantly switch between programs and copy or move files in order to work with them. This process is not only grossly inefficient but also greatly increases the risk of human error or version confusion. 

Thanks to a new generation of SDK and API tools, developers can easily add new features to their software products that help to streamline and consolidate key elements of digital document lifecycles. From HTML5 viewing capabilities that make it easier to convert and open files within a web browser to more sophisticated data capture and document assembly tools that make true automation possible, these easy-to-implement integrations allow applications to carry out more essential workflow tasks without having to rely on external support.

Upgrading Your Application’s Potential with Accusoft

As organizations seize the opportunity to make essential technology upgrades, developers must be ready to provide them with the innovative applications capable of replacing legacy systems and keeping pace with customer expectations. Building software with the extensive functionality that companies require will continue to be a challenge for software teams facing budget and resource limitations. By turning to a partner with the right software integrations, they can quickly implement a wide spectrum of powerful features while keeping their own development efforts focused on designing best-in-class capabilities and bringing them to market quickly.

Accusoft’s collection of SDK and API solutions allows you to build a variety of powerful processing tools into your applications. Whether you need the conversion, viewing, and annotation features of PrizmDoc Viewer, the robust back-end processing capabilities of ImageGear, or the automated forms processing tools of the FormSuite Collection, our family of software integrations can help your application meet the varied needs of today’s companies. Learn more about our SDK and API solutions and explore how they can make your current project even more impressive.

The world of investment technology moves almost as quickly as the investment markets themselves. Without the right FinTech tools, today’s individual investors are likely to be left behind the latest financial trends. That’s why FinTech investment solutions are once again becoming a major point of emphasis for developers looking to expand access to key financial services.

The History and Impact of FinTech Investment Solutions

As a subset of the FinTech industry, “invest-tech” is sometimes used to refer to a wave of innovative investment management technologies that are helping to connect aspiring investors to the information and financial services they need to capitalize on new opportunities. Like many other FinTech applications, investment software tools have played a pivotal role in expanding access to financial markets and helping consumers take direct control of their investment decisions.

Much of the early FinTech investment market was driven by “robo-advisor” services that used sophisticated algorithms to provide customers with investment guidance. The boom reached its peak in the mid-2010s, with a record 81 new invest-tech solutions hitting the market in 2014. Since then, the number of launches has dwindled as established incumbents in the financial services sector moved in to acquire some of the most promising firms.

In many instances, those acquisitions were made to expand existing digital capabilities or to secure a new base of established investment customers. Since the typical FinTech investment user was younger and possessed fewer assets, the profit margins for many start-ups were simply too low and the costs of customer acquisition too high. This dynamic has gradually shifted the industry’s focus toward the B2B market, although crowdsourced investment platforms remain quite popular among many retail investors. 

The Current State of FinTech Investment Technology

FinTech investment platforms roared back into the public consciousness following the COVID-19 pandemic as the combination of work-from-home mandates and accumulated savings caused a rise in retail investment. Individual investors made up 19.5 percent of stock market activity in the first half of 2020, an increase of nearly five percent from the previous year. On a particularly busy day of trading, individual investors constitute a whopping 25 percent of market activity.

Thanks to mobile FinTech apps from startups and established players in the financial services industry, more people than ever before have access to investment opportunities, which has caused significant disruption to the market. The controversial rush on GameStop stock in early 2021, for instance, demonstrated just how much impact easy-to-access these platforms could have on investment trends.

This resurgence in retail investment could very well spark another wave of interest in FinTech investment apps, especially from established firms looking to expand their digital capabilities and capitalize on the growing market.

Enhancing the FinTech Investment Experience

For developers building the latest iterations of FinTech applications, there are a few key features worth focusing on to deliver a better investment experience. 

Sharing Data and Portfolios

While being able to access investment portfolio data on demand is valuable, customers are understandably concerned about the security of that data. Whether they’re building a retail investment app or a managed digital vault, developers need to provide a way of viewing private information securely. This is especially critical for digital documents. Relying on an external application for viewing or even just using the default browser viewer could potentially expose information to unauthorized users. By integrating secure, native viewing features, developers can ensure that investment portfolio data remains within a protected application environment.

Protecting Proprietary Research

One of the key benefits of working with an investment firm is having access to their market research when making financial decisions. In many cases, financial projections are calculated using proprietary formulas embedded within spreadsheets. Unfortunately, spreadsheets pose a number of security and compatibility problems. Even if a workbook is shared securely, there’s often little to stop someone from copying the proprietary formulas embedded within the cells and using it for other purposes. FinTech developers need ways to make those spreadsheets available without also compromising the valuable formulas developed over years of painstaking research.

Improving Data Capture

Making the right investment is all about having the right information. That data could come from a variety of sources, and in many instances it will need to be collected and analyzed before it can be of any use. Automating the data capture process can help to get that information into a customer’s hands faster. For example, customer information can be updated quickly by automatically extracting data from structured forms like tax filings. Scanned documents can also be converted into searchable PDFs using Optical Character Recognition (OCR), which makes it easier for AI-powered tools to sift through data in search of trends and potential opportunities.

Choosing the Right FinTech Investment Integrations

Building a successful FinTech application requires developers to build innovative tools that set them apart from the competition while also implementing everyday functionality that often lies outside their experience or expertise. Features like document viewing, annotation, and file conversion may be integral components of their platform, but take both time and development resources to build from scratch. By turning to SDKs and APIs, developers can quickly roll out new features without detracting from their primary software development goals.

Accusoft has been working with FinTech investment platforms for many years, helping developers to build powerful InsureTech applications without sacrificing the viewing and image processing technology that customers expect.

• PrizmDoc Viewer: Adds secure HTML5 viewing, annotation, conversion, and redaction capabilities to web-based applications, allowing developers to control every aspect of the viewing experience without compromising privacy.
• PrizmDoc Cells: Provides full XLSX support for applications, making it possible to securely upload and share Excel workbooks without exposing the source file or allowing users to access and copy proprietary formulas.
• FormSuite: A versatile forms SDK that allows developers to add form template identification and data extraction to their application, making it easier than ever to automate and streamline workflows.
• ImageGear: In addition to conversion and compression tools, it also provides full-page OCR for converting scanned documents into searchable text.

Learn more about how Accusoft is helping FinTech developers to drive the next generation of investment technology platforms.

Few organizations will view the final weeks of 2020 as a bittersweet moment. In addition to the staggering human toll inflicted by the COVID-19 pandemic, entire industries saw longstanding business models upended, forcing companies to completely rethink their relationships with employees, vendors, and customers. The financial services industry was no exception, and 2020 saw FinTech becoming more important than ever as firms rushed to embrace digital transformation in response to the ongoing crisis. Many of these trends appear poised to continue well into 2021 and beyond. 

FinTech Defined

FinTech is short for “financial technology,” but the term itself is applied quite broadly throughout the financial services industry. It can be used to refer to a new generation of non-traditional startup companies focused on building digital tools that allow people to manage their finances in new ways that disrupt established industry practices. The term is also sometimes used to describe the technology itself, however, especially since established financial organizations are investing heavily in innovative applications and services of their own.

FinTech Trends for 2021

Although 2020 is sure to be remembered as a year of unprecedented disruption, 2021 might well come to be known as a year of remarkable adaptation and transformation. Now that organizations have developed innovative digital strategies to navigate a more volatile economic landscape, they must now take up the challenge of putting those plans into practice.

FinTech developers need to keep an eye on these trends as they build new applications and services in order to provide the functionality and performance demanded by the financial industry. Many established firms will be taking a long look at their infrastructure and technology solutions to assess whether or not their current systems are up to the challenge of digital transformation. If their existing platforms fall short, they will need to either seek out new FinTech products with more robust feature sets or explore options for integrating new capabilities into their legacy software.

Top 5 FinTech Trends to Watch in 2021

1. Customer-Centric Applications

The proliferation of FinTech solutions has brought customers to the forefront of every financial organization’s thoughts. Where the financial industry once designed processes and applications to suit their own needs, today they must focus on delivering a high-quality customer experience if they want to remain competitive in a crowded marketplace. The process often begins with reducing friction wherever possible to help end-users get the products and services they need faster. With customers increasingly interacting with the financial industry across multiple channels, FinTech developers must build solutions that strengthen those connections and expand their potential.

Eliminating manual processes, cutting down on external software dependencies, and automating routine tasks will continue to be a major point of emphasis for FinTech applications. Customers no longer have the patience to repeatedly fill out lengthy forms or go through the frustrating process of downloading, printing, signing, and scanning documents. By building document viewing, file conversion, and data capture capabilities into their applications, FinTech developers can provide firms with a unified digital solution that addresses multiple needs and streamlines their customer experience.

2. Digital-First Collaboration

According to an IDG study on the enduring business impacts of the COVID 19 pandemic, about 40% of employees are expected to be working remotely on a semi-permanent basis as of January 2021. That means financial organizations will continue to need digital tools in place to provide secure access to files and facilitate collaboration. Physical documents must first be converted into a variety of digital formats with high levels of accuracy and then made available to remote users without compromising data integrity or creating confusion over version history. 

Without a dedicated solution on hand for viewing, editing, and managing documents, users are forced to resort to a variety of ad hoc workarounds and third party software solutions that can quickly compromise data security and increase the likelihood of errors. By integrating those features into their FinTech applications, developers can help firms keep all of their documents and files safely within a secure infrastructure while still making them available through easy-to-use web-based API tools.

3. Big Data Management

Financial organizations continue to collect huge amounts of data in the course of their business. Some of this data is unstructured and must be processed using powerful analytics tools to identify important trends and potential risks that can help firms make better strategic decisions. But they also gather a great deal of structured data as well, typically from structured forms like loan applications, tax documents, and bank statements. Managing all of this information more efficiently will be an important goal for 2021 because having good data insights is essential for identifying opportunities, optimizing products and services, and automating essential services.

FinTech developers can help improve data processing by building applications capable of extracting information quickly and accurately. Financial data algorithms are quite good at identifying different types of data and sorting it into the proper place for analysis, but they’re often slowed down by documents that are damaged or difficult to read. Thanks to software integrations that provide robust image cleanup, document alignment, and form recognition tools, FinTech applications can ensure that firms are starting with the cleanest possible source data when extracting information for processing.

4. Pandemic Proofing

Although there are several promising COVID-19 vaccines on the horizon, challenges with supply and distribution will keep most companies operating under the same social distancing and remote workplace guidelines they put in place in 2020 for much of the year. Even if restrictions are lifted earlier than expected, the risk-averse financial industry will continue to think about how to avoid similar disruptions by implementing paperless processes and electronic data capture options. Just as retailers and manufacturers are rethinking their supply chain infrastructure, financial services companies must reassess their FinTech applications in light of recent challenges.

Developers can help the financial industry better “pandemic proof” their processes by integrating better document viewing, file conversion, and data capture tools into their software solutions. Not only can they automate traditionally time-consuming (and error-prone) manual data entry tasks, but they can also build in additional functionality to auto-generate data for new contracts and allow people to sign documents digitally to eliminate the need for face-to-face meetings. 

5. Banking Partnerships

Banks and other traditional financial institutions are increasingly partnering with FinTech startups to reach new customers and engage with existing clients over new channels. As Deloitte noted in a recent study, the pandemic has removed many of the obstacles to digital transformation in the financial industry and forced many established firms to pour tremendous resources into their tools and infrastructure. But as banks engage with innovative startups, they will need to find ways to integrate operations and data quickly to remain competitive and roll out new services successfully.

That integration process will be easier if they have flexible software solutions in place that can navigate multiple file types, perform cleanup and conversion, and extract essential data quickly and accurately. Whether they’re building that functionality into entirely new applications or integrating features into existing legacy systems, FinTech developers will play a key role in helping financial organizations accelerate their merger and partnership timetables so they can begin reaping the benefits more quickly. 

Solving Your FinTech Challenges with Accusoft

Accusoft’s collection of RESTful APIs and SDKs provide FinTech developers with the tools they need to build comprehensive content processing, conversion, and automation solutions into software applications. Whether you’re using PrizmDoc Suite to view, edit, and convert documents directly inside their financial applications, capturing valuable financial data from various form types with FormSuite for Structured Forms, or embedding powerful image cleanup, OCR, and annotation tools into your application with ImageGear, our family of software integrations allow you to add the functionality your FinTech solutions need to meet the challenges of 2021 and beyond.

To learn more about how our software tools can enhance your FinTech applications, talk to one of our integration experts today.

The healthcare industry has undergone a profound change in the 21st century. A combination of technological advancements and regulatory pressures has encouraged providers to adopt new software platforms and update their existing IT stack. Gone are the days of physical file archives and cramped server rooms; today’s healthcare organizations are instead embracing innovative Internet of Things (IoT) devices, cloud-based file systems, and colocated server deployments that enhance their service capabilities and efficiency.

Unfortunately, not every provider is implementing new technology at the same pace. As science fiction author William Gibson famously observed, “The future is already here. It’s just not evenly distributed yet.” Today’s healthcare organizations must navigate a complex landscape of software solutions and overcome compatibility challenges in order to provide better service and care patients deserve.

The Drive for Interoperability

One of the key components of the 2010 Affordable Care Act was the push to promote interoperability among healthcare providers. The logic was fairly simple: for a healthcare marketplace to work effectively, patient information needs to be able to move freely between providers. That meant the myriad healthcare technology platforms being adopted by different organizations needed to be able to communicate with one another and share a common set of file formats.

The combined pressures of digital transformation and interoperability have led most hospitals and specialized health providers to implement picture archiving and communication systems (PACS). These digital archives and file management platforms allow providers to easily, store, retrieve, distribute, and present a variety of medical images, such as CT, MRI, and DR scans. They have largely replaced the expensive and complex manual filing systems used to store physical film and provided a far more secure means of protecting patient data.

Healthcare Image Processing

One of the advantages of shifting to digital scan formats is the ability to compress images while maintaining the ability to decompress them back to their original images. Poorly optimized compression tools can deteriorate the integrity of a high-resolution image, potentially obscuring key diagnostic indicators. In order to overcome these challenges, healthcare systems need image processing features capable of supporting rapid data compression, lossless transmission, and image cleanup.

Software developers working on PACS platforms and medical applications can turn to image processing SDKs like PICTools Medical to incorporate extensive compression and decompression capabilities into their solutions. These SDK tools can help overcome a variety of diagnostic imaging challenges, ensuring that complex medical files can be processed without any degradation of quality for easy viewing and management across multiple PACS platforms.

The Role of EHR Systems

Part of the push for interoperability included the adoption of electronic health records (EHR) systems, which digitized patient files to make them easier to share between healthcare providers. One of the challenges that came along with this adoption, however, was the handling of high-resolution medical images. While most healthcare providers have implemented some form of an EHR system, many of them do not have a PACS solution, especially if they don’t do any kind of medical scanning on-site. That means their ability to view certain types of medical images is quite limited. 

In theory, the medical industry has already solved this challenge with the development of the DICOM standard. Short for “digital imaging and communications in medicine,” DICOM was originally developed in a joint venture between the American College of Radiology (ACR) and National Electrical Manufacturers Association (NEMA) to ensure that healthcare providers would be able to view medical images no matter which vendor’s modality originally created them.

Unfortunately, the size and complexity of DICOM files often make them difficult for providers to manage. For instance, most EHR systems can transmit DICOM files (through a DICOM out or DICOM send functionality), but they often cannot view or annotate them. That’s because Windows doesn’t recognize DICOM files as image files. More importantly, large DICOM files often exceed the digital transfer limits of common communication channels like email. That leads to DICOM images being transferred on physical mediums, like discs or flash drives, that include viewer software.

Unlocking the Potential of DICOM 

Healthcare technology developers can help expand EHR functionality and realize the potential of DICOM by building viewing, conversion, and compression capabilities into their applications. Medical imaging SDKs like ImageGear Medical can not only convert DICOM files into a variety of easily viewable formats, but also perform essential cleanup functions to ensure that images maintain the highest integrity possible. High-level APIs can abstract or redact the details of a DICOM file to ensure the anonymity of the patent data as well as to compress it without degrading the image, making it easy to transfer files over secure channels rather than resorting to physical mediums or non-compliant public cloud platforms.

The ability to convert DICOM files into more easily managed formats also helps providers to share more information with patients. Diagnostic scans, for instance, can be quickly opened on IoT devices like a tablet and viewed entirely within the local application without having to use special equipment. Images can even be transferred directly to patients, allowing them to conveniently view them on their own devices. And thanks to lossless compression, medical offices can transmit the source DICOM files to other organizations when referring a patient to an outside provider.

Accusoft Medical Imaging Toolkits

With more than two decades of experience working with the imaging needs of the healthcare industry, Accusoft offers a variety of medical imaging toolkits to help software developers enhance their healthcare applications. Whether you’re developing a standalone imaging solution or adding viewing, compression, and cleanup features to your EHR system, our collection of SDKs and APIs can provide core medical image functionality so you can focus on building a better user experience and get to market faster. Learn more about how our medical imaging toolkits are improving outcomes in the healthcare industry and accelerating digital transformation trends.

How PrizmDoc Hybrid Viewing Works

Rather than converting files into large SVGs, a web-friendly format, for client viewing on the server side, PrizmDoc’s Hybrid Viewing feature instead converts files into optimized PDFs and then offloads the viewer processing work to client-side devices. Rendering PDF files in the browser on the end user’s device significantly reduces the amount of pre-conversion workloads needed to display documents. Since all the processing work associated with viewing is being handled on the client’s device, the user experience is much more responsive.

The Business Case for Hybrid Viewing

The Accusoft engineering team developed the Hybrid Viewing feature based on extensive conversations with PrizmDoc customers about their evolving application needs. While there are still many situations where documents need to be processed and edited on the server to take full advantage of PrizmDoc’s server-side features, customers were looking for a more flexible option that would allow users to simply view files without increasing server loads.

Hybrid Viewing provides several important business benefits to existing and potential PrizmDoc customers.

Reduced Costs

One of the challenges with server-based processing is that scaling to a larger number of users can be expensive. Adding more users increases the overall server workload because each viewing session requires the server to prepare and process the document for viewing. Scaling this model after a certain usage threshold becomes expensive for many organizations. By offloading the processing work needed for viewing to client-side devices and minimizing server loads, PrizmDoc customers can scale usage more cost-effectively.

Improved Performance

Server-based viewing sometimes struggles to keep up when users are scrolling through a large, multi-page document. Lag can be even more significant if they need to jump from one section to another, forcing the server to stop loading one page so it can begin processing another. Offloading that processing work to a client-side device speeds up viewing performance because the device doesn’t have to continually connect to the server each time the user pulls up a new page. Increased responsiveness provides end users with a better overall viewing experience.

Tech-Stack Consolidation

Limitations with server-based viewing forced many customers to implement alternative solutions that made sense for their applications but involved a lot of extra development and maintenance. These solutions often include outdated desktop-based viewers that don’t offer much in the way of features. Transitioning to PrizmDoc Hybrid Viewing will allow customers to consolidate their tech stack, streamline development, and provide a more unified user experience without sacrificing performance or incurring additional costs.  

Frequently Asked Questions about Hybrid Viewing

It’s understandable that there are many questions about how the Hybrid Viewing feature works and how it will impact deployments. To address those concerns, we’ve provided answers here for some of the most common questions we’ve received.

Do I have to move to metered licensing?

PrizmDoc’s Hybrid Viewing feature is only available with metered licensing. We understand that some customers are currently on OEM licensing or one of our deprecated licensing options and we will work with you, review your current and projected transactions, and make the move to metered licensing as easy as possible.

How will metered licensing impact my data security?

Under our metered licensing plan, your PrizmDoc Server instance must contact Accusoft to 1) report the number of documents you have processed and 2) validate that your license is still current. Each report covers a period of time (usually 4-hour intervals) and is sent once every 18 hours. The data contained in these reports include:

• Timestamp of when the period began
• Duration of the period
• Count of documents processed
• An auto-generated ID

No other data is reported back to Accusoft.

Do I have to upgrade PrizmDoc to use Hybrid Viewing?

Yes, PrizmDoc Hybrid Viewing is only available starting in v13.22. We always recommend that customers upgrade to the latest version of PrizmDoc Server. Our engineering team is constantly implementing bug fixes, quality-of-life improvements, and critical security updates. Neglecting to upgrade PrizmDoc Server instances could leave your application exposed to potential security risks. All PrizmDoc versions are backward compatible. The Hybrid Viewing feature works for self-hosted, private cloud-hosted, and public cloud-hosted servers and requires customers to use metered licensing.

Start Taking Advantage of Hybrid Viewing Today!

If you’re already a PrizmDoc customer and you’re looking for a better way to scale your application’s viewing capabilities, our new Hybrid Viewing feature can help you achieve those goals. Talk to your Accusoft Account Manager to find out how you can implement Hybrid Viewing today.

Considering using PrizmDoc to implement powerful viewing and document management tools into your application? Talk to an Accusoft solutions specialist to learn more about how Hybrid Viewing can help you deliver greater value to customers without taking on unsustainable costs.