Automated Form Processing for the Banking Industry
Forms are a part of every industry. It’s just a part of business, but have you taken stock of all of the forms-based transactions which flow through your bank? Customer-centric forms for new accounts, mortgages, and car loans are just the tip of the iceberg. There are also intra-bank forms for expenses, audit compliance, and HR workflows.
Many of these forms are still filled in manually with pen and ink, then received via mail, fax, email, or handed across office desks. Extracting data from the forms and entering it into a database can be time consuming and prone to human error. This may not seem like a great problem until the forms multiply.
Banks process hundreds if not thousands of forms per week, and employees often do this by hand. Errors can grow more problematic and costly with the myriad of forms they have to sort through. Many banks have addressed paper and electronic form processing for use within their offices, yet digital transformation priorities are evolving to reduce the amount of printing and paper shuffling happening within banks.
Extending Document and Form Processing Beyond Bank Walls
Document viewing and processing SDKs like our FormSuite Collection empower your employees to process forms faster and capture data effectively. FormSuite for Structured Forms enables users to work with forms like business loan applications and invoices.
When a financial application integrates a forms processing tool, credit and loan management applications are streamlined and transactions are more convenient for customers. Having this functionality can speed the flow of approvals through banks faster and enable branch employees to become more attentive to customers without being bogged down by paperwork. Consider the time savings of processing forms with automated form field detection. When you need all the data in a standard form, you can capture the physical pages with a scanner and automate the data capture.
Maintaining Secure and Compliant Transaction Lifecycles
With complex processes like business loans, forms are a large part of the process. The initial application process requires a lot of information about the business owner applying, the company’s financial history, and more. With secure forms processing integrated into your banking application, collecting this data for processing is easy.
In addition, SDKs like ImageGear can help consolidate different file types into a single PDF for easy record keeping and mortgage approvals. Mortgages require a myriad of information which could include everything from W2s, tax records, and pay stubs to a client’s grades in college and resume if they qualify for new home buyer government assistance.
Data is essential in banking. Whether it’s a client applying for a credit card, a business requesting a loan, or a family requesting a mortgage, forms are a part of a bank’s daily routine. With an automated forms processing tool, you can easily recognize form fields like the customer’s name, address, loan number, social security number, and more.
Once the data is captured, you can code a connection to your database to store the information. Discover how you can streamline loan processing, accelerate new account creation, and improve customer satisfaction with this integration. Download your free trial of FormSuite for Structured Forms today.