Building a Robust Financial Software Application
If youâ€™re building a product that helps financial institutions with a variety of different processes, youâ€™ll know that lenders are pressed for time. Lending institutions are struggling to keep up with the amount of credit requests in an age where customers expect instant gratification. When consumers request anything from a bank or lending organization, they expect the application process to be quick and easy. However, current financial applications can create some hurdles.
Lenders are searching for ways to approve applicants in a more timely manner. However, each new request comes with a variety of different files and forms to sort through. With so much data to organize and analyze, this process is a struggle for financial institutions. They need to approve the request before the consumer starts looking at their competitors. How can your product help your clients stay up to date?
Building New Financial Solutions
Financial institutions need a product that includes data capture and processing tools, enabling them to approve loan applications more efficiently. Your product could help them begin this process. First, letâ€™s talk about gathering files for large loans. Data comes in all shapes and sizes – including different file types. Youâ€™ll need a way to convert these files into one searchable PDF.
In addition, there are a variety of standard forms that show up in the lending process. Youâ€™ll also need a solution for forms processing to gather data. Data capture and forms processing facilitates the automation of lending, whether it’s a line of credit or loan origination.
Once various borrower documents are gathered, they can be scanned and cleaned in preparation for processing. Then you can start extracting data. To do this, you’ll need a way to identify the form fields and recognize the data within them.
Capturing Consumer Data
Lenders generally have a standard procedure in place for viewing and collaborating on borrower histories. Historically, when they view the files, such as W-2s and other IRS forms, they need to be able to find and highlight specific information from those forms that the lender needs in order to process the loan.
What if you could give them a way to complete this task quickly and efficiently without the hassle of coding it yourself? When you integrate Accusoft’s FormSuite for Structured Forms software development kit (SDK) into your application, you’re providing a quicker way for lenders to obtain data. FormSuite automatically identifies the type of form based on examples in its master library.
How does it work? This SDK uses specific character recognition algorithms like optical character recognition (OCR) and intelligent character recognition (ICR) that enable FormSuite to capture the data from a scanned paper document.
No matter the size of the file, this integration can help your end-user quickly categorize forms, identify form fields, and search for unique information.
Rounding Out the Process
Once the integration pulls all of the data from these standard forms together, youâ€™ll need a way to transfer the data into a specific database. Simply code a connection, and youâ€™re set to go. Your consumers will thank you later.
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. Learn more about how Accusoft’s solutions can enhance your application’s credibility today. Contact us for a demo.