The Importance of Financial Data Extraction
Your product helps financial institutions with a variety of different processes, but one challenge still remains. Lending institutions are struggling to keep up with the times in a world 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.
Lenders are searching for ways to approve applicants in a more timely manner. However, each new request comes with a variety of different 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 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. Data capture and form processing facilitate 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.
Identifying Form Fields
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. You can even customize FormSuite’s master library to include your most common or most complex form so data is easily categorized from the beginning. Plus, FormSuite simplifies the process of sifting through forms with functions like search, annotation, file conversion, and more.
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.
The OCR in FormSuite enables your application to avoid recognition errors by identifying expected character patterns within fields, and enables designation of specific field types to match patterns like email, date, phone, and more.
In addition, FormSuite enables you to set up a validation system to test for accuracy of OCR results. When you check a confidence value returned from FormSuite and the number falls below your specified threshold, you know you need an operator to review. FormSuite will intelligently suggest characters for replacement so this process is accelerated for your operator.
ICR provides the precision and accuracy you need to extract hand-printed characters and data that you can map to database fields. The robust recognition features include character sets such as upper case, lower case, mixed case alphabetic, digits, currency, and punctuation. ICR in FormSuite can also identify a telephone number, date, email address, Social Security number, currency, URL, and more.
No matter the size of the file, our SDK quickly categorizes forms, identifies form fields, and enables your users to search for unique information that instantly locates the form on the individual they seek to review.
Coding the Data Transfer
Plus, when you integrate an SDK that codes in a way to transfer data to a specific database, you eliminate the struggle entirely. Save your precious time and money coding out a solution for form identification and form field detection and let us do the heavy lifting for you. Focus on providing the best product to your clients and less on creating the code to do it.
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 FormSuite for Structured Forms SDK can enhance your application’s credibility and solution offerings on our overview page. If you have any questions for the Accusoft team, feel free to contact us.