Automation to Transform the FinTech Document Lifecycle

FinTech firms may be at the forefront of software development, but even the most advanced of their systems must be able to support a range of document-intensive procedures employed in the financial services sector. As a result, the great majority of FinTech businesses make use of digital document management solutions, whether built in-house or developed by a third-party vendor. FinTech companies may reinvent how they handle the document lifecycle by leveraging document automation with the appropriate technologies to save time, eliminate errors, and stay ahead of the curve.

Understanding Document Lifecycle

The many phases a document experiences as it progresses through an organization’s procedures is called the document lifecycle. The lifecycle typically starts with the generation or entry of the document into the system, followed by review, information extraction, and routing to a database for storage. It can then be disseminated and retrieved until eventually removed to complete its lifespan.

Automation technology enables FinTech companies that value efficiency and speed to optimize document lifecycle management and eliminate laborious manual procedures that hinder their ability to respond quickly to the ever-changing market scenario. Their capacity to grow operations and improve overall client experience is considerably enhanced.

The Benefits of Document Automation

Let’s now examine the various ways that document automation helps FinTech businesses.

Submitting or requesting a document in a manual-heavy company will make the process even more complex. When papers are shared through email and examined manually, they are susceptible to being lost or ignored. It is difficult to determine who is accountable for the following action or which measures have already been taken. With a process framework, document automation technologies improve visibility and efficiency, ensuring that everything is noticed.

Document management systems with fast search capabilities boost visibility. FinTech teams may save time, minimize irritation, and stay on track by not having to browse through folders for the relevant document. Visibility reduces misunderstanding, bettering version control. As it’s easier to identify which document to work on, people are less likely to produce or distribute un-updated copies.

Any manual method is particularly susceptible to human errors. While also inputting data into a computer system, even highly skilled and experienced individuals can make mistakes. While some errors are only minor annoyances, others might eventually cause more significant issues.

FinTech apps help decrease typing errors and other errors caused by weariness, inattention, and inexperience by automating data gathering and document creation. This leads to more accurate datasets, fewer document edits, and less time spent locating and correcting problems.

The information included in papers and forms that are submitted using a FinTech application has to be collected and moved to a different system of record. The system is usually some type of database. Other systems may easily access information when information is stored there. Using computer vision technologies such as optical character recognition (OCR), document automation software can read uploaded documents and forms and capture their content.

Manual data collection is inefficient. Human associates are limited by the number of keystrokes they can type in an hour, even before fatigue and interruptions impact their effectiveness. Automated data collection allows FinTech organizations to collect and use more data quicker, unlike manually reviewing and entering data into the database. Customers don’t have to wait for their applications to be manually entered into the system, which allows loan decisions to be completed considerably more swiftly.

FinTech companies, as financial businesses, require managing a large number of contracts. Each one needs to gather information on the parties involved, decide what content should be included in the contract, prepare the actual agreement, and then share it for review and signing. Controlling that process without the correct automation technologies in place might be difficult. Several issues might hold down the process when done manually, such as a copy-and-paste error, a provision being left out of a contract, or a missing signature.

By compiling papers programmatically and sending them for review and signature, document process automation technology can help to expedite contract administration. Instead of assigning someone to create a contract, the software may be directed to a searchable database and instructed to enter the correct information into the contract’s fields. This speeds up contract creation, reduces typographical error revisions, and ultimately leads to better contract management.

How Barcode Scanning Helps with Document Automation in FinTech

Barcodes of various types may be used to improve document management for FinTech automation by making it simpler to monitor and organize applications, contracts, and invoices, as well as to identify critical documents that need additional security procedures.

In FinTech document process automation, barcodes help by

• automated indexing and storage of linked documents, making it simpler for employees to find exactly what they’re searching for — and everything associated with it
• tracking and organizing invoices, applications, and contracts
• reducing errors common in manual data entry

Most Used Barcode Types in FinTech for Document Automation

Here are some of the most commonly used barcodes by FinTech companies for document process automation.

QR Codes

Barcode scanners create new documents for standard and new barcodes. Hence, hundreds of documents can be scanned, including invoice numbers and categorizations. Thus, splitting and bookmarking using QR codes saves time.

QR codes help identify the type of document being processed and let users determine the route or path of the scanned documents in their files system. Another benefit of QR Codes involves metadata and information indexing. The scanned image and accompanying barcode data can be uploaded to a document management system.

GiroCodes

Using GiroCodes, financial transactions inside the EU may be handled swiftly (also called EPC QR Codes). These barcodes can store up to 7089 characters. They are specified by the European Payments Council and provide all the necessary information for SEPA credit transfers. Reading these barcodes eliminates having to input lengthy, error-prone IBANs manually.

Swiss QR Codes

Swiss QR Codes, which are included in QR invoices in Switzerland, enable quick and easy payments in a machine-readable format. With the ability to store up to 997 characters, the content of these barcodes include the amount, currency, IBAN, payer information, account owner, reference, and a free text area for extra details, all required.

How Does Dynamsoft Help with Document Automation?

From high-speed document scanning to the ability to read multiple barcode types, Dynamsoft SDKs can help FinTech companies strengthen document automation to keep errors at bay, save time, and secure data.

Dynamsoft’s Dynamic Web TWAIN SDK is trusted by more than 5300 Companies for its incredibly high-speed, robustness, and security. It is a document scanner SDK specially designed to cater to high-volume documents, allowing the busiest of FinTech companies can scan tens of thousands of pages in a single session. Advanced scan and edit features alongside simple storage and retrieval capabilities further make everyday tasks simple for the end-users. It also offers a 64-bit service to handle larger data without any hassle.

Dynamsoft Barcode Reader SDK supports all common barcode types, including 1D barcodes and all standard 2-dimensional barcodes commonly used by FinTech companies. It scans the most challenging barcodes that get damaged due to mishandling or unforeseen circumstances. It offers the fastest scanning and decoding in the industry that can be applied in distinct scenarios.

Dynamsoft Label Recognizer SDK recognizes alphanumeric letters and standard symbols reliably from images with varied background colors, fonts, and text sizes. Adding OCR capability into the document management ecosystem, FinTech companies can digitize years of records and intelligently extract information from contracts, invoices, and receipts, such as form numbers or alphanumeric text such as IBAN.

Dynamsoft is an ISO 27001-certified organization committed to the best information security practices. Regarding source code security management, Dynamsoft maintains high standards, removing any unforeseen risks to the software. Our SDKs don’t send or receive any information on their own, and we continue to deliver enterprise-class security that the most security-athirst organizations trust in the world.

Embed barcode reading, document scanning, and data capture into your apps with just a few lines of code by choosing Dynamsoft SDKs. Our team of experts understands your specific use case to help you build your desired application in the least time possible. No need to spend months developing that app for your business.

We provide no-obligation pre-sales support to ascertain the technical viability of your application and offer a variety of license and pricing options to cater to businesses of any size. Our technical product specialists are available to assist at each stage of your product development. We offer constant product upgrades and end-to-end support for a future-proof application.

Build a Robust Document Management System for FinTech Automation

Looking forward to building a robust document management system for your FinTech business? Try Dynamsoft SDKs. Get in touch with our team of seasoned experts to understand your requirements.

Book a free, personalized meeting today.

Check out online demos of our various SDKs.

Originally published at https://www.dynamsoft.com on March 10, 2023.