Exclusive Whitepaper: Extending the Benefits of Digital Document Management

Exclusive Whitepaper: Extending the Benefits of Digital Document Management

Many systems for managing the document life-cycle process could be more efficient.

Banks and financial technology (fintech) companies commonly use document life-cycle management solutions to make their back-office functions run more smoothly. To take full advantage of these systems, organizations must be able to transform documents into a format they can work with.

However, this crucial first step in the process remains cumbersome for many organizations. Even after documents are in the system, organizations need to be able to do more than view them. “The key to managing back-office tasks more efficiently is capturing and extracting data from documents without bogging employees down with manual processes,” said Tracy Schlabach, Director of Marketing at Accusoft. The ability to work with documents and their data can help organizations realize the full efficiency of a comprehensive document management solution.

Recently, Finovate 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. Read the full report now >>

Facing Up to the “New Normal”: FinovateEurope 2021 eMagazine

Facing Up to the “New Normal”: FinovateEurope 2021 eMagazine

It’s hard to believe it’s only been one year since FinovateEurope 2020 wrapped. What a year it’s been! Looking back on the 2020 demo and speaker videos feels notable precisely because of how “normal” they all look. So much of the past year has been spent dealing with specific challenges and simply trying to weather the storm. It almost seems bizarre to see innovations that don’t specifically address COVID-related problems. But that’s exactly what we have to start doing again.

As we inch towards a gradual re-opening process and, with any luck, a new, more sustainable status quo, it’s vital that we don’t forget one of the biggest lessons of 2020: to prepare for the future, we have to look beyond the problems we can already see.

Fintech is an industry that rewards those who see problems before they arise, and there are no shortage of opportunities waiting just around the corner. Now is the time to look upstream and maybe even dust off projects you shelved a year ago. Put simply, it’s time to stop playing defense all the time and approach fintech with optimism again.

The writing is on the wall – we are going to return to “normal” again. Now it’s up to all of us to imagine how good “normal” can be.

Download the FinovateEurope eMagazine to:

  • Read the latest thought leadership on returning the a “new normal”
  • Watch key sessions from FinovateEurope 2021 and find out who won Best of Show
  • Access exclusive insight from Headline Sponsor, Accusoft, on the top 5 trends to look out for this year
  • Listen in on the latest Finovate Podcast episodes, with industry experts and previous Finovate alumni

Download now >>

Financial Services Technology Trends: Disruption, Change and Opportunity

Financial Services Technology Trends: Disruption, Change and Opportunity

This is a sponsored post from Accusoft.

Accusoft researched several of the factors driving technology and innovation in the financial services industry to better understand the current and future role of FinTech in the marketplace. Find out what they learned, discover assets that can help you solve your content processing, conversion, and automation challenges, and learn more about their FinTech solutions >>

Fintech Digital Transformation Challenges During COVID-19

Fintech Digital Transformation Challenges During COVID-19

The following is a sponsored post by Tracy Schlabach, Senior Manager, Product and Customer Marketing, Accusoft.

Digital transformation has been on the radar of most financial institutions for years. In a 2020 Digital Transformation Survey by BDO of financial services professionals, 68% of respondents in 2019 saw a growth in revenue directly related to digital investments. While many have made digital transformation a priority, some have faced roadblocks including risk-aversion and lack of corporate sponsorship.

With COVID-19 sweeping the globe, priorities are shifting, emphasizing the need for digital transformation.  As noted in a state of the industry report authored by the Institute of International Finance and Deloitte, “COVID-19 has generated leadership and organizational support by highlighting the need for digital transformation as a means to reach customers and maintain operational resilience.” Of those surveyed by BDO prior to the COVID-19 outbreak, 36% see industry disruption as the primary digital threat. In addition, a recent survey by IDG Research states that 59% of respondents are seeing an acceleration of digital transformation in their companies driven by the pandemic.

Now that implementing the digital strategy has taken center stage on the fintech roadmap, developers are looking to meet the needs of leadership as well as customers and employees in a timely and budget efficient manner.

What Is Digital Transformation?

The name digital transformation embodies a wide assortment of initiatives, from the customer engagement experience to transforming legacy systems. In an article by The Financial Brand, financial executives were asked to select their top digital transformation priorities for 2021. Out of the long list of initiatives, four of the highest priorities are:

  • Improve Customer Experience
  • Improve Use of Data, Analytics, and AI
  • Enhance Innovation Agility
  • Improve Back Office Efficiency

Financial institutions are prioritizing several diverse initiatives to remain relevant during the global pandemic. Project managers need to shorten development time, meet executive mandates, and launch products that significantly improve the employee and customer experience.

SDK and API Integrations Streamline Fintech Development

Development teams can effectively meet those timelines by partnering with software manufacturers who build and maintain software development kits (SDKs) and application programming interfaces (APIs). Developers can integrate these SDKs and APIs into their product offerings to add unique document processing capabilities. By partnering with a high-tech software solution, your team can save development time, shorten sprints, and reduce maintenance cost. While these are significant benefits, partnering and integrating third-party software manufacturers come with many advantages, including the ability to:

  • Remove the burden of building and maintaining extensive document processing libraries
  • Access the manufacturer’s support and engineering team who can assist with implementation and resolve issues
  • Significantly reduce time to market of your product

Let’s take a deeper look at each of these advantages.

Integrate vs. Build & Maintain Document Processing Libraries – Consider how many different file formats are available in the market for submitting data to financial institutions.  Fintech users receive everything from Word documents to PDFs to images taken with cell phones. All of those file formats need to be taken into consideration when building a fintech application that streamlines the process of capturing data from those files. Building out libraries of code that can address every possible option is extremely cumbersome and time-consuming.  However, developers can leverage an SDK or API that has been developed specifically for document processing and open up time to focus on their core competencies.

Access to Support and Engineering Experts – When financial institutions embed third-party document and image processing solutions, they are also gaining access to a team of experts. At Accusoft, each customer has access to technical support and product developers that have helped hundreds of companies with implementing and utilizing these document processing SDKs and APIs. Digital transformation is a pressing concern for financial organizations. You can help them meet their needs with our SDKs and APIs. Get this new functionality up and running quickly in your application so your developers can focus on more mission-critical tasks.

Reduce Time to Market – As noted in the report by BDO, “Most financial services companies anticipate high returns on revenue and profitability from digital transformation.” Project managers that prioritize research and implement third-party software solutions can significantly reduce the time to market. This, in turn, will allow their company to realize profits faster than their competition.

With the recent changes in the world, the need for digital transformation is not slowing down.   Financial institutions that prioritize those initiatives and research ways to develop and implement their new offerings quickly will be ahead in realizing revenues and returning profits to shareholders.

Accusoft is a software development company specializing in content processing, conversion, and automation solutions. From out-of-the-box and configurable applications to APIs built for developers, we help organizations solve their most complex content workflow challenges. Our patented solutions enable users to gain insight from content in any format, on any device with greater efficiency, flexibility, and security. Visit us at www.accusoft.com

Mastering Digital Collaboration in the Financial Industry

Mastering Digital Collaboration in the Financial Industry

Financial organizations are managing mass amounts of information on a daily basis. 

Whether it’s a loan application, credit approval, or new customer records, sharing documents securely is key for effective task completion and departmental collaboration. 

With a variety of document formats needed for each of these tasks, professionals must often switch from application to application to complete processes. Standard processes are often outdated and inefficient. 

Discover how financial organizations can streamline their workflows and collaborate more effectively within their current applications.

Read the Accusoft infographic to learn more.

Improving Payable Processes: An Implementation Primer

Improving Payable Processes: An Implementation Primer

This is a sponsored post by Accusoft. For more information on sponsored contributions please email sponsor@finovate.com.

Accounts payable (AP) processes remain a sticking point for many organizations. Caught between the efficiency issues of paper-based solutions and the potential complexity of adopting technology-driven services, stagnation often results. Accusoft explores its top five tips to smooth out your system and reap the rewards.

Businesses now recognize the necessity of change, but many aren’t sure where to start. When it comes to new permutations of payable processes, a roadmap is invaluable. Here’s a look at five key forms completion and invoice processing improvements to help companies account for evolving AP expectations.

  1. Identifying errors

Staff remain the biggest source of AP errors. There’s no malice here; humans simply aren’t the ideal candidates for repetitive data entry. In this case, effective implementation of new processes depends on customizable software tools capable of accurately capturing forms data and learning over time to better identify and avoid common errors. The benefit? Staff are free to work on time-sensitive AP approval and reviews rather than double-checking basic forms data.

2. Improving invoice routes

Invoice routing is time-consuming and often confusing for AP staff. To avoid potential oversights, most companies use two to three approvers per invoice, creating multiple approval workflows. While the process reduces total error rates, it also introduces new complexity. What happens if invoice versions don’t match or approvers don’t agree on their figures? In the best-case scenario, your company needs extra time to process every invoice. Worst case? Double payment of AP invoices or payments result in missed critical deadlines. Here, a single-application approach to invoice processing helps improve invoice routes and reduce redundant approval steps.

3. Integrating data location

Where is your accounts payable data located? For many companies, there’s no easy answer; some invoices are paper, others are digitally stored on secure servers, and there are still more trapped in emails and messages across your organization. Instead of chasing down AP data, implement an invoice rehoming process. Solutions like Accusoft’s FormSuite for Invoices support thousands of invoice formats and keep them all in the same place.

4. Innovating at speed and scale

Complexity holds back many accounts payable programs. If new technologies complicate existing processes, employee error rates will go up and there’s a chance they’ll avoid digital deployments altogether in favor of familiar paper alternatives. In this case, automation is the key to implementation; speedy solutions capable of scanning paper forms, identifying key data, and then digitally converting this information at scale. 

5. Increasing visibility

You can’t fix what you can’t see. Paper-based invoice processing naturally frustrates visibility by making it difficult to find key documents and assess total financial liabilities. Integrated APIs that work with your existing accounts payable applications can help improve inherent visibility by creating a single source of AP data under the secure umbrella of your corporate IT infrastructure.

Want to learn more about the potential pathways available for companies to improve their AP processes and reduce total complexity? Check out Volume 1 of our Accounts Payable eGuide series, No Pain, No Gain?

Finovate Alumni News

On Finovate.com

  • A Score for Socure: The Digital ID Company Lands Funds from Santander.
  • Digital Payments Guardian from Prairie Cloudware Goes Live at Multibillion Dollar Regional Bank.
  • Tradeshift Unveils Go,the First B2B Virtual Assistant for Managing Business Expenses and Travel.
  • With Ripple, Seven Banks Test Out the Blockchain.

Around the web

  • TSYS and Equinox team up to launch semi-integrated EMV payment solution for Value-Added Resellers.
  • Forbes column on “millennial money mistakes” features Kapitall.
  • iQuantifi founder and CEO Tom White writes about goal-based selling for BankDirector.com.
  • Accusoft wins spot in 2016 SD Times 100 for its innovations in software development.
  • Prairie Cloudware’s Digital Payments Guardian mobile wallet goes live with multi-billion dollar regional bank.
  • Fintech profile interviews Cloud Lending CEO Snehal Fulzele.
  • Fiserv launches Notifi to deliver actionable alerts.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FinDEVrNY16-V2(wdate)Our FinDEVr New York developer showcase is next week on March 29 & 30. Register today and we’ll see you in New York!

Developer news

  • TechCrunch reports: Almost everyone is doing the API economy wrong.

On FinDEVr.com

  • “Financial Information Services Provider Markit Merges with IHS”
  • “Symbiont and Ipreo Team Up to Accelerate the Loan Settlement Process”

The latest from upcoming FinDEVr New York 2015 presenters:

  • Xignite to provide free market data for FinTech Sandbox demo participants. Join Xignite in New York for FinDEVr next week.
  • Markit to supply FinTech Sandbox with fixed income pricing and reference data.
  • PayPal to enable money transfers to Cuba via its Xoom acquisition.
  • 3dcart merchants gain access to end-to-end payment processing courtesy of Braintree.
  • OnDeck partners with Innovate Finance to debut Transatlantic Policy Working Group.
  • Markit unveils new tax utility service.
  • Intuit Developer Group Drops Financial Data APIs; Partners with Finicity to Ease Transition.

Alumni updates:

  • Let’s Talk Payments lists SnoopWall and Entrust in its roundup of the hottest mobile security companies.
  • Avalara teams up with WooCommerce to help online merchants manage sales taxes.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

  • “Ledger Launches Blockchain Open Ledger Operating System”
  • “Finovate Debuts: VoicePIN Offers an Easy Biometric Login Solution”
  • “Finovate Debuts: SuiteBox Introduces its Virtual Meeting Rooms for Financial Professionals”

On FinDEVr.com

  • Avalara teams up with WooCommerce to help online merchants manage sales taxes.

Around the web

  • OnDeck partners with Innovate Finance to debut Transatlantic Policy Working Group.
  • LandlordReferencing.co.uk to use Netverify from Jumio to comply with the U.K.’s new Right to Rent law.
  • The United Bank of Egypt upgrades to latest Misys core banking solutions as part of major modernization of retail, SME, and corporate businesses.
  • Top Image Systems launches next generation, automated accounts payable solution, eFLOW AP.
  • Zopa’s new lender products are live.
  • Golden West CU processes 15 new applications for insurance products in first 30 days of deploying Larky.
  • Coinbase introduces stop orders on Coinbase exchange.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.