As someone who plays a critical role in your firm’s operations, you’re charged with increasing productivity, enhancing efficiency, lowering costs, and maximizing the ROI of your tech stack. If your business comes to you on a variety of complex forms, you know data extraction is not only a tremendous challenge but a major operational burden that takes up too much time and resources.
The question is, how can you more accurately and efficiently extract valuable information from these forms while reducing the time and cost of such a tedious task?
Understanding Optical Character Recognition (OCR)
Traditionally, there have been two ways that firms decipher data on forms. Either a human
manually reads through and rekeys the data or they rely on optical character recognition (OCR) software. If you’ve ever deposited a check by taking a picture of it with your phone, this is a common example of OCR software at play.
The problem is, most OCR software offerings cannot operate independently from human oversight. Case in point, the current industry benchmark for OCR technology is around 50% to 85% accuracy. While your firm may use OCR to free up some time, your employees or key leaders must still be actively involved in the process in order to complete the work. This, of course, costs time and money — not to mention, most financial professionals would much rather spend their time on other more client-focused tasks.
In addition, OCR software is difficult to establish and maintain, often lacking critical ongoing support from the provider (despite the high upfront cost of implementing it in your firm). And if the forms you’re processing change, it places further stress on your system.
What Is Quik! FormXtract?
FormXtract is an AI-enhanced data extraction service for professionals processing complex forms in a variety of formats. As an OCR-as-a-service solution, FormXtract eliminates the need for operations managers, compliance professionals, or transaction processing teams to conduct repetitive, time-consuming data handling.
Because FormXtract is intentionally designed as both a technology and a service, your operational professionals don’t have to worry about ongoing maintenance, troubleshooting, or manual upkeep. Let’s take a look at some of the key benefits of FormXtract and how it helps your key firm leaders save valuable time and cost while improving data entry accuracy. In fact, we’ve found that FormXtract reduces labor and human involvement in the data extraction process by 90-99%.
OCR as a Service
Unlike traditional OCR solutions, FormXtract relieves your operations managers and compliance professionals from managing field mapping changes as their forms evolve. Leveraging the latest advances in AI and OCR technology, FormXtract can read handwritten, printed, digital, and e-signed documents with the same quality results.
With OCR-as-a-service, FormXtract eliminates the burden of your firm leaders building, configuring, maintaining, and operating all components of OCR and data extraction yourselves — and it’s done with the highest level of accuracy in the industry.
Rich Data Context
FormXtract not only provides critical data, but it also gives your firm critical information about the data and its relevance to the form. As a result, processing becomes much more accurate. Every field extracted includes 26 data points, and if any data doesn’t meet the threshold requirements, it’s tagged and passed along for your operations professionals to verify.
Increase Data Capture
Quik! has an extensive field naming convention of over 1.2 million fields. FormXtract leverages this data to process more information on a form without additional setup or maintenance required on your end.
Enable 99.9% Accuracy
As we mentioned earlier, the industry standard for OCR system accuracy is around 50% to 85%, meaning substantial human involvement is still required. FormXtract, however, returns your data with an impressive 99% accuracy. Because it processes documents at a high volume, FormXtract easily handles batch processing with this elevated accuracy level as well. This is significant, as it eliminates customer backlogs or limitations due to staffing — while enabling you to scale more efficiently to meet your business needs.
Collect Cash Fast
One of the most glaring industry issues we’ve seen time and time again is the challenge of depositing funds. FormXtract works to eliminate this concern by including bank and ACH data directly on the forms. By delivering this critical data from the form fast and accurately, FormXtract enables you to send in ACH requests immediately and collect revenue faster.
How Quik! Is Transforming the OCR Space
Too often, operations teams have to spend their valuable time reading over incoming paperwork instead of focusing on big-picture strategies that move the needle closer toward their firm’s growth goals.
Thanks to the innovative, tech-driven services of FormXtract, however, these operations teams can now spend more time performing the tasks associated with the paperwork instead of deciphering and keying in data on the paperwork itself. Quik! helps your key leaders leverage the power of AI to perform a vital role in operational tasks, so you can focus on actually processing transactions.
Experience better form processing and data extraction at scale, with incredible accuracy, and free your team to focus on growing your business. Learn more about Quik! FormXtract by scheduling a demo today.