Eliminating inefficiencies in financial forms processing with seamless automation
Forms are an essential element of every transaction in finance. From client onboarding and loan applications to compliance filings and regulatory reports, the sheer volume can be overwhelming. While digital transformation has increased efficiency over the last 30 years, it doesn’t eliminate the pain points financial firms face daily.
The Challenges
What exactly are these challenges, and how do they impact your operations? Let's explore some of the most common pain points.
Client Onboarding Frustrations
First impressions matter, especially in financial services. When onboarding new clients involves a maze of repetitive forms, that first impression can quickly sour. Financial professionals across the industry, from wealth management to lending and banking, waste hours re-entering client data into multiple forms for different institutions and compliance requirements. This manual process increases the likelihood of errors, delays, and frustrating clients.
NIGO (Not-In-Good-Order) Errors
A single missing signature or incorrect date can result in NIGO (Not-In-Good-Order) paperwork, delaying transactions and frustrating both institutions and clients. These delays can slow down account openings, loan approvals, fund transfers, and other critical operations. With Quik!’s standardized and automated forms processing, firms significantly reduce NIGO errors, ensuring faster and more efficient client service.
Compliance Complexity & Frequent Regulatory Updates
Beyond client frustration, inefficient forms processing creates a minefield of compliance risks. Errors, omissions, and outdated information can lead to violations, rejected submissions, and potential legal issues, jeopardizing your firm's reputation. Financial regulations change frequently, requiring firms to constantly update their forms to stay compliant. Quik! maintains and updates a library of 40,000+ forms, ensuring financial institutions always use the latest version—without lifting a finger.
Operational Inefficiency
Manual forms management and processing drain valuable time and resources. Teams spend hours on data entry, tracking signatures, and locating misplaced files—taking time away from high-value client interactions. These inefficiencies hinder productivity and increase operational costs, pulling attention away from core business activities and client relationships.
Overcoming Technology Barriers
Disconnected systems make it difficult for financial institutions to pull client data from their CRM, populate forms accurately, and route them for e-signature. Many firms also struggle to integrate forms processing within their current technology infrastructure, leading to data silos, lack of automation, and resistance to adoption. These inefficiencies prevent firms from scaling their operations effectively. Quik! integrates with CRMs and e-signature platforms and can seamlessly fit into your existing systems to create an automated workflow that reduces manual intervention and improves efficiency.
Solving These Challenges with Automated Forms Processing
These challenges don’t have to be your reality. Quik! empowers financial services firms to transform their forms processing and overcome these hurdles.
Quik! goes beyond simple forms automation. Our end-to-end forms processing solutions seamlessly integrate into your existing workflows, reducing data entry while ensuring accuracy and compliance. Our solutions empower your team to focus on building strong client relationships and growing your business.
Unlike other solutions that struggle with complex or changing documents, Quik! excels at handling the nuances of financial services paperwork. We name every field in our forms to fit a rigid naming convention, ensuring consistency and seamless data movement to and from every form in our library. We've perfected the process of building forms and in doing so, we've helped reduce manual re-entry errors by 95% and increased the average revenue growth rate for Quik! users by 7% compared to non-Quik! users.
Our FormXtract technology extracts data from completed forms with over 99% accuracy, whether they were filled out using our software or handwritten. By leveraging FormXtract’s advanced AI-powered data extraction, firms can eliminate redundant data entry, accelerate processing time, and seamlessly transfer extracted information into their existing systems for greater efficiency and accuracy.
Take the Next Step Toward Efficiency
Still dealing with NIGO rejections, manual data entry, and compliance headaches? Quik! automates forms processing so you can focus on improving client experience and empowering your team to achieve more. See how Quik! can transform your forms processing—contact us today!
Comentarios