An industry leader in enterprise forms processing, Quik! announced today while at the T3 Technology Conference happening January 22-25, 2024 in Las Vegas its OCR-as-a-Service solution, FormXtract. This highly anticipated, artificial intelligence-enhanced data extraction service is designed specifically for operations managers, transaction processing teams, compliance professionals, and anyone processing complex forms in a variety of formats. FormXtract eliminates the need for repetitive, time-consuming manual data handling. Users have reported 99.9% accuracy, context-rich insights and automated data processing that adds to seamless operations and compliance.
With FormXtract, operations teams outsource the process of extracting field data from completed forms to reduce the burden on their own high-value personnel, increase processing speed, reduce errors, and capture revenue faster. It starts with Quik! fully managing the subscriber’s forms by applying a standardized data field naming convention — supporting more than 1.2 million field names. Unlike traditional OCR (Optical Character Recognition) solutions, FormXtract relieves users from having to manage field mapping changes as their forms evolve. Quik! forms are uniquely built to leverage the latest advances in AI and OCR technology to read handwritten, printed, digital and e-signed documents with the same quality results.
As an API-based service, Quik! rewards its customers by enabling up to 99.9% accuracy on extracted data that is ready to use in the customer’s systems. This is a vast improvement over all other OCR solutions, which return results with a mere 50-85% accuracy and always require manual reviews. FormXtract plays a critical role in IDP (Intelligent Document Processing) solutions because it is purpose-built for structured forms and rich field data regardless of whether the forms were filled out by hand, typed, or digitally submitted. Offering OCR-as-a-Service, FormXtract frees up time for operations teams and their high-value personnel who currently must review and capture data off incoming forms and paperwork.
“Too often, operations teams have to spend their valuable time reading over incoming paperwork instead of doing their most important work,” said Richard Walker, CEO and Co-founder of Quik! “With FormXtract, operations teams can now spend time on compliance, verifications and performing the tasks associated with the paperwork instead of deciphering and keying in data. Quik! is bringing the power of AI to perform a vital role in operational tasks, so customers can focus on actually processing transactions. It’s a transformative moment for any company that must process business via forms.”
With over 20 data points per form field extracted, FormXtract’s capabilities go well beyond simple data extraction. It provides clients with insightful contextual information about data processed, streamlining decision-making and unlocking firms’ full potential for growth and client service.
“FormXtract doesn’t just provide data; it provides information about the data,” said Don Cron, Chief Operations Officer at Quik! “It’s an incredible technology. We’re serious about responsibly reducing the burden of data extraction, processing, and form review for the operations teams that handle paperwork by providing data that is more accurate, faster to process and scales quickly to meet their demands.”
Firms are utilizing Quik! to deliver modern, automated solutions to grow their businesses and expand their profitability. Users can embed Quik! into their business workflows, create faster new account openings, make client onboarding easier, and eliminate paperwork headaches. FormXtract clients are empowered to automate processes and operations intelligently, focus on data context, and deliver results quickly and accurately.
Founded in 2002, Quik! is a combination of software and service for companies looking to maximize their efficiency and productivity in processing forms — both internal and those provided by a third party. The Quik! products range from a turnkey product for the individual user to comprehensive APIs that enable customer implementations built directly into their existing technology infrastructure. Quik! is in use by over 100,000 professional users who have generated over 100,000,000 forms and saved over 90,000 trees. In addition, Quik! serves the wealth management industry by managing the most extensive library of financial forms (over 40,000) that are fillable, interactive, secure and e-signable. Solutions using Quik! move more data to and through the form than any other solution available to financial professionals using a defined set of over 1.2 million fields. This provides consistency in handling and moving data through the process. To learn more about Quik! FormXtract, visit: quickforms.com/formxtract