Electronic Data Capture in the Financial Industry

By Marianne Chrisos - Last Updated on January 15, 2020

How to use data capture for your financial business.

What is electronic data capture and why is it important for the financial industry?

Jumping on every new trend can be detrimental to a business, especially in the financial industry. In some industries, it’s important to try and test new technology and new trends before committing resources to a new system, even if it promises benefits. One new financial industry trend to at least be aware of, though, is automatic electronic data capture. Here are some things to know about this increasingly popular technology trend.

What is Electronic Data Capture?

Electronic data capture solutions are digital solutions that help to streamline and simplify the collection and usage of data. Electronic records, like those created by electronic data capture systems, are more easily searched and analyzed. They are also usually much safer, due to the myriad of ways electronic data is stored and secured.

EDC systems usually feature:

  • An interface or tool to enter data
  • An interface to validate and confirm data for accuracy
  • A tool that analyzes and reports on collected data

What are the Benefits and Impact of Electronic Data Capture Tools?

Electronic data capture can help provide finance industry businesses with information faster and through a more efficient process, as well as making sure that data is accurate. Both speed and efficiency are highly valued in financial services and can be a huge asset for businesses in this industry.

Additionally, automatic and electronic data capture can help reduce expenses, particularly related to manual data capture mistakes. Because EDC systems traditionally have a built-in feature to check the validity and accuracy of data, it could prove to be an important addition to financial industry based businesses, where accuracy is essential.

Who is using EDC?

EDC methods are currently primarily used in the science and healthcare industries, usually relating to records for human clinical trials. Efficiency, cost reduction, and data security and accessibility are extremely important to businesses working on and benefitting from these trials, which is why electronic data capture has proven so popular a solution for this industry.

Who are the reliable Electronic Data Capture providers?

If you’re looking for EDC solutions, here are some current, reputable software companies.

OpenClinica: While this software was developed for clinical trials, some of the benefits – collaborative data sharing, mobile applications, and ease-of-use – would be good for financial industry solution developers to include in their design.

Mobile Data Capture App: This solution claims that it’s the answer to creating a digital workplace for previous paper-based work. Its features can help reduce duplicate work and data entry errors.

CaptureFast: This was one of the first cloud-based and mobile-first document and data capture applications. It helps to convert various document types to help save businesses time and increase accuracy.

Because of the ability to streamline processes, increase accuracy, reduce errors, and help lower operations costs, it’s possible that electronic data capture software and tools could positively impact the financial industry if it had widespread support and adoption. Do you think there is value in adding electronic data capture processes to businesses in the financial industry?

Marianne Chrisos

Marianne Chrisos | Born in Salem, Massachusetts, growing up outside of Chicago, Illinois, and currently living near Dallas, Texas, Marianne is a content writer at a company near Dallas and contributing writer around the internet. She earned her master's degree in Writing and Publishing from DePaul University in Chicago and has worked in publishing, advertising, digital marketing, and content strategy.

Marianne Chrisos

Marianne Chrisos | Born in Salem, Massachusetts, growing up outside of Chicago, Illinois, and currently living near Dallas, Texas, Marianne is a content writer at a c...

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