More and more businesses are turning to online form builders to create forms and applications to assist with onboarding. This trend includes financial service companies, and while online forms are helpful, they need additional features or integrations to meet the underwriting challenge. Financial service companies need form builders who understand underwriting and provide the necessary tools to complete it. 

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Form Building and Underwriting

Many businesses use online form builders to collect and analyze customer information efficiently. Online forms provide incredible value across many industries but can be particularly helpful for financial services. With an online form, you can collect customer information quickly and allow customers to complete forms from their devices. Additionally, these forms will give you a clear picture of customers. This is especially essential for financial services that require extensive underwriting before onboarding a new customer. 

However, online forms alone cannot complete this underwriting process independently. You need a system that includes components such as identity verification and credit score pulls to assess the risks associated with a client correctly. Below are some form builders with some essential underwriting tools that allow you to have a more streamlined onboarding process.

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Form Builder Options

Formstack

With Formstack, you can get a comprehensive form builder with useful integrations that your underwriting team can leverage. With their Documents and Sign plans, you get access to electronic signatures and the ability to create customized documents for your customers to fill out. These allow you to quickly connect with customers and have them sign essential documents without excessive back and forth. 

As a form builder, Formstack is straightforward and uses a wide variety of templates. These templates are easy to edit, allowing you to make forms that better fit the information you need from your clients. While Formstack is a quality form builder, it has some shortcomings. You must pay extra to access advanced features such as electronic signatures. Additionally, Formstack lacks other useful underwriting features, such as identity verification. 

Their Forms plan, which enables you to create and collect online forms, is $50 a month and allows you to collect 1,000 submissions a month. To access electronic signatures, you need to pay another $18 a month, and you also need to pay $92 a month to access their Documents plan and send your clients customized documents. 

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Jotform

Jotform is a popular form builder with a vast library of templates. Security is also a priority with Jotform as it provides robust security to protect sensitive customer information. Additionally, they have valuable integrations for your underwriting team, such as electronic signatures, which allow you to collect signatures securely. 

Jotform is also PCI compliant, allowing you to securely collect payments with your forms. Additionally, you can access more advanced features that allow users to provide you with feedback about your forms. While Jotform includes many useful integrations, it needs features such as credit checks that allow you to conduct robust underwriting. You will also need to pay more for advanced features. 

You can choose their free plan, which is very limited but allows you to use online forms on a small scale. Jotform’s Bronze, Silver, and Gold plans are $34, $39, and $99 a month. Each one allows you a certain number of forms, submissions, and storage per month. These limits increase depending on the level of plan, and if you need a plan without limits, you can get their Enterprise plan with custom pricing. 

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FormAssembly

This is another easy-to-use form builder that provides additional underwriting tools to make customer onboarding easier. Like other options, FormAssembly provides templates on which to base your forms. You also get access to useful native integrations such as Salesforce, which allows your forms to fit into your team’s workflow smoothly. 

You can also export data from your forms to other applications, such as Google Drive, and with higher plans, you can collect electronic signatures.  They also include some KYC features to conduct customer verification. However, FormAssembly does not include credit checks that can be used to assess the risks of a potential client. You must also access their more expensive plans to have useful underwriting tools at your disposal. 

Their Basic plan is $83 a month, allowing you to create and collect forms without any monthly limits, unlike many other form builders. You must access their Essentials, Teams, or Enterprise plans to access features such as electronic signatures or more robust encryption. The pricing for these three plans is negotiated between you and FormAssembly. 

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Under.io

With you Under, you get a versatile form builder and underwriting system. We have a wide variety of templates that you can use. Additionally, we have crafted our templates to specifically meet the needs of financial service companies. You can quickly implement conditional logic to create a smoother customer experience. You can have a high-quality form at your clients’ fingertips in minutes. 

You also get access to a wide range of native integrations from CRM to KYC and everything in between. One of Under’s most critical strengths is your ability to access numerous effective integrations with one login and one system. Our integrations enable you to craft a versatile and well-rounded onboarding and underwriting process that meets your specific needs. 

With Under, you get access to KYC and KYB tools that allow you to authenticate your prospective clients properly. Electronic signatures are featured in all of our plans, and our signing process includes SMS verification to ensure that only the proper parties are signing these critical documents. We also provide fantastic underwriting features like credit score checks and verification of bank information. 

We offer three different plans that you can choose from for your business. Our Essentials plan for $59 a month provides all the features for online forms, document mapping, and unlimited electronic signatures. The Professional plan offers you KYC, KYB, bank verification, and all the features from the Essentials plan for only $99 a month. Finally our Organization plan with customized pricing is excellent for larger organizations and includes our Beta features and credit underwriting. 

Unlike many form builders, there are no monthly limits on the number of forms you can create or collect with our plans. We work hard to provide you and your clients with the best onboarding and underwriting. Click here to learn more about our plans and how they can make your onboarding process stand out from the competition.

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