How OCR Improves the Efficiency of Financial and Banking Institutions

by | Published on Nov 6, 2020 | Data Entry Services


Financial institutions like banks, investment companies and insurance companies are always in the process of creating a new record for new client or doing new deals, which generate numerous paper records. These ever-increasing piles of documents could pose a major concern. An easy solution is to convert all these crucial data into digital format with the help of data entry services.

In order to reduce the time taken to process payments as well as to ensure better customer service, companies in the financial industry must able to streamline their processes and organize their work. To optimize high-volume information extracting from a big data model while ensuring compliance, firms utilize Optical Character Recognition (OCR). Transformation of bank data into digital format with OCR helps to process, monitor and evaluate data including vast amounts of client data such as personal and security information. This helps to improve overall performance and profitability, thus thrusting the organization further into the growth cycle.

Better efficiency with OCR

OCR allows huge volumes of data to be optimized by converting it from paper to machine readable digital format. The text recognition feature of OCR allows scanned documents to be integrated into a big data system that can read client data from bank statements, contracts, and other important documents. OCR greatly helps financial organizations to automate data at the input stage of data mining and employees need not waste their time evaluating countless documents to manually feed data. OCR is a time-efficient technology that allows employees to focus more on core business activities. OCR’s efficient text recognition technology helps to optimize the document conversion process to machine readable formats and this saves time and money for the firm.

Be compliant

Financial institutions deal with highly critical and sensitive data and these institutions are subject to compliance regulations and evaluation by auditors. Financial firms efficiently archive their vital financial records. Sifting through critical financial records and retrieving important data is time consuming. As per a research by PricewaterhouseCoopers, it costs $20 on average to file a single document for an organization, roughly $120 to manually search for a misfiled document, and $220 to recreate a lost document. OCR technology offers image processing that converts scanned documents from images into searchable PDF files, allowing for specific information retrieval with keyword search. This allows banks and financial organizations to save on physical storage units costs and modernize themselves by switching to digital document conversion.

AI OCR for financial spreading

Financial spreading is the basis for critical business decisions for banking and financial services. For financial firms, reviewing data and spreading financial information helps with strategic decision making and risk assessment. However, the traditional practice of manually handling financial statements can lead to errors in entries, increased operational costs, and unreliable analysis.

Combining artificial intelligence services and Optical Character Recognition (OCR) systems provides an automated, efficient, and more intelligent way of archiving financial databases. AI-powered OCR can not only digitize scanned financial copies but also turn them into readable and searchable datasets available across channels.

In contrast to conventional OCR systems that are restricted to minimum fonts and formats, AI OCR for financial spreading is capable of

  • Examining and extracting text from unstructured images and format
  • Digitizing invoices, bills, financial reports, and
  • Archiving huge volumes of documents with editable and searchable functionalities, and
  • Understanding and translating data into other languages to make analysis easier.

Financial organizations can analyse and streamline large-volume data with the help of OCR technology and draw valuable business insights. Accurate OCR technology can standardize documents by turning scanned documents into searchable PDFs or into any other file type. A reliable data conversion service can help replace paper files with a digital archive and this solution is being used all over the world in all industries and sectors.

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