OCR or Optical Character Recognition is a program that converts scanned documents into machine understandable files. One big disadvantage with scanned documents is that they are non searchable. With the help of OCR technology, scanned files become searchable. OCR technology has widespread applications including the Banking and Finance industry. Within the banking industry, OCR technology has streamlined many processes with the help of automation and has made them more efficient.
How does OCR help the Banking industry?
The application of OCR technology in the Banking and Finance industry has been revolutionary. It has led to business processes and transactions becoming faster. Since OCR technology can read the cheque numbers that are printed on the documents, it has made cheque processing much faster. Not only can OCR scanners read cheque numbers, they can also distinguish between cheques with different cheque numbers. OCR technology has also helped with the scanning of bank passbooks. It can be directly connected to the printer which can, in turn, print transactions that have been recorded in the passbook. Document scanning apps have reduced the need for human intervention and as a result, errors caused by humans have also been reduced to a minimum. All that is now required to be done is to place the document in question under the mobile phone camera and let the app do the rest.
OCR technology is capable of reading and recognizing handwritten texts as well. This has proven to be hugely beneficial to the banking and the finance industry. This is because over and above the monetary figure, cheque number and account number, the technology is also capable of recognizing and reading signatures.
Over and above making banking easy with the help of automation, document scanning app technology is also allowing banks to provide a much more engaging and fulfilling experience to its customers. This enables banks to keep their existing customers satisfied as well as attract new customers.
What is the Accurascan Mobile App?
The Accurascan mobile app allows its users to use their mobile phone camera to quickly scan ID cards, passports or Visas. The scanned files/scanned data can be stored in the cloud. It can also be customized using SDKs or APIs.
The use of the Accurascan document scanning app allows companies to save a substantial amount of money and time since it eliminates the need for an expensive reading device. It also improves the business processes dramatically and helps companies stay ahead of the competition.
The Accurascan Mobile technology brings excellence, automation, efficiency and speed to all business procedures and processes. It can effortlessly recognize and scan documents. The API or the SDK can easily be integrated with any application. By using real-time scanning ability, it increases the speed of the reading process.
This app can work without internet connection, in real time and locally on a device. Furthermore, it uses secured end to end encryption to transfer data to the cloud servers.
How can Accurascan help in the banking industry?
With the help of the Accurascan document scanning app technology, banks can perform the KYC or accounts registration process of old customers. The app can aid in populating important information such as date of birth, name, address etc. into the registration pages. It can capture user information quickly and make financial transactions much more easy and efficient.
Below are some of the salient advantages of using the Accurascan document scanning app -
As we can see, a mobile doc scanner has a plethora of applications across multiple industries and especially in the Banking and Finance vertical.