OCR or Optical Character Recognition is a program to convert scanned documents to formatted files that are machine-understandable. Unfortunately, with most scanned documents, the problem faced by users is that they cannot be queried or searched online. With the help of OCR software, these scanned files become searchable.
There has been a tremendous improvement in the last few years in OCR technology. Today, it can recognize sentences, characters, and words with an exceptionally high degree of accuracy.
Many organizations, businesses, and educational institutes make use of OCR software and programs to streamline the data entry process. Also, because the use of OCR technology reduces the need for human intervention, errors caused by humans are minimal.
This technology has found widespread application across a whole array of industries including banking. The use of OCR technology in banking has revolutionized the industry and made life easy for everybody involved.
The application of OCR in the Banking Industry
The application of OCR technology in the banking industry has been hugely beneficial in that it has made banking processes and business transactions much faster. When OCR technology was first applied to the banking industry, its capability of reading cheque numbers immensely helped in the processing of documents. The improvements made to the OCR technology since then have only served to improve the banking industry. Today, with the help of the OCR technology and a scanner, passbooks can be updated and scanned to the last entry. Once the transaction is completed, passbook printers can print the entries of the account. As the adoption of OCR technology has increased gradually with the passage of time, the need for human intervention has decreased gradually and with that, there have been fewer errors caused by humans as well. Now, bank employees need toonly place the bank passbook under the scanner while the OCR technology does the rest of the job.
The advent of document scanning technology has driven modern technological advancements in the banking industry. The new technology has drastically reduced the need for manual intervention. Nowadays, OCR is able to recognize handwritten text as well. This has proved to be very beneficial to the banking industry. Over and above reading the amount, cheque number and account number, OCR can now decipher and scan signatures as well.
Thanks to OCR technology, banks are now able to satisfy their customers more and as a result, attract and retain new business.
How does Accurascan help the banking industry?
With the help of the Accurascan ID Card, Passport and Visa scanning technology, the accounts of old customers can be KYC verified as well as new accounts can be opened. This technology helps to populate vital information such as date of birth, name, address etc. into registration pages. It greatly helps in the capture of user information quickly and eases financial transaction processes.
The following are 5 ways in which Accurascan helps the banking industry –
- Quick camera capture ability that saves time
- The app is available for both Android as well as iOS platforms so it is easy to download and put to use
- Since it automates the complete data entry process, it reduces manual errors
- It allows for the editing of images through re-sizing, auto-cropping, and auto-rotating
- It saves on the cost of document filing and copying and also provides storage
Thus, we see that the document scanner app has widespread applications in banking and is all set to revolutionize the industry.