Role of OCR in the banking Industry

What is OCR?

By definition, OCR is Optical Character Recognition and refers to the technology used to scan images and convert them into readable formats. It is an automated data capture solution where characters from documents are processed by recognizing and identifying for electronic conversions.

Issues faced by banks while handling documents

Retail banking has faced several disruptive threats in the past, but the traditional banks have adapted and grown stronger each time. Some focal events include the introduction of telephone banking in the late 80s and online banking in the 90s, the impact of 2008’s global financial crisis, and the more recent FinTech explosion, where document-free or entirely digital processing has accelerated FinTech growth. Banks frequently deal with numerous common documents, such as identity cards, bank notes, statements, etc. The services like mortgage and debit cards need to be digitized. Banks need solutions to synthesize and accumulate patron information to take advantage of this big data source for various systems in the future.

What are the uses of OCR and Jukshio’s OCR solutions?

OCR has a multitude of utilities for the banking industry, but the most notable is document digitization. With the combination of Artificial Intelligence and natural language processing technology, OCR has been expanded into data collection and intendance technology, playing an immense purpose in the bank’s business process robotization system. Thanks to integrated AI, OCR understands what it excerpts and automatically improves results by Machine Learning, learning from existing data and continuously adding missing knowledge, helping to swiftly handle and test errors and physical documents, saving time and cost.
The bank uses OCR software to check customers’ handwritten guarantee documents such as loan documents and power of attorney. The software can find differences in new text arrangements and warn the administrator about the change in format if there’s a correction.
Jukshio’s solution can capture, recognize, process and classify printed, handwritten and mixed documents. Our solution helps optimize businesses’ big data processing and avoid the errors and inefficiencies of manual data entry. We bring cognitive intelligence to credit risk management processes.
Our solutions are easy to integrate and operate.

How do banks benefit from OCR solutions provided by Jukshio?

Jukshio’s OCR solutions can help banks to monitor client spending behaviors, analyze statements, and evaluate creditworthiness. The solutions help User Risk Profiling based on the following pointers.
Thus, Jukshio’s solutions help banks and patrons ease out several otherwise time-consuming procedures. Our solutions could result in Improved NPA, significant reduction in underwriting costs, cheaper loans for end-user, and notably easy digital transformation of the lending process.