How OCR is changing Big Data in Finance - Banking industry
The finance - banking sector has strict rules and regulations for data management and processing. To manage a large amount of data optimally and accurately, finance - banking businesses have come to Optical Character Recognition solution (OCR).
In the past, storing information in digital form requires so much effort and time. Employees/customers had to enter data manually, not to mention mistakes with long numbers such as profile, bill, ID numbers, etc. By using OCR to automate document recognition and convert them into digital characters on computers to edit and store, businesses can optimize a cumbersome, manual process and make it speedily, accurate and automatic.
Improve the quality of big data with OCR
OCR allows the optimization of the big data model by converting paper-based documents and images into digital files that can be read, edited and searched by computers. Then the data is stored in a Big Data database. The automation of information processing and retrieval cannot carry out without this digitized database. For Finance - Banking businesses, OCR technology of FPT.AI Vision can read and extract information as needed according to bank statements, contracts, or other important documents.
At this time, on average, each Finance - Banking company needs 20 - 25 employees working 8 hours each day to convert paper documents into digital ones manually. This data entry method not only takes too much time and resources but also has a very high risk of mistakes. Instead of wasting valuable human resources on this inefficient process, businesses can use OCR to automate data entry. An OCR model designed and installed properly will allow enterprises to have "clean" data right in the first place to edit and synchronize easily in the future. Moreover, the organized data will help to manage and reuse Big data database easily.
OCR helps to follow Regulations in Finance - Banking Service
Having personal information and sensitive data, Financial and Banking institutions always have to follow legal regulations and close inspection of audit firms. Therefore, financial files need effective, safe maintenance, and documents need a consistent way to be stored. In each inspection, manually checking thousands of paper-based documents to retrieve specific information wastes so much time and costs, and storing them has the same problems. According to a study by PricewaterhouseCoopers, on average, an institution has to pay 20 dollars to submit a file, about 120 dollars to find a missing one manually, and 220 dollars to retrieve a lost one.
The scan process now is only a process of scanning paper documents into pictures on computers, which cannot be searched, edited, or converted into digital form. An advanced OCR tool was born improving this weakness, helping businesses easily convert hard copies into soft copies, thereby easily finding and editing just by a few clicks. As a result, Banks and Finance institutions can reduce the costs of file storage, standardize the process of storing and managing information, and effortlessly present information in each audit inspection.
With a Big data database efficiently organized and managed, businesses can ensure that Data management follows legal regulations. Besides, automated data entry helps to minimize the number of employees having access to the database, increasing safety and security of it.
OCR helps to optimize resources
Manual data entry in Finance - Banking institutions are repeated tasks, taking so much time and human resources. OCR supports businesses standardize input processing automatically, reducing the costs of labor and facilities. Enterprises can allocate resources in highly specialized jobs such as core operations of Finance - Banking institutions. Besides, OCR helps businesses avoid additional spending on other ineffective data management tools and data readers, ensuring that the use of resources is optimal.
FPT.AI Vision is a product integrated OCR technology with the highest accuracy in Vietnam's market. It is a solution to information recognition and extraction on ID Card, driver's license with up to 98% accuracy, becoming the leading solution in the market of recognition quality. FPT.AI Vision gains significant advantages over international providers by the ability to recognize correctly Vietnamese accented words and documents.
FPT.AI Vision can be easily integrated and deployed in any system of businesses in the shortest time through APIs. Finance - Banking institutions can quickly apply this digital transformation tool to the business process, laying a solid foundation for complete digital transformation strategies in the future.
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