Top 5 OCR And Machine Learning Features That Every Bank Needs In 2021

OCR for Banking

Suppose you are a bank that wants to impress your customers and beat your competitors, try-out the new OCR functionalities now. With automated and smart document processing, this software is developed with the best-in-class technology, with this you can effortlessly quicken customer onboarding and reduce the need for manual input. Besides, Optical Character Recognition allows banks to minimize human errors, saves time, and effort while upgrading customer experience. 

Here we have listed the best OCR for banking features in 2021. Find out how using OCR software is ingenious, fast, & easy.

  • Hasten customer onboarding with OCR

Banking sectors verify ID for account opening, routine transactions, cash withdrawals, large transactions, etc., which is a time-consuming process. However, OCR and machine learning tools can instantly capture and extract customer data from machine-readable zones on passports or other ID documents and quickly identify your customers before money transfers and opening bank accounts. OCR technology provides a fully automated onboarding Software development kit (SDK) that includes OCR data extraction, data identification, and data validation. This software gives an accuracy of your scans ten times higher than manual verification.

  • Integrate effortlessly with Android and IOS 

Various companies lose 20 to 30 % revenue every year due to human error. However, the latest MRZ scanner & Mobile OCR can be easily integrated with iOS, Android, and web platforms to remove any human error from your processes & ensures the accuracy of your scans are high. OCR also provides instant scan results as scanning time is less than half a second and gives you more time to focus on other facets of your business. The bank card recognition module can scan the cardholder’s name, the card number, and expiry date, in any position and light, which ensures your bank transfer or payment is error-free.

  • Data Entry & Invoice scanning 

A bank can ask its development team to create a self-trained engine that can extract financial data, but there is no need to do that tedious job anymore. Why? Our receipt & invoice OCR API can improve customer satisfaction and retention. More importantly, if you are in a financial sector where you regularly need a humongous amount of data entry for bank statements. Reliable OCR technology can help to maintain workflow efficiently with approximately 99.73% of text recognition accuracy. For using the scan-to-pay feature, a camera on a smartphone is enough to capture invoice data and to make payments. 

  • Speed up loan and mortgage application processing 

Even a single mortgage application usually involves a lot of document processing. From the letter of intent from the employer to an employment contract or multiple salary slips and a passport, the number of documents that need to be processed is humongous. OCR and machine learning tools can speed up loan and mortgage applications by up to 70%.

  • Data extraction

 One of Optical Character Recognition’s best features is the automation of the data extraction, which lowers the processing cost, reduces manual data entry time, and allows your existing team to process more applications. 

To conclude, banks can benefit immensely from the OCR features, whether you want to stay ahead of the competition, satisfy customers, or reduce operational costs. At Passport MRZ, we will help you with any OCR challenges you have. Hurry! Call us now, and we will help you speed up work with the best OCR for banking.

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