OCR Full Form in Banking is Optical Character Recognition. Optical character recognition, or OCR, is the term used to describe the technique used to scan images and transform them into readable representations. The letters from papers are extracted, recognized, and treated for electronic conversions in this type of automated data capture method. Organizations digitize and store electronically in databases the characters and letters that OCR software reads. These are then prepared for sharing, accessibility, and viewing by being processed or converted into other file formats. OCR is a tool that banks employ to track customer spending patterns, examine bank statements, and assess customers’ creditworthiness. Accounts payable departments utilize OCR to speed up customer on boarding & off boarding procedures, minimize human data entry, and improve corporate operations.

Financial companies may now automate raw data from financial accounts and process the information more effectively thanks to OCR technology. Automating the processing of bank statements requires carefully scanning and analyzing images of forms and documents, as well as validating the data to make sure there are no mistakes or missing numbers. To immediately read documents and extract information from them, Docsumo ships with a which was before-bank statement information extraction API. Intelligent document processing is made feasible by machine learning techniques. OCR APIs can also do sophisticated analysis when performing automated data entry and extraction. Simply said, Docsumo’s pre-trained API becomes more adept at analyzing your account statements the more bank statements you provide.