OCR for banking in document digitization

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Bautomate

Technology


Welcome to Bautomate’s podcast, your go-to source for the latest business process automation technology solutions


In today's episode, we'll be diving into the transformative power of OCR (Optical Character Recognition) technology in the banking sector for document digitization. 


We shall see the challenges faced by banks in manual document processing.


Manual document processing poses several challenges for banks. Firstly, it is a time-consuming process that hampers operational efficiency. The need for manual data entry and verification slows down processes like customer onboarding, loan approvals, and compliance reporting. Moreover, manual processes are prone to human errors, which can seriously affect data accuracy and regulatory compliance. Lastly, the storage and retrieval of physical documents add complexity and costs to document management.