If you are part of banking, finance, or insurance industry, you may have known that tackling piles of documents to obtain required data could be one of the biggest challenges for the company. Moreover, when you need to spend intensively on the workforce to get the work done, a decrease in operational efficiency must have not been avoided.
That's why eliminating some manual and tedious process such as data entry are obligated for some company in today's digital era. Not only you could adapt faster, but also company gets to boost operational efficiency. One of the ways can be implemented with Optical Character Recognition (OCR) API.
What is OCR?
OCR is a widespread technology to recognize text inside images, such as scanned documents and photos. This technology is usually used to convert scanned images containing text into machine-readable text so that the data can be indexed, searched, and retrieved.
Imagine any kind of serial number (for example, bank account number) or a code which has a combined numbers and letters that you need to digitized, OCR technology can help you on that by transforming the number into digital output. That means, images will be processed using an OCR engine to lead the same output in characters that can be recognized and be available for further analysis.
Dive Into Brick’s New OCR API Improvement
In related to that, Brick also provides OCR technology for Financial Statement Digitalization. This endpoint can be utilized by client to retrieve digitized data and unique identification only from uploaded photos of physical financial statement which submitted by user. However, as an API provider, Brick realized that ensuring value for potential customers is important to retain the market’s competitive edge.
That’s why, Brick launches new improvements in OCR API product. Through this new improvement, client get to detect fraud, enable manual (single and bulk) data generation in client dashboard for both Data and Verification APIs, as well as retrieve and identify end-user’s financial transaction and balance summary. Then, what features that client could utilize?
Support single and multiple files uploaded
For some cases, uploading one or even multiple files through OCR could take time for the client. This may occur as the provider system does not work efficiently in the backend.
Luckily, Brick is now here to anticipates such issue and improve the OCR feature to meet client's satisfaction. By enabling manual single and bulk data upload over user’s dashboard, client now do not have to wait any longer for data generation and verification. Client gets to upload multiple eStatement files from different institutions in single flow and every files will be treated as indivisible. Besides that, passbook gets to be uploaded by clients and all the files will be treated as single files as well.
On top of that, Brick allows company to upload the front page and the transaction page of passbook from one institution only.
Integrated with Average Balance API
Accessing end-users' average monthly balance manually can be overextending for Financial Institution. Not only you have to input the financial data one at a time, but also you are required to calculate it by adding together each daily closing account balance throughout the month.
To help you combat such pain, Brick OCR product is now integrated with Average Balance API. Once you connect the institution and upload the passbook on our widget, Brick will notify your platform with callbacks and return with responses of the document digitization. The average balance will be served in the form of insight data.
Integrated with Transaction And Balance Summary API
Same as average balance summary, manually retrieving end-user’s transaction and balance as well as without any data point to the related financial institutions can be a hurdle. It could take hours or even a day for you just to analyze end-user’s spending behavior if you only rely on traditional data.
But, no worries! Our OCR product now provides insight data to enable you summarize end-user’s expenses and income over their passbook. By requesting Transaction and Balance Summary data via Brick’s API, you can learn customer’s spending behaviour without any extra effort.
Supported with Categorization API
In addition to Average Balance API and Transaction Balance API, the product is also supported with Categorization API. This data point will enable you to identify the end-user's financial transactions such as financial transfers for shopping, groceries, entertainment, etc without the need to build the categorization algorithm from scratch.
Along with that, this data point also provides categorization property which will be in the form of merchant transaction insight. Clients thereby get to be able to catch end-user’s spending behavior on food and beverages, residences, or any other liabilities things.
Fraud detection implemented
Although OCR implementation could prevent any errors in data input, fraud risk can’t be avoided by your company. Fraudsters still have the ability to upload pirated or edited files of eStatement or passbook so they could pass the loan application process.
To ensure such vulnerability does not occur in client dashboard, Brick includes fraud detection feature in OCR product now. Once the documents are uploaded, you will be able to screen those and see whether it is fraud or not.