OCR solutions in a banking application – convenience for customers

Financial institutions must prioritize maximizing customer experience and minimizing their effort while using banking services. One way to achieve this is by implementing OCR solutions into mobile banking apps.

OCR technology – innovative yet simple

What is Optical Character Recognition (OCR) in a nutshell? It’s a technology that can convert different types of documents into editable and searchable data. OCR recognizes text characters within these documents, allowing for the extraction and manipulation of text content. This can be useful for various purposes, such as document digitization, data entry automation, and text-based searching. OCR technology can be used to scan paper documents, PDFs, or images captured by a camera.

How can OCR technology translate into increased convenience for application users? Let’s find out!

Maximum convenience thanks to advanced OCR invoice processing

Finanteq’s OCR for Invoice Payments streamlines money transfers by automating the processing of invoices. Using machine learning technology, this solution enhances the banking experience for customers, allowing them to settle invoices conveniently. This solution handles different document forms, whether it’s paper, electronic PDFs, or even photos.

Imagine, that you have an invoice, which must be paid. Normally you would have to rewrite all the data from the document inside your banking app. But with the OCR technology, it is not the case! You can easily initiate such payments using multiple options:

  • By submitting the invoice file via your mobile or internet banking app.
  • By sending the invoice to a dedicated email or chat account.
  • By sharing it in a mailbox dedicated to invoices.
  • By scaning the invoice with a phone camera from a printout or computer screen.

The key benefit is the elimination of manual data entry. Our technology automatically reads and transfers invoice data to the payment form, saving customers time and ensuring accuracy. Our tool can be effortlessly integrated with mobile applications and Internet banking, providing a hassle-free and complete invoicing experience.

Most common case study – OCR invoice scanning from a paper invoice 

Get to know Sarah, a small business owner who faces the challenge of managing a stack of paper invoices from various contractors every month. The manual data entry process is time-consuming and tedious, leaving Sarah searching for a more efficient solution.

Fortunately, Sarah’s bank has introduced Finanteq’s OCR for Invoices component into their mobile banking app. Now, she can use her smartphone camera to scan all the essential details from the invoice – the recipient’s account number, title, amount, and payment date. No more manual data entry headaches!

But the benefits don’t stop there. The OCR component also ensures the validation of crucial data like VAT identification numbers and bank account details, offering peace of mind to entrepreneurs like Sarah.

This improvement in the invoice payment process saves time and minimizes effort, ultimately leading to maximum customer satisfaction.

Trust mobile banking experts – check Finanteq’s solutions

If you’re interested in how technology makes banking better, check the wide range of our solutions that help provide a top-notch banking experience. From OCR technology to a platform offering value-added services and mobile banking development, we’re here to help you elevate your banking experience.

Contact us to learn more: contact@finanteq.com