3 ways of using OCR APIs to improve your business

OCR for banking and finances industries

Nowadays, the banking and finance industry are two sectors using the most of data. Whether to create a bank account, make a loan, or just to do some accounting, companies have to collect and aggregate an ocean of data. To help professionals in this sector, companies like Young App are proposing OCR API for bank statements.

1- Accounting

If you are in the accounting department of your company, using OCR technology will allow you to automate time-consuming tasks. To support banking, finances, and accounting, OCR technology can automatically extract data from invoices (bills), quotes, bank statements, receipts, etc. To operate, the only mission of the manager will be defining data to extract and uploading the document to the system. Then, with the help of machine learning (ML) and artificial intelligence (AI), OCR software will collect the data by recognizing, extracting, validating, sorting, and structuring them.

2- Bank statement

Our second example here will be for the bank department. Indeed, one of the most repeated tasks is money transferring. With the OCR technology, bank employees won’t have to use money-counterfeit-detector machines because the OCR software will be trained to understand whether a banknote is real or not.

OCR for tourism and transport industries

In this part, we will analyze the intervention of OCR technology in three different cases: traveling tickets, counting passengers and goods, scanning bar code of containers

1- Traveling tickets

With the rise of digital technology, the tourism industry has also seen some changes. One of the most relevant transformations, it’s naturally our traveling ticket. Nowadays, we are even talking about “e-tickets”, for the simple reason that we don’t need paper tickets anymore. A simple QR code on the mobile phone can make the job.

If you are still wondering how it is possible, the answer stays in these 3 letters: OCR. This technology will extract, recognize, and validate data. And the bonus here, it allows to reduce the waste of paper.

2- Counting passengers and goods

If you work in the tourism industry and more precisely with groups, these few lines might interest you. To provide a better traveling experience for touristic groups, applying OCR with AI can get really helpful. Still, with ML and AI, the software can determine whether all the passengers are on board or not. In that way, you will no longer have to lose 20 minutes just to see if everybody is really on their places.

If you are not a big fan of biometric, OCR technology can also help you but this time with a bracelet. After the system will scan your group members’ bracelets, you will see who’s missing.

3- Scanning barcode

Since we are speaking of scanning bracelet, let’s have a closer look at this functionality. If OCR technology is known for something it’s clearly its capability of scanning. Let’s take the example of traveling tickets before onboarding. Earlier, we were saying that OCR can be a main factor in creating e-tickets. Here, we will see that it can also be a great help with the onboarding process.

With its scanning feature, an OCR software can also scan your flight tickets, for example, and determine whether you are a passenger of the flight.

Another case to show applying of OCR technology. In the transport industry, professionals have to deal with a huge amount of containers or parcels. Using an OCR for document recognition will allow the company to scan the barcode of a container and to classify it.

OCR for ensuring security by preventing fraud and anti-money laundering (AML)

Finally, our last use case will be the OCR for security as you can read in the title. In this scenario, OCR allows you to scan KYC-docs and also to compare received information with details stored by banks, government, etc. The software will also use the database to be sure that these people are real and their documents are valid and not expired.

In order to check if an ID card/passport, insurance, bank statement, license docs, or other document is fake or not, OCR will be trained to examine every detail. It will analyze the tiny details that is hard to catch with human eye — colors shades, the font, the position of characters, the alignment of corners, so many little aspects can show whether the document is original and valid.

As you can see the OCR technology can become a true assistant in your digital transformation or just for your company. From text vision to data validation, face, or document recognition, this software will be a real performance engine for your company in the next years. At Young App, we believe in OCR potential, and that is why our mission is helping companies in their digital transformation.