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Best OCR APIs For Financial Institutions

Are you looking for a tool that helps you improve timing and costs at your workplace? Do you handle lots of data that has to be transcribed into text? Read this article to get familiar with Artificial Intelligence and its benefits, and learn about OCR technology.

Digital and technological transformation has become useful in all areas of human interest. At the business level, the involvement of technology is fundamental because there can be no margin for error. Business management is becoming increasingly complex due to the massive volume of data generated daily, so in order to automate and simplify processes, boosting the development of Artificial Intelligence is a great opportunity to optimize business development.

Streamlining operations and taking them to the next level involves evaluating processes to find areas of opportunity to optimize them. This can be reflected in a more efficient organizational culture and more effective logistics, among other benefits. Artificial intelligence, for example, develops administrative bots, which perform part of the customer service. Processes are also improving, with self-learning tools.

What Is An OCR API?

OCR technology has radically changed the internal workings of many companies, especially Financial Institutions. OCR APIs can process expenses, invoices, and receivables in the retail and supply chain industries. It can extract pricing and corporate information with 95% accuracy. 

The data can be exported in a text file, or translated to Excel, JSON, or CVC. To be incorporated into platforms, or incorporated into certain processes. They allow extracting statistics from this information to have a look at it. These APIs work integrated into work platforms and optimize time and facilitate tasks for employees.

Generally speaking, these APIs can be shaped by company developers to suit their needs. Their Image to Text function is accurate and, because they have self-learning engines, they are constantly improving. It allows companies to organize their information, streamline processes, streamline costs, and create a better experience for employees and users.

Best OCR APIs For Financial Institutions

Optical Character Recognition API
This API works with machine-learning engines that are constantly improving their performance. With its unique categorization feature, this API fits information into millions of preset categories. It can detect objects and faces and then assign labels. It can also read printed and handwritten text and key metadata. The only thing this API needs to work is a URL. It is key to financial institutions because of its automated processes and exceptional accuracy to classify information.

Dataleon


It is the best tool with machine-learning processes. As a quite unique feature, it is a ready-to-use API, so it does not require human mediation for image recognition and data extraction. It works with cloud technology and adjustable solutions.

Google Document AI


This API is a unified console, which distinguishes it from the majority that must be incorporated into platforms to work. It automatically processes and classifies documents in up to 200 languages and extracts valuable data from them that can be converted into different formats. Google Document AI can operate without human intervention, constantly improving with machine learning processes.  

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