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AI-Based OCR Technology Revolutionizing the Banking Sector

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AI-Based OCR Technology Revolutionizing the Banking Sector Trending News in India

The advent of technology has brought convenience to life. Believe it or not, survival without technology is one of the darkest thoughts that can cross your mind in the digital era. The world has become a global village thanks to rapid digitization, but it has also opened doors for many fraudsters to step in and terrify people.

Organizations in every sector are unsafe due to increasing ransomware and data breaches. Considering the increasing number of frauds, companies opt for robust verification systems with OCR technology to only onboard legitimate customers. These systems allow enterprises to filter fraudsters before becoming a problem for the customers and the company.

The banking sector works like a goldmine for fraudsters and faces huge losses due to money laundering, identity theft, and several other frauds. The governments of different states have also enforced stringent know your customer and anti-money laundering regulations.

Complying with these regulations is a challenge without a sound verification system. For the same reason, organizations are adding OCR technology for efficient data extraction. Complying with the ever-growing regulatory burden and seamless customer onboarding is becoming simpler for the banks now.

The question is, what is OCR, and how does it work? How are banks benefitting from it? Keep reading to find out the answers to your questions.

What is Optical Character Recognition (OCR)?

Optical Character Recognition (OCR) is an advanced technology that helps businesses and individuals extract document information more accurately and in a matter of seconds. An OCR software helps individuals extract data from documents and convert it into a machine-readable format that can be further used.

OCR has been in action for a while now, but organizations have started to recognize its need for the past few years. It has become an essential part of organizational operations now for the sake of convenience. According to some reports, the global OCR market will reach $70 million by the end of 2030.

Undoubtedly, this is the result of technological advancements. Enterprises are significantly benefitting from OCR technology and providing a remarkable experience to their customers. Furthermore, companies are using this technology for verification purposes and fraud prevention.

How Does AI-Based OCR Technology Work?

Previously, extracting data and converting it into machine-friendly language was a challenging job. It used to take hours to verify one document and gave the workers a hard time. Guaranteeing the accuracy of the job was impossible due to human errors.

With optical character recognition, the scenarios have changed with the time-efficient process and accurate results. An artificial intelligence-based OCR technology works for fetching data and converting it into a machine-friendly language.

Pre Processing

Preprocessing aims to ease the character distinguishing process for the OCR. OCR comprehends images in a multidimensional array; therefore, the document image is optimized with techniques like deskewing, normalization, binarization, etc., in preprocessing.

Once techniques are applied for differentiating the text from the background, the OCR extracts texts from the fed image. It fills the form using AI algorithms that identify the document template.

Data Extraction

Afterimage optimization, data from the document is extracted in two parts – segmentation and feature extraction. For segmentation, the deep learning neural networks are used for detecting templates and defined segments from the document. After identification, the software extracts features from the document.

For example, in an online bank registration form, segments for the name, date of birth, etc., are identified and filled with respective data.

Post Processing

Once data extraction is complete, organizations have to comprehend whether the extracted data is correct or not. The extraction of wrong data can be lethal for companies dealing with sensitive information. For instance, incorrect extraction of account number can result in a loss for the bank. Hence, the post-processing stage deals with data verification through NLP techniques.

Advantages of OCR for the Banking Sector

The banking sector is prone to financial crimes, like money laundering and account takeover fraud. OCR technology can significantly help the banking sector identify fraudsters because the software checks for any unauthorized documents. Here are the most compelling ones with numerous benefits of optical character recognition software in the banking sector.

Brings Convenience to the Verification Process

The world of technology is bringing convenience to every industry, and AI-based OCR simplifies the verification process, especially in banks. Employees do not have to invest the effort to extract data from every document and verify it for legitimacy. Everything relies on the software, and employees oversee any discrepancies in the technology. While manual processes consume days for one customer’s verification, OCR takes a few minutes to do the job.

Optical Character Recognition Optimizes Time

In the manual data extraction and processing method, verification requires at least a week. An employee has to cater to the queries of the customer first. Then, it checks the documents carefully and extracts relevant data. Once extracted, it is converted into machine-readable language.

However, an AI-based optical character recognition fetches data, converts it into machine-friendly form, and completes the process in seconds. Hence, employees can optimize time for verification.

Reduces Cost of Verification

Previously, firms used to hire a team for verifying every customer for onboarding. Furthermore, the equipment required for verification purposes was uncountable. With the introduction of artificially intelligent OCR, banks have saved many costs for hiring and acquiring equipment. Hence, OCR not only saves time, but it is also cost-efficient, especially for the banking sector.

Legitimate Customer Onboarding

Getting in touch with fraudsters is easier since they are also using sophisticated methods for their evil desires. Forged documents are common these days, and manual verification cannot identify tampered documents. Hence, banks need something more stringent than simple document analysis. This where optical character recognition steps in and saves the day for the banking industry.

The technology can detect forged documents in seconds, making it simpler for banks to filter fraudsters before they cause any trouble. Moreover, onboarding legitimate customers is not a problem anymore, and the customer experience is not compromised.

OCR Technology Makes Fraud Prevention Easier

Money laundering, account takeover fraud, open banking, virtual currencies, and tax evasion are some of the frauds that the banking sector faces every year. According to Statista, the UK has closed two-thirds of bank branches in the last 30 years, the US has closed nearly 9000 branches, and Europe has shutdown 6000 branches due to banking frauds, especially in digital banking.

Preventing fraud is becoming a challenge for all banks globally. Combating these crimes is now possible with OCR. Banks can now onboard legitimate customers, and verifying everyone means there are no fraudsters to increase hassles for the banks.

Complying with KYC/AML Compliance

States worldwide are enforcing stringent KYC/AML regulations, and complying with these regulations is nearly impossible without a robust verification system. An optical character recognition technology is enabling banks to comply with these laws in a better way.

Wrapping It Up

Frauds in the digital world are rapidly increasing, and fraudsters’ primary target is the financial institutions. Protecting banks from account takeover frauds, identity theft, and data breaches is becoming complicated since criminals enhance their strategies.

Moreover, regulatory authorities across the globe have enforced strict laws for KYC and AML, and complying with these regulations is another big hassle. The traditional verification method is time-consuming and costly too. The introduction of optical character recognition technology has made it convenient for banks to prevent fraud, comply with the regulations, save time and cost, and onboard legitimate clients only.

James Efron

James Efron is a tech enthusiast, currently serving as infosecurity management expert at Shufti Pro . He has been involved in designing organisational strategies for tech firms, and is often found assisting digital transformations.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Trending News in India.

AI-Based OCR Technology Revolutionizing the Banking Sector

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Meet Ryla – COVID Boosts Health Food Products and Immune System Awareness

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With the holidays in full swing all around us and COVID claiming its share of the attention this year — many of us are giving closer consideration to self-care, including finding out more about the immune system. Care of our immune system may be a life-saving opportunity at this critical time. The health food industry has seen an increase in the number of people seeking ways to boost their immune system — and Ryla is here to help.

Here is an easy way to quickly begin supporting your immune system to withstand the viruses of life (stress) and maybe even COVID.

You can do something today to begin to boost your immune system. Exercising, reducing stress, and getting the right nutrients, vitamins and minerals in your body has never been quite so important than it is right now.

Buy the ingredients and make yourself a fresh-squeezed juice shot when you can — or head to the juice-bar for fresh-squeezed. Both of these options are quite time-consuming and expensive.

Try Ryla — If you want a quick and convenient option for immune support with plant-based wellness.

Ryla is a quick and convenient option for your immune support. Ryla’s plant-based wellness shots are a superfood loaded packet. They are immunity support blends in powder form made with organic immune-boosting superfoods and 500mg of Vitamin C.

These packets are vegan, keto, non-GMO, and gluten, soy, and dairy-free. The ingredients list contains real, recognizable foods that you will know how to pronounce. Contains NO refined sugar.

The packets are convenient and portable — you merely toss the powder into a glass of water — stir and drink. Open a packet and dump it in your water bottle and shake for a refreshing drink on your break or at your desk.

“Ryla was created to offer a plant-based immunity support solution that is easy to take on the go,” said Chris Douglass, co-founder of Ryla.

Ryla’s drink powders come in three blends; check them out below.

Orange Strawberry

Orange Strawberry Link

Fruity and tangy, the Orange Strawberry shot is juicy and approachable, containing, you guessed it — real organic oranges and strawberries, with a touch of organic stevia.

Super fruity with a bit of a tart kick, this fresh-squeezed powder is great in a smoothie or your water bottle. It’s been featured on Goop as one of their best in wellness products — so you know it’s the real deal.

Ensure that you are eating and drinking high immune-boosting nutrients as your personal way to stay active in maintaining your personal health and wellness.

 

immunity boosting shots
Turmeric Orange Ginger Black Pepper

Turmeric Orange Ginger Black Pepper Link

The Turmeric Orange Ginger Black Pepper shot is dynamic and flavorful. It brings warm citrus, a fun tart bite from the organic ginger and organic turmeric, and a slight spicy kick from the organic black pepper.

I think this shot tastes great in a glass of water and it is also delicious when made as a hot cozy tea. The turmeric and ginger are also full-spectrum, so there is no nutrient deterioration in the roots when they are dried.

Turmeric has long been known for its anti-inflammatory response. Reducing inflammation throughout the body also helps your antibodies respond to toxins better—a must during cold and flu season.

immunity boosting shot
Ginger Lemon Cayenne

Ginger Lemon Cayenne Pepper Link

If you love spicy, you’ll be incorporating this shot into your daily routine in no time. The Ginger Lemon Cayenne Pepper shot is all about tart and spice —Ryla calls it her “no pain no gain” shot, and she’s not kidding. It is fantastic.

The organic ginger and 500 mg of Vitamin C are there to support your immune system, and the organic cayenne pepper helps clear your sinuses.

Cayenne Pepper has been found to help with stomach issues and is a natural pain reliever — Ginger, so refreshing to sip, is also a pain reliever.

Want to mix it up? Try this shot warm with a touch of soothing honey added — you won’t be disappointed.

immunity boosting shots
Try the variety pack for immunity-boosting power.

Variety Pack Link

If you’re not sure where to start, please try out Ryla’s Variety Pack. The variety pack gives you a chance to sample all of the shots, each containing healthy superfoods and immune-boosting goodness. Stock up on your favorites and feel safe and secure, knowing that you are doing the best for your immune system and relieving stress by taking care of yourself.

With each of these packs, you’ll notice that sometimes the juice will settle, just like a fresh-squeezed juice you see at the store. This is because the Ryla company doesn’t add any additional dissolvents, chemicals, or fillers. Pure goodness.

Conclusion

Start each day off with a different Ryla shot and rotate through the different flavors — you’ll love them all. It’s reassuring to know that you’re getting a healthy dose of Vitamin C during this pandemic.

It’s also wonderful to know that you’re consuming immune-boosting superfood plants like ginger, turmeric, black pepper, and cayenne pepper, which have been used medicinally for thousands of years.

Ryla’s straight-forward list of ingredients is pure transparency — you’ll recognize every word on the list.  The minute you take a refreshing drink — you’ll love it.

We are all in this pandemic-thing together — and can pass along any information we think might be a help at this time. Remember, the best time to support your immune system is now — to avoid getting sick.

These ingredients and processes are clean and simple. This drink is clean and simple. Can’t think of a better place to grab some immune-boosting power than with Ryla’s. Check it out — grab glass — take a shot — and stay well. Happy sipping!

 

Top Image Credit: andrea piacquadio; pexels

Deanna Ritchie

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content development.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Trending News in India.

Meet Ryla — COVID Boosts Health Food Products and Immune System Awareness

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Top Sales Tools for Virtual Selling

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We are in unprecedented times in business because of COVID-19 — and extraordinary times call for extraordinary measures. All of the world’s problems, at present, have forced the tech industry to rapidly pivot to develop products and services to match business virtual needs. Virtual everything is at the forefront of everyone’s mind — and virtual selling will keep business and the economy moving. Here are the top sales tools for virtual selling.

Top Sales Tools for Virtual Selling

  1. Prezi Video 

It’s time to say goodbye to screen-share. Sales pitch presentations are no longer happening in person, but that doesn’t mean you need to sacrifice the face-to-face connection for virtual selling.

Prezi Video is a sales tool that lets you interact with your on-screen content like a newscaster or weather-person as you present on live or recorded video. Prezi Video allows sales professionals to have a presence within their visual content while maintaining eye contact with their audience. Many professionals don’t understand the eye-contact as essential to help establish the human connection and facilitate the two-way conversation — but Prezi Video gets that eye-contact is essential for effective sales pitches.

Through Prezi Video, you can visualize data, share case studies, and showcase products as you engage and build rapport with potential customers on Zoom, Microsoft Teams, Webex, Google Meet, and most video conferencing platforms. Sales pros can also use Prezi Video to record engaging and memorable prospecting videos to share via email or social channels. Nifty.

Owler virtual selling

2. Owler

News monitoring tools like Owler can ensure you stay on top of industry updates, announcements, and events without the added effort. With Owler, you can create a customized news feed for competitor news – the platform allows users to filter in the most relevant information, provides complete company profiles, and generates automatic insights.

Owler Daily Snapshots feature is akin to having your very own theSkimm tailored for your business. If you were looking for a sign to graduate from Google Alerts, this is it.

Khoros virtual selling

3. Khoros

Community management can feel like a whirlwind at times with the sheer volume of conversations happening at any given moment. Khoros turns cacophony into a streamlined dialogue by simplifying social media listening with automatic insights and providing a clean interface to ease community management.

Customer acquisition and engagement doesn’t have to be dizzying if you have the right sales tools.

Regie virtual selling

4. Regie
Many sales tools offer endless optionality and functionality. While that might be nice for expansive enterprises, most companies drown in the product. It’s like attempting to mow your lawn with a helicopter; it’s technically possible, but you’re probably wasting your time (and money).

Regie is a sales engagement tool with guardrails. This tool takes your marketing list (or buyer persona) and turns it into qualified sales meetings. Regie streamlines your workflow and focuses on the most important leading indicators — sales meetings and qualified opportunities.

Regie automates repetitive sales operations tasks and offers timely recommendations on your sales and prospecting strategy. Regie is different not because of the endless things it can do, but because of what it won’t do — waste your time.

Salesforce virtual selling

5. Salesforce

As its name suggests, Salesforce is a powerful sales tool. This multifaceted customer relationship management platform helps with everything from task management to customer service, employee performance management, and tracking. You can customize Salesforce to your needs using the sleuth of add-ons and build your own sales toolkit.

 

RankTools virtual selling

6. RankTools

RankTools is essential for any sales team who relies on SEO and moving into 2021, that will be just about everyone as digital marketing has become more important than ever. RankTools offers a variety of different products that help with reporting and analysis and is pretty much a one-stop-shop for all your SEO needs.

The RankTools SEO Tool package fully analyzes your website to ensure you’re implementing all the necessary practices for the best SEO optimization, and you can even track your competitors’ websites to see what you’re up against. It doesn’t just show where you’re lacking but informs you of the steps you need to take to improve.

Lucidchart virtual selling

7. Lucidchart

Strategy is anything but a linear process, which is why visualization tools like Lucidchart deserve a place in your toolkit for virtual selling. With Lucidchart, you can collaborate on free-form diagrams for optimal whiteboarding with your team.

The highly customizable interface allows users to organize, visualize, structure, brainstorm, and plan without devolving into chaos. Ditch the post-its and multi-page word documents — you deserve better.

AeroLeads virtual selling

8. AeroLeads

Any B2B business knows how tedious manually digging for leads can be and how time-consuming it is to keep databases up to date. AeroLeads scouts contact information and stores it in an easy-on-the-eyes interface while checking in on your existing contacts for outdated information. Use this tool to simplify your contact research and keep your data current and organized.

CircleBack virtual sales

9. CircleBack

We’ve all had that moment of endless scrolling through email threads looking for that one person whose name we vaguely recall. Can you count how many business cards you’ve lost or accidentally thrown in the trash? With CircleBack, you won’t ever have to spend another minute of your time digging.

CircleBack pulls contact information from the depths of your conversations (whether they be email exchanges or text messages) and compiles them into a single neatly organized address book. You can scan contact cards for safekeeping in an instant, automatically delete duplicates, and trust this tool to save contact information from all your interactions so you can stay productive.

Conclusion

Having great connectivity with your customers and understanding your customers persona has always been a hallmark of good sales in business — and never so more than now. Find sales tools that will catapult your sales in the new year — it all begins with a finely-tuned virtual sales tool at present.

 

Top Image Credit: nataliya vaitkevich; pexels

Brad Anderson

Brad Anderson

Editor In Chief at ReadWrite

Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Trending News in India.

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How to Optimize a Startup for Remote Work

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Increasingly, startups are adopting a fully remote work model. With no headquarters, no central office, and no physical location for operations, startups rely entirely on digital forms of production and communication. Here is how to optimize a startup for remote work.

It’s a viable model and potentially a very profitable, efficient, and fulfilling one for everyone involved. But if you want to be successful, it’s not enough to simply adopt a remote work strategy—you have to optimize your startup for remote work.

Why Remote Work?

Remote work is in fashion these days, so many people already know the benefits — or at least some of the benefits. But if you want to make the most of your remote work optimization strategy, you should be familiar with the setup’s greatest strengths.

  • Lower costs. Naturally, working remotely allows a startup to save money. You won’t have to pay thousands of dollars per month to lease an office. You won’t have to pay for office supplies or utilities. And your employees can save money too—they won’t need to pay as much for transportation, parking, or attire (in most cases).
  • Bigger talent pool. Operating remotely also gives you access to a wider talent pool. Without a central location, you can feasibly hire employees from all over the world. That means you’ll have a much higher likelihood of finding the right person for each role on your team.
  • Higher productivity. Studies show that people who work from home tend to be more productive than their counterparts in traditional workplaces. There are many proposed explanations for this effect, including greater employee comfort, fewer distractions, or even a sense of pressure to perform—so employees can retain the perceived benefit.
  • Finally, remote work affords employees and employers with significant flexibility. Without a central office, consistent hours become less of a concern, and people feel more capable of utilizing a wide range of communication tools—rather than heading to the meeting room every time someone has a question or comment.

Of course, there are some downsides to remote work as well. For example, communication can be more challenging, you won’t benefit from the physical presence and brand exposure of an office building, and over time, your employees may suffer from burnout and/or loneliness. However, you can compensate for these with the right remote work optimization strategy.

The Nature of Remote Work Optimization

Remote work optimization is all about restructuring your business in a way that makes remote work even more efficient. It’s a way to play to the strengths of remote work while minimizing the weaknesses.

Note that remote work optimization isn’t just about making your business functional in a remote work environment. Many businesses transition to a remote work model in an overly straightforward and seemingly efficient way — but it’s the wrong way. In this approach, businesses simply take operations as they know them in a traditional work environment and shoehorn them into a remote work mold. It’s like fitting a square-shaped peg into a circle-shaped hole.

In this inefficient model, you might translate all previous in-person meetings into video conferences. You might make all employees work 9 to 5 like usual. You might even have lunch breaks at the exact same time and in the exact same way.

But if you want to achieve your true potential as an organization, you need to take a different approach. You need to structure your organization with remote work in mind, rethinking or restructuring work aspects from a fundamental level.

Key Principles for Success

How can you do this?

  • Build a remote organization from the ground up. As a short-term, duct-tape style fix, it’s okay to create a remote work environment based on your traditional approach to work. But as a long-term fix, this is much harder to pull off successfully. Instead, tear down everything and try to rebuild from the ground up. With no traditions or expectations to fulfill, does it really make sense to have this daily meeting? Is there a better system of communication and collaboration that you can create?
  • Prioritize digital visibility. Without a physical office, you’re not going to have much of a ground presence. That means you’ll be almost exclusively reliant on digital strategies for increasing visibility (like search engine optimization—SEO). Fortunately, there’s no shortage of digital marketing strategies to choose from, and many of them are highly cost-efficient. Try using a combination of content marketing, SEO, social media marketing, email marketing, and other digital outlets to make up the difference.
  • Invest in the right tools. Without the office to bring people together, your team will rely on digital tools to accomplish their tasks, including communicating with other workers. Your choice of tools will dictate your team’s success; intuitive, efficient, functional tools will increase productivity, while inefficient, clunky ones can make remote work practically impossible. Don’t be afraid to invest a little more to get the right tools for your team.
  • Embrace minimalism. That said, it’s possible to go overboard. If your team is overloaded with apps to use and tools to leverage, it’s going to be more of a burden than a help. It’s important to invest in good tools, but those tools should also be minimal and streamlined. There’s no reason to add a new tool to a system that works perfectly well as is.
  • Rethink basic assumptions. Take the time to question and rethink even your most basic assumptions about work. For example, is the 9 to 5 workday really the optimal way for your team to spend their time? Are emails truly the most viable mode of consistent communication?

Hours and Compensation

One of the most important areas to consider is how your employees spend their hours. In many roles, the sheer number of hours a person spends doesn’t really matter. They have a set of responsibilities and a set of tasks to accomplish; as long as they accomplish these, they shouldn’t need to spend a certain number of hours or be present at certain hours of the day.

Many workplaces can afford to grant workers some flexibility in this regard. You may allow employees to set their own hours, or at least be accommodating with occasional deviations from the standard schedule. You may even change how you compensate employees, accordingly, paying them based on what they accomplish, rather than with a set salary or on an hourly basis.

Communication

Communication can make or break your remote team’s productivity, so it needs to be one of your biggest areas for development. Utilize many different communication channels, including things like email, project management platforms, video chats, phone calls, and instant message platforms. Each channel has strengths and weaknesses, so using many platforms simultaneously can balance.

However, you should know that while technology can solve many communication problems, it can also introduce some problems of its own. Scrutinize your communication channels carefully, and be careful not to overwhelm employees with too many apps or too many notifications.

Security

Working remotely introduces new security risks, so you’ll need to adjust your standards and procedures. Document new security policies for all employees to follow, and educate them on best practices like network connectivity and password management. Additionally, you’ll need to invest in tools like VPNs and firewalls to ensure your remote organization remains secure.

Feedback and Ongoing Changes

If you want to maximize productivity, efficiency, and morale in your remote organization, you’ll need to commit to making ongoing changes. Your initial systems and procedures won’t be perfect, and the only way to accommodate and improve those imperfections is to evolve.

Collect feedback from your employees to get a feel for how your remote work changes are playing out in practice. They may have suggestions for further changes to make or complaints about specific tools or setups. Listen to these notes and be prepared to address them, one way or another.

Optimizing a tech startup for remote work is much more than just saying goodbye to the office. If you want to succeed in this increasingly popular and competitive space, it’s important to take your strategic planning seriously.

Image Credit: anna shvets; pexels

Timothy Carter

Chief Revenue Officer

Timothy Carter is the Chief Revenue Officer of the Seattle digital marketing agency SEO.co. He has spent more than 20 years in the world of SEO and digital marketing leading, building and scaling sales operations, helping companies increase revenue efficiency and drive growth from websites and sales teams. When he’s not working, Tim enjoys playing a few rounds of disc golf, running, and spending time with his wife and family on the beach…preferably in Hawaii with a cup of Kona coffee.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Trending News in India.

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