Ascentic Data Science Team leveraged Optical Character Recognition (OCR) technology to automate manual processes in the FinTech industry. The team used an advanced text processing offering from a popular cloud services provider to extract text from PDF bank statements/invoices and convert and organize them into relational data.
However, consolidating this data meaningfully and detecting patterns for informed decision-making posed a challenge. As a solution, the team designed and implemented an overlay to showcase the extracted text on the original PDF/image. The user input was taken as input to the re-learning process to improve the accuracy of subsequent processes. This OCR solution has automated a previously completely manual and error prone process, improving efficiency and reducing the risk of faulty decisions based on erroneous data. It further facilitates data engineering by preserving quality data for a future machine learning model.