OCR Integrated Automation and Matching
In this case study we look at the operations department of a regional bank with focus on a OCR Integrated Automation and Matching application.
INDUSTRY: FINANCIAL SERVICES
INDUSTRY APPROPRIATE: ANY INDUSTRY
DEPARTMENT: OPERATIONS, FINANCE, LEGAL, MARKETING
Challenge:
The bank uses OCR captured documents for numerous processes in the organization. One example is using OCR to capture signature and other documents returned from their clients. As part of the process, they take the OCR documents and compare them to the book of record to ensure that all of the information is correct and the proper version of the form had been used. The bank was interested in finding a tool that could extract information from an OCR and compare the original document in the book of records, passing along only exceptions.
Solution:
The Odyssey platform was configured to read OCR data. Its rules engine was then configured, based on the type of document, to compare the two documents for completeness. Specific fields were compared. These fields could be in different places depending on the form. The Rules Engine was configured to recognize the difference in forms and then look for the information.
Benefits:
- As the new process was based on exception processing, the review team saved time by focusing on only the exceptions. For the exceptions, Odyssey pointed out what rule was broken which led to how to address the issue.
- Given the volume and different versions of documents, the team realized considerable time savings.
- The accuracy of the review process improved dramatically with the focus on the exceptions only.
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