Checks and Financial Records

Accurate OCR is especially important in banking and finance, where a single character can result in the transfer of thousands of dollars. Checks, both handwritten and computer printed, can be processed by machine with fairly high accuracy rates. Computer printed checks can almost always be read correctly and processed by machine, while handwritten checks sometimes require human confirmation. Currently, OCR is widely used by banks for checks, deposits, and different transactions, replacing more costly and time-consuming human labor. To perform a simple transaction like cashing a check, a machine can instantly read the check that is fed into it and produce cash, along with a receipt containing a scanned image of the check as confirmation. The system is fast and generally reliable, and requires the customer�s verification of the OCR reading to avoid errors. Banks can now speed teller services by reducing the number of transactions that they perform, thereby decreasing waiting time for customers.

Handwritten checks are more difficult to handle by machine than computer generated ones. They are processed using ICR, which makes use of text fields set aside for writing, so that the software can focus on relevant areas of text. Banks use forms processing systems that are set up to read the specific format of checks to extract information from standardized information fields.

OCR is also used to archive bank statements, allowing individuals and companies to extract information and save it in a readily accessible manner. Instead of filing away hard copies of bank statements, some people choose to scan them and save them electronically, storing relevant information in a spreadsheet, such as Microsoft Excel. OCR is used to automate the transition from scanned image to spreadsheet entry. Rather than entering data manually, a person can simply scan a group of statements and allow OCR to take over the process.

These are only two examples of instances in which OCR can simplify financial transactions and record-keeping. As the technology becomes more accurate, its use is extended to other purposes in the industry.