The banking industry is undergoing a significant transformation as customer expectations for speed, convenience, and security rise. Banks are racing against time to cut costs while adhering to complex regulations. The answer lies in adopting technology that can revolutionize banking, specifically Optical Character Recognition (OCR). This AI technology has the ability to "see" and "understand" text, much like a smart eye that reads data quickly and accurately. Imagine if banks could approve loans in just minutes, detect fraud in real-time, and provide seamless customer service. This is not a mere fantasy; it is a reality being realized through the power of OCR, a technology that is set to change the competitive landscape of banking in the digital age.
OCR is an AI technology that converts images or handwritten text on documents into digital data that can be edited, searched, and analyzed quickly and accurately. It enhances efficiency, reduces costs, elevates service levels, and creates a competitive edge while also improving data security and reducing human error sustainably. The implementation of OCR today can reduce document handling costs and time by 20-30% compared to traditional methods. Additionally, the OCR market is growing rapidly, with Grand View Research forecasting a compound annual growth rate (CAGR) of 13.7%, reaching a value of $25.6 billion (approximately 860 billion baht) by 2027.
But what can OCR do beyond expectations? It serves as a versatile tool that can be applied across various banking processes. Many organizations view investing in OCR as they would any other investment, anticipating a return on investment (ROI) within 1-2 years. However, the true value of OCR lies not just in ROI figures but in the "data" that can be analyzed to understand customers better, develop products, and formulate effective business strategies. For banks, OCR not only streamlines workflows but also serves as a crucial foundation for long-term competitiveness, enhancing speed, accuracy, and service efficiency while opening opportunities for in-depth data analysis to develop business.
Organizations that adopt OCR early are making significant strides. Although immediate results may not be apparent, in 3-4 years, they are expected to experience exponential growth due to technology that boosts efficiency and fosters innovation. If banks do not start using OCR today, they may find themselves in a race to catch up with competitors in the not-so-distant future.
Implementing OCR in Thailand presents unique challenges, including the complexity of the Thai language and the diversity of document formats. This is why OCR by WordSense, under Looloo Technology, a leading AI consulting firm in Thailand, is committed to developing OCR technology that genuinely meets the needs of Thai banks. With expertise in Thai language AI and a deep understanding of the financial sector's specific demands, they are poised to customize OCR solutions to fully unlock document management potential.
WordSense's OCR stands out with its 'OCR Handwriting' capability, which accurately reads Thai handwriting as the first and only solution in the country. This allows banks to process data from various documents swiftly, achieving an initial accuracy of 92% for handwriting and 95% for printed text, with accuracy improving with real-world usage. The high precision of WordSense's OCR in reading both handwriting and printed text in Thai and English is attributed to its access to big data from a major logistics company, providing millions of handwriting samples to train the OCR system beyond market standards.
While solutions like Amazon Textract or Google Cloud Vision OCR exist, WordSense's OCR is specifically designed for processing Thai documents, excelling in handwriting recognition, making it particularly suitable for banks and organizations handling large volumes of Thai documents. WordSense's OCR not only reads characters but also understands context, allowing for accurate word conversion. For instance, when OCR reads handwriting and sees the word 'กาศ' or 'กาด', the system analyzes preceding words. If it detects 'ประ', it converts it to 'ประกาศ', but if it sees 'ผัก', it changes it to 'ผักกาด'. This capability reduces misinterpretation errors and enhances the reliability of the extracted data.
Moreover, OCR by WordSense can efficiently handle complex documents, whether they are invoices, receipts, or other semi-structured documents with varying formats. The system can read and process documents accurately by analyzing context and searching for key identifiers, such as tax IDs, payee names, and net amounts. Regardless of the document's format, the system can read and process it accurately, as WordSense understands that each business has unique requirements. Thus, OCR by WordSense can be tailored to align with each organization's operational needs, ensuring smooth and efficient workflows.
Furthermore, OCR by WordSense is designed to integrate seamlessly with banks' existing systems, whether internal or applications like LINE OA, allowing users to utilize OCR effortlessly without feeling any significant changes. Security is paramount for WordSense, with every project commencing with a non-disclosure agreement (NDA) to guarantee that data is stringently protected. All data is stored on AWS Cloud, equipped with advanced security measures. Additionally, WordSense's data management and storage have been certified under ISO 27001, a global standard for information security management. Most importantly, WordSense guarantees that customer data will not be used in conjunction with other companies' data for OCR training, ensuring maximum confidentiality and privacy.
OCR by WordSense offers a free demo with no data size limitations and does not retain data during usage, or you can opt for a free 3-hour consultation. Ultimately, OCR is not merely an AI tool that simplifies operations; it is the "key" that unlocks the potential of banks to address challenges, enhance operational efficiency, and keep pace with the rapidly evolving digital landscape. Thus, investing in OCR is an unavoidable step towards a future where banks can deliver services quickly, securely, innovate, and genuinely meet customer needs.