Automated Data Extraction and Pattern Recognition for Financial Decision Making

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.