- July 31, 2019
by Daniel Tan, Digital Marketing Intern
The presence of Know Your Customer (KYC) and anti-money laundering (AML) regulations has forced many in banking and finance service industries to devote substantial resources towards due diligence. Under threat of heavy penalization, banks must assess the risk factors of prospective customers and acquire proper verification. Command-line Optical Character Recognition (OCR) offers a means of cutting down on time and energy allocated towards digitizing files to maintain a standardized record of verification documents. Operating through a command-line interface can prove a boon to both you and your customer: offering accurate, time-efficient document management and a smoother customer onboarding process.
What is a Command-Line Interface?
Command-line interface (CLI) refers to a set of commands issued by clients to assign tasks directly from the keyboard, removing the need to interact through a Graphical User Interface. With a slight learning curve, well-versed administrators can execute a set of specialized, essential commands and assign relevant tasks through keyboard shortcuts, and reduce time spent performing OCR and document management functions.
Benefits of a Command-Line OCR Interface for Banking Compliance
The main advantages of a command-line OCR interface are its ease of integration and its time-saving benefit. Command-line OCR is easily integrated with other software and existing IT environments. Furthermore, a command-line OCR interface frees up resources previously tied to managing documents and simplifies rote tasks for administrators.
For those operating in the banking and financial service industries, complying with KYC and AML regulations involves complex processes of document processing, verification of PII, and maintenance through regular updates. A recent survey by Thomson Reuters found that customer onboarding time increased by 22% in 2016, with companies spending an average of 30 days keeping financial partners up to date with material changes.
Banks and financial service agencies benefit from reduced time costs of using a command-line OCR interface to meet KYC and AML standards. More than just converting documents into searchable formats or reducing the burden of bloated PDF files while maintaining quality, a CLI-enabled OCR software expedites customer onboarding processes and allows for quick standardization, digitization, and access of sensitive PII files. Banks can have time-sensitive information processed and move forward with onboarding procedures, towards actual transactions. Inconsistencies in data and updates in material can be reported and processed with reduced delay. Furthermore, CLI-enabled OCR software frees up resources previously devoted to maintaining information retrieval processes, now available to be applied towards vital core workflow processes.
Do you want to stay above compliance regulations and increase productivity through a command-line OCR interface? Begin your free trial of our CLI-enabled OCR software Maestro today!