Are you looking to automatize processes in your company and save costs? Read this article to learn about AI and how simple tools like API can improve your business.
Artificial intelligence (AI) applied to finance can reduce costs, increase efficiency and transform a company’s cash management strategy. The financial sector was one of the pioneers when it came to implementing financial technology (or fintech), such as artificial intelligence (AI), and its fame is growing among financial institutions.
Artificial intelligence is able to automate tasks, which increases the efficiency of processes, and uses machine learning, deep learning, predictive analytics, and natural language processing to create more powerful features, such as chatbots and automated advisors.
Digital banks and fintechs use these algorithms with alternative information for example from different bank accounts or a smartphone can better evaluate potential customers for credit and provide personalized options.
Also, business credit companies in the United States have reported excellent results thanks to the use of this tool. For example, according to the company Emerj, 40% of companies using artificial intelligence for financing and lending scored above 3 (out of 4 points), in their ROI evidence score. This indicates a more robust vendor ecosystem.
Artificial intelligence is implemented from a number of tools embedded in working systems. One of the most popular AI tools is OCR, which is used to process data from images into text. These tools are particularly needed in the financial industry, as they allow large amounts of information to be processed quickly.
How Does An OCR API Work?
OCR technology consists of being able to process visual information, whether photos or documents of different types and convert it into text. OCR APIs allow this technology to be integrated into work platforms, websites, or applications, through code. These tools can be adapted by developers to fit perfectly with the needs of each company.
The API works quickly, first recognizing a structure and the type of characters involved, and transforming it into text that can be accessed in different types of formats. It can even convert it into computer language to be integrated into a process chain. If you work with bills, then you should try this technology! We recommend using Optical Character Recognition API, which has a user-friendly interface.
About Optical Character Recognition API
Optical Character Recognition API, is a truly effective tool. It can process jpg, jpeg, and png, information and convert it into text in many formats, or even programming commands. This API has a unique categorization feature, this API helps to organize information into millions of preset categories. A special feature is that it can detect objects and faces and then assign tags. It also reads printed and handwritten text and key metadata. To work, this API needs just one thing: a URL.
This API works with AI, as we’ve talked about in this article, this technology with machine-learning engines constantly improves its performance and productivity. It is an intuitive API, really easy to use, and it supports most programming languages. You will be amazed by the results! Try Optical Character Recognition API for your company to see the results.