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What is a Credit Card Statement OCR data extractor?
A credit card statement OCR (Optical Character Recognition) data extractor is a technology solution designed to convert different types of documents, like scanned documents, PDF files, images or photographs of texts into machine-readable and editable data. Specifically, it is used to extract pertinent data from credit card statements. In the traditional method, people manually read and record data from credit card statements, a process that is time-consuming, costly, and prone to errors. However, with the use of OCR technology, this process is simplified. Credit card statements are scanned or photographed, and then the OCR software reads the printed characters, recognizing and converting them into digital data. The importance of using an AI-powered credit card statement OCR data extractor is mainly tied to its efficiency, accuracy, and cost-effectiveness. It significantly reduces the time and resources spent on data entry or correction tasks, enables faster decision-making and increases productivity. This technology also helps to minimise human errors.
OCR data extraction can also aid in fraud detection by enabling swift screening and analysis of transaction records on credit card statements. These advantages are driving the widespread adoption of OCR data extractors in various business domains, thereby enhancing operational efficiency, boosting profit margins, and improving service delivery. Ultimately, a credit card statement OCR data extractor serves as a vital tool for digitising financial documents. In an era of digital innovation, its importance cannot be overstated since it makes data more accessible, easier to manage, promotes time-efficiency and reduces costs. By transforming the way information is gathered and analysed, OCR technology serves as a pivotal component in big data and AI operations, revolutionising multiple industries and their operations.
Step 1
Upload your documents to Affinda directly to our app, or by integrating with email or document management platforms
Step 2
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Step 4
Need an AI data extractor customised to your specific business needs? Our expert team can build a model tailored to your business workflows that integrates seamlessly with existing processes.
Customer details:
- Customer Name
- Customer Billing Address
Account details:
- Member Number
- Account Number
- BSB
- Credit Limit
- Annual Interest Rate
- Available Credit
Bank details:
- Bank Name
- Bank Business Number
- Bank Address
Statement details:
- Statement Period
- Statement Number
- Page
Payment details:
- Payment Due Date
- Minimum Payment
- Overdue Payment/s
- Total Payment Due
Line-item details:
- Opening Balance
- Debits This Period
- Payments Received
- Fees & interest Charges
- Closing Balance
Don’t see the fields you need above?
Innovative features that set us apart from the rest.
Superior accuracy
Over 20+ fields extracted
Supports multiple file formats: PDF, JPG, PNG
Highly flexible and customisable
Supports over 56 languages
Upload and extract in bulk
Self-learning models improve over time
Seamless upstream and downstream integration
Banking institutions utilise our Credit Card OCR Extractor to automate the process of entering credit card information during various transactions, thus delivering a more efficient customer experience.
E-commerce businesses use our Credit Card OCR Extractor to streamline checkout processes, enhance customer experience, and reduce the chances of errors during manual entry of credit card details.
Travel and hospitality companies use our Credit Card OCR Extractor to expedite the booking process by quickly and accurately capturing credit card information, contributing to seamless guest experiences.
