Explained: How OCR Receipt Scanning Technology Is Transforming Digital Marketing

The increasing demand for digital marketing and fintech businesses has evolved all the sectors with the advancing technology. New and existing businesses have resorted to social media and online marketing as the first priority for advertising their products and services. 

Along with the evolving technology, various administrative tasks like receipt management, etc. have also been digitized. Even if you have a full-proof digital marketing strategy for your fintech business, without a smooth cashless mode of receipts you cannot scale your business. 

That’s why OCR receipt scanning technology has become a major influencer in both these sectors. This way you can improve your processing efficiency while reducing the issues with the physical receipts management process. The technology allows digitization by transforming existing printed information or receipts into a computer-readable electronic format.

What is OCR Technology?

Technically, OCR or Optical Character Recognition, allows users to read text from images and convert them into textual information for digital content administration for different sectors. It is primarily used as a data input system, along with information collection, receipt scanning, verification, and many other important administrative tasks. 

It provides a commercial solution which extracts data from a digitally scanned image or document containing the written or printed text. Once the system scans the required information, it translates that into a machine-readable format. The information extracted helps in data gathering, expense receipts processing and expense reports analysis.

Let’s understand why OCR has become the choice for businesses.

Why is OCR The Need Of The Hour?

The requirement of OCR technology for receipt scanning can be understood by presuming the scenario before the OCR technology.

Businesses used to deploy human resources for manual extraction and input of data from the physical receipts and invoices. This affected productivity due to higher consumption of money and time resources. This led to hiring more human resources to tackle the workload increasing due to the scaling of the businesses. And this led to the accumulation of human errors in the reporting and audit processes. 

To tackle these challenges, OCR was developed. It allowed us to save precious human and time resources, along with improving the accuracy of the information. Eventually, it leads to smooth and faster accomplishment of expense management works in an efficient manner.

The advanced version of OCR technology allows users to access the information from the receipt scanning process by extracting data from texts, including contracts, invoices, financial statements, receipts, documents, papers and much more. The digital files created can be retrieved from the repository, which can be examined, edited, and reused for further communication to the required systems. It acts as a user-friendly option with a wide range of applications for sustainable expense management, along with multi-language support access. 

How OCR Receipt Scanning Is Transforming Digital Marketing and Fintech Business?

1. Effective Data Handling, Usability, and Searchability

The major benefit of OCR technology is its enhanced data accessibility. You can easily store and save the file you want after receipt scanning and converting the receipts to any accessible form such as a word or pdf file. This way you can easily search files on your computer system, and with the required authorization, any person can view the file. This feature has significantly helped the banking and other fintech industries in a sustainable manner, as it saves a lot of paper usage, and improves transparency in the system. With the help of OCR technology, the reviewing of previous records, expense receipts, credit records, and payment receipts has become simplified. 

Also, when compared to the paper formats, accessing and maintaining the digitized files is easy. This way you can easily find the files on a digital network or device, saving a lot of human and money resources.

2. Resource Conservation

You must forget about the classic physical file shelf system. To compete with the changing business landscape, digital marketing and fintech businesses resorted to storing their receipts on the cloud to save money and time. 

You must not believe that renting a digital cloud storage space is far less costly than a physical storage space. It also helps in avoiding the chaos of arranging paper records and saving a lot of space. Because, unless your business needs you to save original and tangible physical receipt files, maintaining physical paper documents is useless and futile. It has been amongst the most costly and time-consuming administrative tasks in any organization. Moreover, the biggest risk with this physical storage is human error, which cannot be avoided.

Fintech companies cannot survive without digitizing their manual data management stages and errors. Employing OCR technology by firms dealing in banking, insurance, and other finance companies is both customer-centric and environment-friendly. Along with this, it also helps in saving the usage of ink, paper, and printing machines, which leads to the conservation of the environment. 

3. Improved Data Security

Shifting to OCR technology for payment and receipts management requires a lot of security trust by the software providers. The software installed with OCR technology allows for various security measures in digital networks, especially for sensitive financial data controlled by organizations or personal data. 

It also helps you detect and prevent non-compliant and fraudulent receipts attempts by comparing the data with previously recorded data, which is not possible with manual receipts management.

4. Enhances Customer Satisfaction

Today the fintech and digital marketing companies have to give the most priority to customer-centric service, which is the tackiest job. Imagine customers bombarding you with their queries through emails and calls, but you cannot attend to them all in a timely manner. 

But, with the help of OCR technology, you can easily configure customer queries and provide solutions with just a few clicks. 

Final Thoughts

The fintech industries like banking, insurance, etc. have relied a lot on paper printed documents for all of their operations - client records, monthly bills, invoices, and many more, But, the OCR technology has a solution to all of this. 

It makes the complete receipt scanning process - recording, verifying, and organizing, simple and systematic. It boosts security, data administration, along with customer satisfaction.

Also, the digital marketing sector could scale its network with OCR by collecting data from invoices, receipts, spreadsheets, and other documents with fraud detection and loyalty programs.