OCR Check Data Extraction for Online Account Automation
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Solution Overview
Problem
Businesses face difficulties in organizing and analyzing large volumes of image records, including checks, due to variations in storage time, types of records, and determining which images to process and retain.
Innovation Solution
A system and method using optical character recognition (OCR) to extract data from check images, converting image-based data to text, identifying key information like payee and payor names, dates, payment amounts, and check numbers, and incorporating this data into online accounts, with options for formatting, redacting, and updating based on customer input.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If businesses provide image records to customers for transaction reconciliation, then customer service is improved, but the difficulty of organizing and analyzing large volumes of varied image records increases
Solution Approach 1:
The patent replaces manual organization and analysis of image records with an automated optical character recognition (OCR) system. The OCR technology automatically extracts data from check images, converts it to text, and integrates it into online accounts, eliminating the need for manual processing and reducing operational complexity while improving customer service.
Solution Approach 2:
The system enables self-service by automatically processing check images and updating online accounts without requiring customer intervention. The OCR system independently extracts, validates, and integrates transaction data, allowing businesses to provide enhanced customer service while reducing the complexity of manual record management.
2Reliability
If businesses retain large volumes of image records for various time periods, then archiving requirements are met, but the difficulty of determining which images to process and retain increases
Solution Approach 1:
The patent applies preliminary action by automatically processing and extracting data from check images at the time they are received, rather than requiring later manual review. The OCR system proactively converts images to text and integrates data into online accounts, making the archiving process more reliable while reducing the difficulty of determining which images require retention.
3Measurement precision
If manual processing of check images is used, then data extraction accuracy can be verified, but processing time and productivity are reduced
Solution Approach 1:
The patent incorporates feedback mechanisms where the OCR system extracts data from check images and automatically integrates it into online accounts. The system provides feedback by updating account information in real-time, allowing for verification of data extraction accuracy while maintaining high processing speeds through automated workflows.
Data Source
AI summary
Embodiments for extracting data for online account includes systems that receive at least one check images, apply one or more optical character recognition processes to at least a portion of the at least one check image, and convert image based data to text based data. The embodiments further identify check data in the text based data, identify online data from the check data, incorporate at least a portion of the online data into a portion of an online account, and provide the online account portion to a customer.