Payslips is the most common document used for verifying income by lenders/banks to check your creditworthiness. Usually, these payslips contain details of an employee's earnings for a certain timeframe and include other fields like his/her tax deductions, insurance amounts, aadhar etc. These can be either in a paper or digital format and sometimes sent via email or post by the employers. The employees share the same with the banks/ lenders who manually enter details from it into their systems to issue a loan. This process is time-consuming and is prone to manual errors, slowing the loan application process.
What if you could extract crucial data points from PDF or uploaded scanned versions of these payslips to reduce this time to just a few seconds for faster loan processing to delight your loan applicant?
OCR stands for Optical Character Recognition. It helps in recognising text within a digital image and converts a paper document or an image to an electronic version that has text. It has enhanced business conduct with a faster and more organised workflow in an organisation.
The innovative features like pre-screening ensure the effective methods of automatic screening eliminate the manual workforce requirements for the job and shorten the time frame for payslip processing tasks. Tasks like employment history, payslips are now faster, easier and almost zero error-prone which enables you to do/implement features like auto-populate or auto-filling. OCR doesn't limit here; it can offer an impressive 98% accuracy in text recognition.
Here is how OCR can help you with the document upload feature to effectively centralise and automate your documentation. OCR has a document upload feature to provide a reliable, quick and simpler way to connect and verify your user's income and employment data like employment history payslips. An OCR document assists you on various workflow stages, like data filing with its auto-populating for an errorless and effective workflow. Users have to upload a digitised document like PDF or .Doc. They might not be able to see the difference, but it will save a considerable time frame for you as an organisation.
For a seamless experience with scanned documentation, OCR can aid you with faster and error resistant scanning of your documents. Once you are done with the upload part, the job is half finished as all the manual work is complete. This allows you to review and download their income and employment data like employment history.
This blog might have brought this up now, but OCR sticks to its ironclad security for all your documents and other uploads. With features like selective sharing and access management, you can even be the only owner of your documents.
OCR is a resource saver. Tartan’s Payslip OCR offers features like document upload, scanning and auto-filling with quality management, top of the line data protection and security. The market shows that around 16000 units were active by 2019. By the end of 2030, it is expected to have a revenue of $ 70 billion.
It’s time for you to give TartanHQ a try with a demo session. Our rock-solid performance will make you stick to us forever.
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