Show Me the Money: Image Processing and the Industry Imperative
Financial institutions are spending on technology. As noted by IDG Connect, solutions such as AI-driven analysis and investment tools could boost revenue by 34 percent. In addition, 72 percent of senior management view artificial intelligence and machine learning (ML) as critical market advantages.
It makes sense. Banks, credit unions, and fintech firms must now meet evolving consumer expectations and satisfy emerging compliance legislation. The challenge? Ensuring existing processes — such as check image handling at ATMs and data verification during loan applications — are both streamlined and secure.
Fortunately, there’s a simple starting point: image processing.
Bridging the Data Divide
According to a recent Accenture survey, several emerging trends now inform the consumer landscape in finance. What’s the most important to data-driven organizations? Trust. While 67 percent of clients will now permit banks access to more personal data, 43 percent cite trust as the biggest driver of long-term loyalty. What’s more, 63 percent want banks’ use of personal data to drive more individualized, value-added services.
ATMs provide a key component of this data-driven strategy. For example, many ATMs use the X9.100-181 standard to store and secure .tif files. To ensure customers and bank staff have access to the right data at the right time, companies need image software capable of capturing, processing, and manipulating these images in real-time — in turn underpinning the development of agile web-based and mobile applications that engender consumer trust.
Processing, Permission, and Potential
Also critical for banks? Compliance. Consider the evolving standards of GDPR. As noted by Forbes, the regulation includes provisions for the right to access, which entitles consumers to information about how and why their data is processed by organizations.
Given the sheer volume of data now processed by financial institutions — and the growing risk of network data breaches — meeting compliance expectations is both time and resource intensive. Add in the increasing number of consumers now submitting checks via ATMs or mobile deposit software, and companies face the problem of accidental data misuse. What happens if check or loan data is shared across departments but customers haven’t specifically given their permission?
Redaction can provide the security you need to keep sensitive information secure. By combining ease of capture with straightforward redaction services, it’s possible for banks to ensure that check and application X9.100-181 .tif data is natively secured, in turn limiting potential compliance pitfalls.
Controlling Complexity: Not Always Black and White
In the years following 2008’s nationwide financial collapse, many financial firms drafted long-term plans designed to reduce complexity and streamline operations. According to a recent Reuters piece, however, despite ambitious plans “the level of complexity remains high for U.S. banks.”
Here, consumer expectations and compliance demands conspire to increase total complexity. From cloud-based technologies to mobile initiatives and ongoing compliance evaluations, streamlining processes often takes a back seat to mission-critical operations. Check imaging and recognition is no exception. Companies need tools capable of handling color, black and white, and multi-layered images. The solution? Powerful software development kits (SDKs) that integrate with existing apps to provide on-demand functionality.
Piece by Piece
Meeting consumer expectations, satisfying compliance requirements, and reducing complexity is a multi-faceted, ongoing process for financial organizations.
Accusoft’s ImagXpress SDK provides a critical piece of this long-term goal with support for 99 percent of common financial image types, optimized compression/decompression technology to minimize wait times, and enhanced redaction and editing capabilities to empower ATM, loan application, and mobile app image processing. Learn more about Accusoft’s SDKs and APIs here.