Optimization of data capture: new banking services in Mexico

In the exciting world of business, one of the most crucial steps is the capture and extraction of data from the files, reports and documentation that comes into our hands. This is especially important for those processes that have to do with our dear banking customers. However, surprisingly, there are still companies that stick to the tedious method of manual data processing.

Table of Contents

Óscar Barba

Co-founder & CTO of Coinscrap Finance

Resistance to change and the importance of automation

We know that facing new horizons is not an easy task, but wait, here comes the interesting part! With the pandemic forcing us to operate in a more remote world than ever, the key to standing out from the competition lies in those companies that have decided to radically change their customer experience. And how do they achieve this? Well, basically, getting rid of those outdated systems that are no longer useful, saying goodbye to those manual processes that take up our time, and revealing those data sets that were an unreadable enigma.

The big question is:

How do we redesign our processes to satisfy our users, who demand automation, self-service, hyper-personalized offers and an experience that is friendly to their mobile devices?

Simple, this is where wonderful intelligent data capture comes into play. Not only does it allow us to offer our customers a world-class experience, but it also increases the efficiency and motivation of our employees.

When we automate the data capture process, our team gets the information in no time! Plus, thanks to the magic of artificial intelligence, that information is converted into data that we can use immediately. So, we not only capture bank information, but also recognize, classify and compare it in real time. In short, advanced capture technology is our secret ally in the world of customer experience, and it can do more than we imagine!

New call-to-action

OCR: Making document management easier

Have you ever heard of OCR? These acronyms mean Optical Character Recognition. It is truly amazing, as it allows data to be taken accurately and practically instantaneously and then converted into an electronic format that facilitates efficient processing and management.

In companies like ours we are able to use this software, and others, to analyze all the elements of an image of a scanned document. In this way, we can decompose each of the characters and capture all the banking data present in the image and then process it and convert it into a digital format.

As experts in categorization and enrichment of transactional data, we do not care about the origin of the information, our expertise is to analyze, categorize and enrich the data to present a detailed analysis of the financial situation of the user or company and, only then, the decision making of your business can be optimal.

New call-to-action

A use case: Data capture in a Business Financial Manager (BFM)

Related with the above, imagine for a moment the importance of capturing invoices in an organization for the reconciliation process. It is not only an administrative process, but a fundamental pillar to avoid problems of mismanagement and errors in the recording of expenses and income. Accuracy and punctuality in handling invoices are essential.

Thanks to OCR (Optical Character Recognition) and data capture, the productivity of your staff is increased and the costs are reduced. The tools known as BFM allow, among many other issues, to integrate the information captured from your customers’ and suppliers’ invoices, to automate the reconciliation of payments and collections. Let’s now see how this technology can be implemented.

The role of APIs in the data capture process

In addition to avoiding bottlenecks, a cringe-inducing loss of productivity, and delivery times that extend longer than necessary, data capture allows you to create a game of multiple options. You can choose between using powerful APIs (Application Programming Interfaces), exploring the web for data (web scraping) or simply collecting information from standard files such as XML or JSON. You have many tools at your disposal!

Let’s talk a little about APIs: they are like magical conduits that allow different applications and financial services to access and use information in real time. It is about sharing data automatically and on a schedule. Furthermore, the data capture process in this open financial world is vital, because it creates a beautiful synergy between different entities and applications. This improves the lives of users and stimulates innovation in the sector.

Being able to access multiple financial services and apps from the same place makes managing your money and making transactions so much easier!

Guarantee data security in the Mexican banking context

As in any great adventure, there are challenges here too. Data security and user privacy are important issues to consider. You must ensure that you comply with applicable privacy regulations and policies and take all necessary measures to properly protect the information you collect. In the world of open finance, it is best to make sure you keep your treasures safe.

Data capture plays a crucial role in mitigating the risks associated with digital transactions. By analyzing patterns and detecting anomalies in real time, Fintech companies, neobanks and traditional entities can identify and prevent fraudulent activities, ensuring the security of customer accounts. In this sense, Mexico represents a global example in the incorporation of technologies into the financial sector.

The importance of personal data protection in banking

Data capture improves efficiency and decision making in banking

This new trend in the processing of transactional information is revolutionizing banking services, improving customer experiences and promoting financial inclusion in Mexico. All of this, promoted by the great impact of technologies based on Big Data and regulatory support. Fintech startups are reshaping the industry, offering fast, secure, and customer-centric solutions.

By harnessing the power of transactional data, Fintech companies in Mexico can provide personalized financial solutions adapted to their users to grow and stand out from the competition. By analyzing customer data, companies get insights related to the needs and preferences of disregarded populations. This means that they can develop innovative products and services specifically aimed at these groups.

Give them access to financial tools they didn’t have available and get ready to see their loyalty skyrocket!

About the Autor

Óscar Barba is co-founder and CTO of Coinscrap Finance. He is an expert Scrum Manager with more than 6 years of experience in the collection and semantic analysis of data in the financial sector, classification of bank transactions, deep learning applied to stock market sentiment analysis systems and the measurement of the carbon footprint associated with transactional data. 

With extensive experience in the banking and insurance sector, Óscar is finishing his PhD in Information Technology right now. He is an Engineer and Master in Computer Engineering from the University of Vigo and Master in Electronic Commerce from the University of Salamanca. In addition, Scrum Manager and Project Management Certificate from the CNTG, SOA Architecture and Web Services Certificate from the University of Salamanca and more.

Sign up for our newsletter and get our top stories delivered straight to your inbox