Assure your Data Quality

This work is under a Creative Commons license BY-NC-SA 4.0 Internacional

How to capture and validate data from documents, in an automated, efficient and reliable way, with imaging and

OCR technology

Assure your

DATA QUALITY

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CONTENTS

1. INTRODUCTION

2. DATA QUALITY LEVELS

3. DATA TYPES BY FUNCTION

4. OCR AND DOCUMENT TECHNOLOGY FOR DATA QUALITY

5. ADVANTAGES AND BENEFITS OF DOCUMENT TECHNOLOGIES FOR

DATA QUALITY

6. USE CASE AND EXAMPLES

RCI Banque

Consumer Financial Services Holland

7. ABOUT IPSA AND OUR SOLUTIONS

ASSURE YOUR DATA QUALITY

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Companies and financial corporations need an optimal data quality due to:

• Saving financial and opportunity costs caused by wrong data

• Compliance with sector regulations (Basel III, Solvency II, Sabarnex Oxley, and local regulations for

the prevention of money laundering and terrorist financing), where document control and data

quality are the key to control fraud, prevent money laundering, protection of shareholders, etc.

• The need to complete electronic banking applications with electronic document delivery services

and process automation, gradually reducing and removing back office.

• Reduce processing time, speeding the response to customers and improving efficiency against

competitors.

• Increase income, as correct data from transactions is used for sales and marketing activities.

• Improve quality service perceived by customers and increase customer loyalty.

• Identify incidents and allow a fast resolution to improve quality and/or profitability of your

company products.

• Widespread use of business intelligence, forecasting and analysis based on Big Data. Increasingly

needed for a daily operations management in a fast and changing environment.

Banks implement systems to ensure data integrity once it appear in their systems but, in

many occasions, errors come from loading wrong data from paper documents at source.


1. INTRODUCTION

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Document and OCR technologies help to comply with quality standards by matching data

from corporate systems with data extracted from paper documents by these technologies to

support transactions.

Additionally to these already existent technologies, you can access to services to implement a

data quality certification and auditing system. This will provide document processing services

to identify, ensure and improve quality of your data as well as to report improvement areas in

data acquisition process so you can:


““When you actually go into the business world and you look at the data, half of the data is missing, some of it doesn’t make any sense, but you still have to use it. You can’t say, ‘I quit.’ “- Dr. Goutam Chakraborty, Oklahoma State University

National and international regulations for fraud control, prevention of money laundering and terrorist financingrecommend or require…

…from companies they adopt efficient measures for:

• Data quality• Identity documents

validation

Companies like IPSA provide technology tools to help you adopt solutions according to your needs on data quality from your documents

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The data used by the corporations are sorted by the role played, what determines its relevance,

processes where it serves and the quality requirements to be required. According to these, they

are classified in:

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3. DATA TYPES BY FUNCTION

Identification Data

They are used to identify the client's product or service. They are key to all processes, therefore mandatory and you must ensure the highest level of quality possible.

Example: Names, Last Names, ID Card or Passport number, etc.

Address Data

They are used to communicate with the customer. There may be several channels. At least one of them must be valid and the data quality impacts on business processes. Most critical when required for shipments (e.g., credit card) or notifications.

Example: Main address, telephone, mobile, mail electronic

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Warranties and Contracts Data

They serve to support or ensure the fulfilment of the commitments by the customer and to minimize the risk of the operations. They have a high impact on costs. They require a maximum quality level

Example: mortgages, guarantees, writings, etc.

Behavioral data

They serve to evaluate the behavior of customers and to detect significant changes in their financial habits. They have a high impact on costs. They require a maximum quality level.

Socioeconomic data

They serve to increase the awareness of customers and thereby generate new sales opportunities. Increasingly important for business processes and marketing, especially in retail environments. The greater the number of data and its quality, the greater the effectiveness of the commercial actions based on the exploitation of the same.

Example: level of income, type of customer, date of birth, occupation, age, income, etc.

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Document technologies allow to capture the image of a document and automatically extract the

information contained therein with techniques of OCR (Optical Character Recognition) and

validation rules.

Thus, from any device with a good quality camera, you can capture the document, extract its

information, validate it and match it against databases that already available. So you can detect

any discrepancies between your data and documents that support your business transactions.

These technologies can, with the captured images:

• Automatically identify the document type

• Extract and automatically recognize the contents of the document

• Validate data with validation rules or against elements:

• Validation codes

• External data bases

• Data sources from third parties (such as certification bodies)

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4. OCR AND DOCUMENT TECHNOLOGY FOR DATA QUALITY

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Quality

This type of solutions will give you reports on the data quality according to their origin and will detect areas for improvement both in the data quality and in the data entry processes of your organization.

Risk Management

The traceability of the information from each record improves, since it is known when it has been validated, verified and refined (data according to Basel III)

Operations

By having actual data from actual customers, operations are optimized in two ways: - Avoiding operations based on erroneous data- Increasing commercial efforts on more and better data

ADVANTAGES ACCORDING TO BUSINESS AREA

These technologies can be applied to a variety of documents. To evaluate the quality of your

data, we recommend to process at least the types of documents and validations available in

our Cloud Contract Administration solution :

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Cloud Contract AdministrationFormal and image-based document validation

Cloud Contract Administration is a set of cloud tools that extract, recognize and validate

documents and data contained in their images:

• Identification documents

• Economic activity documents

• Debit documents

Get immediate, reliable and validated data to meet your operational and regulatory

requirements on data quality, with a positive impact on fraud control and prevention of money

laundering.

These tools consist of web services for:

• Scanning

• Optical Recognition

• Data Validation

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7. ABOUT OUR SOLUTIONS

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Now that you know how document technologies contribute every day to the improvement of data quality, What are you waiting for our specialists advise

you on your case?

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“You can have data without

information, but you cannot

have information without

data.

- Daniel Keys Moran


http://www.ipsa.es/

Assure your Data Quality

Technology

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