How to Leverage OCR Technology for Faster Client Account Statement Analysis

Processing client account statements can be a slow, tedious process for financial advisors. Manually scanning the document, entering data, double-checking everything, and ensuring accuracy takes valuable time that could be spent on more important tasks. But there’s a way to speed things up and make your life easier: OCR (Optical Character Recognition) technology.

OCR automates data extraction from documents, saving you hours of work and reducing the chances of mistakes. In this post, we’ll break down how OCR works, why it matters for financial advisors, and how you can use it to set up client accounts more efficiently.

What is OCR Technology?

OCR stands for Optical Character Recognition. Simply put, it’s technology that reads text from scanned documents, PDFs, or images and turns it into editable, searchable data. Think of it as a way to skip the manual typing and get straight to the part where everything is digital and ready to go.

For financial advisors, OCR can be a game-changer. Instead of spending hours on data entry for client account statements, you can process everything in minutes. Investipal’s OCR scanner, for instance, is 95% accurate, meaning you can rely on it to handle your data with precision and speed.

The Problem with Manual Client Account Statement Analysis

If you’ve ever processed a client account statement manually, you know how frustrating it can be. You’re dealing with various documents—PDFs, images, even scanned paper copies—from different institutions in varying lengths and formats, and trying to get all that data into your system without making mistakes.

The problems are obvious:

• Time-Consuming: Manually processing information, checking for accuracy, and entering everything into your system can take hours. This is time that could be better spent on higher-level tasks.
• Human Error: No matter how careful you are, manual entry is prone to mistakes. Errors in data entry can lead to compliance issues, inaccurate records, and even NIGOs (Not in Good Order forms), which are a costly headache for firms.
• Reduced Productivity: Time spent on manual processes is time taken away from focusing on client needs and growing your business.

Clearly, there’s a need for a better solution. That’s where OCR technology steps in.

How OCR Technology Can Help

With OCR, you can automate the data extraction process, saving both time and effort. Here’s how it works:

1. Upload Documents: You start by uploading client documents—whether they’re PDFs, images, or CSV files—into the OCR system.
2. OCR Scanning: The OCR scanner reads the text and recognizes characters.
3. Data Parsing with Generative AI:  The system then uses generative AI to converting the characters into digital text and extract it. The data is then organized into a structured format that’s ready for analysis or integration into your systems.
4. Integration: Finally, the organized data can be exported into a CSV or flow seamlessly a portfolio management system like Investipal, making updates quick and easy.

This process can turn hours of work into minutes. Instead of manually entering everything, OCR does the heavy lifting for you. You can focus on what you do best: advising your clients.

Why OCR is a Game-Changer

Here’s why OCR technology makes such a big difference for financial advisors:

• Time-Saving: OCR cuts down on manual entry, freeing up hours that can be spent on more valuable work.
• High Accuracy: With a 95% accuracy rate, Investipal’s OCR scanner ensures your data is reliable, reducing the risk of costly mistakes.
• Cost-Effective: Automating repetitive tasks means you need fewer resources. Less time on manual entry means fewer labor costs and fewer errors to fix.
• Better Client Experience: Faster onboarding means happier clients. With OCR, you can get them set up quickly and smoothly.

Why Choose Investipal’s OCR Solution?

Investipal’s OCR scanner is built with financial advisors in mind. Here’s why it stands out:

• Handles Multiple Formats: Whether you’re dealing with PDFs, images, or CSV files, varying lengths and different institutions, Investipal’s scanner has you covered.
• Accurate and Reliable: With a 95% accuracy rate, you can trust that your data will be handled correctly.
• Easy to Use: No need for complex setups—Investipal’s platform is user-friendly, so you can start benefiting from OCR technology right away.

Moving Forward

Processing client account statements doesn’t have to be a slow, manual process. With OCR technology, you can automate much of the work, leaving you with more time to focus on your clients. Investipal’s OCR scanner is designed to help financial advisors work smarter, not harder. Schedule a demo today to see how you can save time, reduce errors, and improve client onboarding.