With the advent of technology, crimes have also become hi-tech and more sophisticated. Every industry applies technology to its advantage.
The financial industry has also come a long way from manual data entry and passbooks to e-statements and internet banking. These developments have also changed the way you investigate financial fraud today. It is tedious to deal with bulky financial data in different formats and compile it manually for research.
Pricewaterhouse Coopers (PwC) conducted a Global Economic Crime and Fraud Survey in 2020, showing a significant increase in reported fraud incidents.
source: PwC
To investigate the ever-increasing financial fraud, the researchers must automate their data extraction and preparation process for analysis to stay ahead of the fraudsters. With the right tool, you can save hours on data preparation and analysis while increasing productivity.
ScanWriter
ScanWriter from Personable Inc. is a data automation tool that can convert any document or digital file, including PDF and images, into a structured Excel spreadsheet or data visualization. It’s a turnkey solution from start to finish that you can effortlessly implement into your current computing processes. ScanWriter also allows you to get an analytical overview of data in minutes.
Plus, you can easily follow the money trail with advanced analytical tools and modeling techniques. This allows you to increase your productivity by 90% through time-saving tools and ultimately create more growth opportunities.
Main benefits
Convert bank statements, credit card statements, control images, timesheets, payroll, phone records, ledger from accounting systems, insurance forms, contracts, etc. to Excel or data visualization Collect, evaluate, store and report analytics tools to help with data collection and analysis Run analytical models to understand cash flows investigate various cybercrimes Verify the integrity of financial information Create powerful charts and financial data models with Microsoft Power BI (Business Intelligence) Preserve data privacy by storing it locally Ensure 100% data accuracy Simplify your workflow with an easy-to-use interface with built-in functionsIntegration and implementation
Seamless integration with Excel and Microsoft Power BI Deployable on Cloud, SaaS, Web-Based, On-Premise-Windows, On-Premise-LinuxFinancial Institution Support
ScanWriter has a public library of more than 40,000 institutions, including more than 10,000 financial institutions. Personalable also offers resizing for your document within 24 to 48 hours of your request.
Language Support
ScanWriter supports 21 languages, including most European, Asian and Middle Eastern languages.
Place
Personable is headquartered in California, with a second office in Washington DC.
Customer base
ScanWriter is suitable for both the government and the private sector.
Source: ScanWriter
Customer feedback
Source: ScanWriter
Prices
Standard ScanWriter Excel, with one workstation user and ten custom readers, costs $4995 per license. In addition, each license has a non-prorated annual fee of $2940.
You can contact ScanWriter for prices on the Premier ScanWriter Excel, which includes standard features plus an independent library.
Demo and free trial
You can get an idea of how ScanWriter Excel Edition works by watching videos on their YouTube channel. You can also request a free demo on the ScanWriter website.
BankScan
BankScan from Gee Whiz Software, LLC facilitates the conversion of bank and credit card statements into a usable form such as an Excel spreadsheet or other electronic formats. BankScan recommends its use in conjunction with OmniPage, an optical character recognition (OCR) program.
Main benefits
Reduce time converting financial documents into a usable electronic format Provides extraction of data from printed checks that can be OCRed using FileScan Separates transactions into statements of multiple accounts Quality control checks such as skipped line review and AutoBalance Customized editor for efficient Error correction Specific extract data items from transaction descriptionsIntegration and implementation
The following is required for proper integration and implementation:
OmniPage Standard (v18.0) or Ultimate (v19.X) High resolution monitor Windows 7 or higher Operating system running on Intel i5 or higher class processor 2+ GHz speed, 8+ GB RAM Good quality scanners like Fujitsu fi-7160Financial Institution Support
BankScan has hundreds of banks in the library and new banks and statement formats are added almost as soon as a sample is submitted in the template request tab.
Language Support
English.
Place
Gee Whiz Software, LLC is based in San Diego, California.
Customer base
BankScan focuses mainly on the public sector. Initially developed for use by the Department of Justice, it is currently used by federal, state and local agencies.
Prices
Several licensing options are available, from a fixed annual subscription to a pay-as-you-use service. The exact cost of a license will depend on factors such as the number of license seats desired, the level of support required, and the amount of data you are processing.
Demo and free trial
You can watch some of the demo videos on their website.
ScanWriter v. BankScan
ScanWriter
BankScan
Accuracy
YES – Accuracy checks are built into the software and alert users to missing or skipped pages via a pop-up notification.
NO – User must manually check for missing pages, duplicates and other complicating issues.
Large comprehensive public library
YES – Public library of more than 40,000 institutions, including more than 10,000 financial institutions.
NO – There are only 3,000 different templates available.
Automatically updated public library
YES – Automatically updated with new and improved templates in real time.
NO – Requires users to manually check for template updates in the software.
Data Recognition
YES – ScanWriter knows what to pick up automatically. The user does not need to use any tools to select the data to be entered.
NO – You have to edit it manually. Provides OCR erase tools to select specific items not to be retrieved.
Convenient buying
YES – Purchased all in one as single software. Includes SourceLink and Microsoft Power BI.
NO – OmniPage and FileScan must be purchased separately through the developers to use BankScan.
Easy setup/installation
YES – Easy installation with step-by-step instructions. Dedicated support manager to assist with any ScanWriter queries.
NO – You need to install the software separately (Omnipage, BankScan and FileScan)
Automatic data assignment
YES
NEW
Easy to consult data against PDF documents
YES – Can easily compare retrieved data side-by-side with source documents.
NEW
Document management
YES – Automatically saves documents and links them to a structured folder.
NEW
Simple user interface
YES
NEW
Data analysis capability
YES – Microsoft Power BI Analytics with custom and built-in models (money flow, overview of all transactions, Beneish M Score, etc.)
NEW
Complete
ScanWriter can make your data processing and analysis easier and faster. It offers many more features than BankScan which converts the documents into a usable format just using OmniPage and FileScan. You don’t have to worry about the accuracy of the extracted data as ScanWriter guarantees 100% accuracy.
Increase your efficiency with the very latest technology to automate data entry and create financial data visualizations such as ‘cash flow’. You can also separate the data by location, entity, amount, date, category, etc. Request a ScanWriter demo today with the help of dedicated support managers who will answer all your needs and questions.
This post Which data automation software can simplify your life? was original published at “https://www.noobpreneur.com/2022/03/07/scanwriter-v-bankscan-which-data-automation-software-can-simplify-your-life/”