OCR is the process of using technology to read characters from printed or handwritten text included inside digital images of actual documents, such scanned paper documents (optical character recognition). OCR’s primary function is to read a document’s text and convert the characters into code that may be used for data processing. Another name for optical character recognition is text recognition (OCR).

With many financial institutions continuing to feel an impact from The Great Resignation, and seeing tighter budgets across the board in 2023, security leaders are being asked to do more with less. So far in 2023, many organizations are hesitant to hire additional staff or even backfill open positions—forcing many security leaders to make do with fewer people than in the past.

Better endpoint visibility and control will become critical to these efforts.

Cybersecurity isn’t easy in any industry, but it is perhaps most challenging for the banking, financial services, and insurance (BFSI) sector. Financial institutions are highly digitized and have large, complex IT infrastructures with many environments and assets to protect. At the same time, these enterprises are highly targeted by threat actors, leading to a constant barrage of attacks to detect and disrupt.

In partnership with Mend, the Fintech Open Source Foundation (FINOS) recently published its report, “The 2022 State of Open Source in Financial Services.” The report serves up a set of fascinating insights into the pace of open source adoption in the financial services sector. From optimizing benefits to overcoming obstacles, the report provides a valuable snapshot of open source software adoption in finance. Here’s a quick look at the report’s key findings.

The financial services industry is under constant threat from cybercriminals, thanks to the large amounts of money and data they move and store. In fact, financial services businesses suffer 300 times more cyber-attacks than companies in other sectors, and the cost of downtime is among the highest in any industry. 57% of IT professionals say their organizations can’t tolerate the loss of mission-critical applications for a full hour, with 15% reporting they can’t tolerate ANY downtime.

All financial institutions operating in Singapore are required to comply with the MAS TRM guidelines in order to operate legally. In order to ensure the safety of their operations, customers, as well as the wider financial system, financial institutions are required to conduct regular risk assessments and implement appropriate risk management measures.

Fintech apps are booming as mobility has penetrated the financial industry significantly. Do you want to build an engaging fintech app that helps you better reach out with your financial offerings to customers? Since there is enormous competition in the market, it will not be accessible unless you follow the best development practices and principles. This is why we are here to provide a comprehensive guide to Fintech app development, budget, and all the steps leading to a successful app product.

The threat landscape in the financial services sector continues to get more menacing. Malicious actors and cybercrime groups increasingly set their sights on the sensitive financial data that banks, moneylenders, insurance companies, credit unions, and more all store in their IT environments. Exemplifying the challenge, one recent study found that the financial sector experienced the second-highest volume of data breaches in 2022.