Why traditional OCR and rule-based systems struggle with financial data extraction.
Approach | Strengths | Limitations |
---|---|---|
OCR Extraction | Works well on clean PDFs | Struggles with inconsistent formats and handwritten notes. |
Template Matching | Fast for structured documents | Fails when bank layouts change or statements contain multiple pages. |
Rule-Based Parsing | Automates transaction classification | Breaks with unknown vendors, typos, and non-standard cash flows. |