Scroll Top

Related Terms

DEFINITION

Data Parsing

Data parsing is the process of analyzing, interpreting and converting raw data from one format into a structured and readable format for further use. This is done so that unstructured data, such as a scanned copy of a document, can be stored, analyzed, and processed. This in turns allows for processes such as application processing to be largely automated, especially when paired with technologies such as AI, rule engines, and Optical Character Recognition (OCR).

Related article: Speeding up Atfinity with Speedy ANTLR.

Synonyms

Data extraction, data processing

Acronyms

Share

Synonyms

Data extraction, data processing

Acronyms

Examples

A bank receives hundreds of customer bank statements as PDFs or scanned handwritten documents. Normally, a person would have to look through every document and manually type it out into their system. However, by using OCR and data parsing tools, the documents are automatically broken into structured elements, such as dates, amounts, merchant names, etc. This parsed data is then automatically imported into the bank’s core systems, where it can then be used for analysis, KYC/KYB, customer onboarding, report creation and similar processes. By doing it this way, the bank can process all the needed documents easily and efficiently.

FAQ

Data parsing is essential for automating key processes such as contract creation, saving businesses significant resources and making the process a lot faster and more efficient.

Issues such as inconsistent data formants, incomplete or corrupt data and technical hurdles such as extracting information from embedded files or scanned documents are all common challenges for data parsing.

Data extraction is the process of retrieving specific data from larger datasets. However, at this point, the data can still be unstructured if the dataset used is unstructured. This is when data parsing comes into play and structures the data for further use.

Related Terms

Share

Join the Future of Banking

Book your demo today and see why leading financial institutions
worldwide trust Atfinity to drive their digital transformation.

Join the Future of Banking

Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.

Privacy Preferences
When you visit our website, it may store information through your browser from specific services, usually in form of cookies. Here you can change your privacy preferences. Please note that blocking some types of cookies may impact your experience on our website and the services we offer.