Inspiration: With Digital revolutions in banking system, many of core baking processes have gone online e.g, Payments, Loan approval and processing, bill payments, quick money transfers, many other features...And with the world facing the biggest Pandemic with COVID-19 resulting to carry out the task remotely as possible. This provoked us to think why is still the cheque being encashed by physically visiting the bank premise and waiting in long queues. Can we use technology to digitize this process and additionally help in containment of COVID-19 in some way was our inspiration.
What it does: This application allows to encash the cheque online swiftly from anywhere, without visiting the bank.
How I built it : Using all digital technologies like Ionic Angular built mobile app for Cheque Submission.
Back end REST Application using SpringBoot. Payer Cheque Authentication through email. Information Storing and Cheque Clearing Process.
Challenges I ran into : Reading the Image using OCR (Optical Image Recognition) Technology.
Accomplishments that I'm proud of
What I learned: Learnt to build apk using Ionic angular and android studio.
What's next for
Image Quality Enhancer : Now we need high quality Images(which can be captured easily with normal smartphones nowadays) for the OCR Technology to work properly. But later we can enhance the quality of Image using Image Quality Enhancer. Even with low resolution the OCR will do its job properly then.
Smartphone Based MICR Reader: Bank have dedicated MICR Readers to read the Cheque Number present in the bottom of the cheque printed with Magnetic Ink. This readers read the Cheque number and is also a method of verification for its authenticity. Our team has researched and found a way to convert our smartphones into MICR readers using its Magnetometers Sensors, nowadays present in every smartphones.
Artificial Intelligence Based Authentication of Cheque Images : We can use Machine Learning to enhance the verification process of Cheques. Cheques have water marks which provide next level of authentication for the Cheques.
Multifactor Authetication: OTP based authentication process will also be implemented to make process 2 factor authentication.