In today’s risk-heavy landscape, compliance isn’t negotiable—but it doesn’t have to be a burden either.
Across MENA and Africa, banks face rising regulatory demands—from real-time KYC to cross-border AML checks. Yet manual document processing remains the norm, slowing operations and increasing risk exposure.
A PwC Middle East survey (2024) shows that 58% of FSIs cite document review as their biggest compliance bottleneck.
The solution? OCR technology—at the heart of next-gen RegTech.
The Cost of Manual Compliance
- According to Thomson Reuters, global compliance costs have surged by over 60% in the past five years
- In MENA, banks spend up to $20 million annually just to stay compliant (Bain & Company, 2023)
- Errors from manual data entry remain a top 3 cause of regulatory fines, especially in onboarding and customer due diligence
OCR’s Role in Smart Compliance
OCR enables banks to:
- Digitize and extract key info from IDs, passports, contracts, and source-of-funds docs
- Cross-verify customer data instantly against watchlists and blacklists
- Generate audit-ready trails with zero manual entry
A recent IDC study shows that banks using intelligent document processing cut audit preparation time by up to 75%.
Why Cubic Builds OCR into Compliance Platforms
Cubic’s platforms embed OCR into every stage of the compliance lifecycle:
- KYC and KYB onboarding
- Transactional monitoring
- Complaints resolution and audit reporting
With OCR, banks no longer chase compliance—they build it into their core operations.
Want to simplify your compliance stack?
Get faster, error-free documentation, smarter screening, and real-time regulatory reporting—all powered by OCR.
Talk to Cubic today and see how RegTech meets reality.