OCR technology enables businesses to create a secure and genuine database of substantial documents and it’s also widely used in client verification programs.
Data is something in a business that hardly loses its significance over time. Optical Character Recognition, OCR technology is a common part of all businesses and financial institutes with digital footprints. Tangible products come with an expiry date but automated technologies don’t so any price is justified over them. The OCR services for data extraction are an integral part of the infrastructure of any organization these days to become time-efficient and more productive.
The phenomenon got started with the mere intention of preserving historical facts published in newspapers but with the passage of time, the actual potential of OCR technology is finally getting accepted. The replacement of enormous manual paperwork by the screening engine is a step ahead. It is expected to grow further with time and other technological innovations in the future.
Use Cases of OCR Solutions
Customer Identification
Most of the countries and territories these days have a KYC (Know Your Customer) compliance program. In order to meet the mandates every business and financial corporation practices OCR technology. The screening solution is used for the extraction of all data fields.
The client for onboarding submits images of the identity documents which are scanned by the AI-driven solution. The optical scan then collects all the information such as name, location, date of birth, and other imperative credentials from the identity documents. The OCR technology converts images into a textual machine-readable state that is then verified by the KYC solution.
The OCR technology is the pillar of the KYC process which enables countless e-commerce platforms, banks, digital currency exchanges to streamline their client verification program and get authentic customers onboard.
Not only during the KYC program but afterward for data collection and storage of multiple clients or company-related documents, OCR systems are a must.
Data Entry
The enormous amount of paperwork in any business or bank and the high margin of errors in respective tasks due to manual inefficiency go straight out of the park due to seamless working of the OCR technology. Earlier, many companies would recruit a large group of employees for rendering services of data collection and storage.
There is no need for any additional employee, outsourcing, or appointing a freelancer. The abundant volume of documents get processed and preserved in the data storage units of a particular entity in no time and they can easily be accessed due to OCR technology. The substantial reports can be downloaded and converted into any different format.
Record Maintenance
Due to the digitization of businesses and also after the covid pandemic, the already reduced amount of business conducted traditionally went completely online. For creating and preserving a record of purchases and inventory, OCR technology is ideal as it captures data from almost all types of documents. Whether a paper-based record is structured or not, the OCR engine will seamlessly select data and process it. The OCR technology can be used to have a digital database of paid/unpaid invoices, different receipts, employee or client records, handwritten documents, and much more.
Standout Features of Online Optical Character Recognition
Global Coverage
A multilingual online solution with coverage of multiple languages is a must for every company conducting business with international clients and other entities. The OCR technology gathers information present in a foreign language, maybe with a different format, processes it, and transitions it into the parent language of the specific financial corporation or business entity. The sheer potential of the service eliminates lengthy and inaccurate manual data authentication.
Extending Branches
As said earlier, not only for printed structured and unstructured documents but the OCR technology also is useful for paper records that are written by hand. The smart subset of the OCR is also referred to as the ICR (Intelligent Character Recognition). The particular software can process, identify and convert manually written data into a machine-readable format in no time, that too with the same accuracy rate.
API Integration
The OCR technology with a simple API is all a business requires to streamline its data authentication and collection tasks. The solution can extract and share data with a particular business firm or financial institute without making any upgrades in their working system. There is no need for a pre-installation either. The OCR technology functions on android, desktops, and iOS platforms seamlessly.
Conclusion
The OCR technology with its promising features and remarkable accuracy rate is inevitable for every digital business and financial corporation out there. It creates a safe bridge between a firm and its clients that leads to the ultimate goal swiftly. Multilingual systems maintaining compliance with GDPR deliver close to perfect output to enterprises. The OCR technology is a high contributing factor to a successful business.
