What is OCR? The Usage of OCR Solutions in Document Verification
Technology is revolutionizing businesses for decades now. The implications of Artificial Intelligence and Machine learning are beyond comparison because these technological advancements are not only improving productivity or automating company processes but also enhancing customer experience, security, and accuracy.
Apparently, among other technologies, OCR or Optical Character Recognition has also become more capable. It may not be as prominent as AI or ML, but OCR solutions are playing a huge part in the automation of identity verification services for global industries.
The emergence in technology has given birth to online fraud that leverages system vulnerabilities in the worst ways possible. Online criminals target digital platforms for fraudulent gains which as a result can have detrimental effects not only on the company’s revenue cycle but reputation. Therefore, global industries are using OCR based document verification solutions to fill gaps or loopholes in manual processes.
Choosing the right identity verification solution is invaluable because it should be able to verify customers within seconds, and with a higher possible accuracy rate. Here Artificial Intelligence and OCR services can contribute significantly.
What is OCR?
‘OCR is technology converts handwritten, typed, scanned text, or text inside images to machine-readable text.’
Digitized text can be easily presented, edited, stored, and searched. OCR optimizes the key administrative tasks, making it rather reliable and time-efficient.
How OCR Can Help with Customer Identity Verification?
The digital world is crowded by digital frauds, online scams, and financial crimes. Using digital platforms to increase revenue can backfire and at times take a toll on customer sensitive data and digital assets. So in order to secure their online channels businesses are aggressively moving towards digital identity verification before onboarding customers because it seems like the only logical solution in this day and age.
Identity verification including Document verification enables quick and secure enrollment of customers by digitally verifying official identity documents. Name Date of birth, Address, Nationality is thoroughly checked against databases to prevent any imposter or fraudulent individuals from entering the system. OCR solutions automate identity verification, data extraction, and data processing procedures by instantly capturing information on the identity document for further validation.
The global OCR market is expected to grow at a CAGR of 15% from 2020 to 2030, reaching USD 70 billion by 2030.
Benefits of OCR to Business Operations
In order to speed up business operations, companies are excessively deploying OCR based identity verification services. Because digitizing text not only saves time but resources too. Once extracted the customer information can be easily accessed by the company.
- Automates manual data entry
- Faster data processing
- Not prone to human errors
- Cloud storage makes the sharing of data easy
- Increases productivity, reduces the time
- Promotes data security and stability
Effortless verification solutions are what companies are looking for. As mentioned above, OCR technology substantially reduces the verification time and the direct input from the end-user which otherwise is very daunting because no one likes to fill in long-winded forms. All customers are required to do is show their ID card in front of the camera or upload the image, OCR technology will do the rest.
Why Choose Shufti Pro’s OCR for Business?
Shufti Pro’s OCR for business provides an automated system for customer information extraction with over 90% accuracy rate. After the user has uploaded his identity document, Shufti Pro’s OCR will automatically fill in the information, in case of missing information end-users can easily edit their information for further processing. Shufti pro takes the customer’s approval before forwarding the information and gives users the rights and time to edit data.
Shufti Pro’s OCR for business can extract data from both structured and unstructured documents and is available in more than 200 countries around the globe, supporting 150+ languages and 3000+ document templates for verification.
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