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OCR Technology: To Make Clear Distinction Among Real And Not Real Customers
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ryanjason1
OCR Technology: To Make Clear Distinction Among Real And Not Real Customers
It's been an ancient dream of humans to have smart technology on their side that could help us to read. As humans tend to lack accuracy and machines make fewer errors than humans. However, due to innovations in the past few years, humans have achieved this dream. As everyone is growing smarter under the umbrella of digitization, people are sharing the information among themselves and even with the machines. People and companies require higher information security, particularly financial services, automotive, healthcare, and e-commerce platforms.
OCR Optical Character Recognition has earned its place among the top technological applications in character recognition, AI, and machine learning. Although OCR has mostly replaced the human scanning capabilities, there is still some room left for improvement. It's fairly new among various methods to perform identity verification.
According to GlobalNewsWire, “The market for Optical Character Recognition online is expected to grow by $12.6 billion till 2025”.
Nowadays, the technology is not only limited to scan barcodes but it’s helping organizations to replace typing with scanning. Companies looking to make secure transactions are saving themselves from huge losses by scanning each of their customers' identities with the help of OCR (Optical Character Recognition).
OCR Solutions - Allow users to scan information from documents
By integrating Optical Character Recognition (OCR) with your systems can avoid any human errors that come with typing. The solution also provides ease and convenience for users to complete sign-up within a few seconds or minutes. Companies could use it to their benefit to decrease their drop-off rate and enhance the overall customer experience. Here are few other benefits that organizations could take by integrating OCR into their systems.
OCR solutions allow people to scan the information from identity documents rather than typing everything down.
Opting for third-party OCR services is necessary to validate user’s information.
It verifies users with a faster check without a need for an overlook.
It's a good alternative to match a person’s personal information with their identity documents.
Swift data extraction from image to text.
OCR works on both structured and unstructured documents.
Keep human interference to the minimum
Automatically save data on a cloud storage
Value Additions Offered With Optical Character Recognition (OCR) Software
OCR technology has to offer significant gains for the corporate sector. Here are few features that can help organizations streamline their business processes and gain momentum:
Accuracy: The software could easily scan any type of document from any region or country. OCR offers a higher recognition capability that helps with recognizing photos and video-frames. Therefore an automated data entry works almost perfectly on any document type.
Compliance: Keep in compliance with all regulations related to AML, KYC including others to build strong defenses against fraudsters.
Proficiency: Reduce human-produced errors in typos and shorten the effort made by your customers.
Autonomy: Data security is today's lock and key for organizations to make confidential information secure. Although the best way to secure data is not storing anything but it's the transmission of data that helps with the recognition.
How OCR Helps With Address Verification And Document Verification?
Most businesses rely on either address verification or document verification. In some instances, companies use both methods to verify a customer's identity. Although both verifications work the same with a small difference that address verification doesn’t require face verification of their customers.
In address verification, customers select different document types and they are verified by an AI-powered solution to identify the real identity of a person. For instance, organizations usually require government ID cards, utility bills, bank statements, etc to verify a consumer's address.
The data in both types of verification is scanned and verified by an OCR engine. It verifies the data against existing information in the form of documents. Thus ensuring that the information extracted through OCR and physical form is a perfect match.
Conclusion
Optical Character Recognition OCR algorithm keeps getting smarter with each passing day, as it scans through several document types and writing styles. As people have different writing styles, it sometimes becomes difficult for the software to scan the information. But a good combination of AI and OCR with human intelligence can avoid small errors. However, most organizations are relying on this technology type, as they could save time and resources to verify each document. Because manual work takes hours or even days to authenticate customer documents. Through automation, OCR technology has reduced the time it takes to verify a document to a few seconds or minutes.
OCR Optical Character Recognition has earned its place among the top technological applications in character recognition, AI, and machine learning. Although OCR has mostly replaced the human scanning capabilities, there is still some room left for improvement. It's fairly new among various methods to perform identity verification.
According to GlobalNewsWire, “The market for Optical Character Recognition online is expected to grow by $12.6 billion till 2025”.
Nowadays, the technology is not only limited to scan barcodes but it’s helping organizations to replace typing with scanning. Companies looking to make secure transactions are saving themselves from huge losses by scanning each of their customers' identities with the help of OCR (Optical Character Recognition).
OCR Solutions - Allow users to scan information from documents
By integrating Optical Character Recognition (OCR) with your systems can avoid any human errors that come with typing. The solution also provides ease and convenience for users to complete sign-up within a few seconds or minutes. Companies could use it to their benefit to decrease their drop-off rate and enhance the overall customer experience. Here are few other benefits that organizations could take by integrating OCR into their systems.
OCR solutions allow people to scan the information from identity documents rather than typing everything down.
Opting for third-party OCR services is necessary to validate user’s information.
It verifies users with a faster check without a need for an overlook.
It's a good alternative to match a person’s personal information with their identity documents.
Swift data extraction from image to text.
OCR works on both structured and unstructured documents.
Keep human interference to the minimum
Automatically save data on a cloud storage
Value Additions Offered With Optical Character Recognition (OCR) Software
OCR technology has to offer significant gains for the corporate sector. Here are few features that can help organizations streamline their business processes and gain momentum:
Accuracy: The software could easily scan any type of document from any region or country. OCR offers a higher recognition capability that helps with recognizing photos and video-frames. Therefore an automated data entry works almost perfectly on any document type.
Compliance: Keep in compliance with all regulations related to AML, KYC including others to build strong defenses against fraudsters.
Proficiency: Reduce human-produced errors in typos and shorten the effort made by your customers.
Autonomy: Data security is today's lock and key for organizations to make confidential information secure. Although the best way to secure data is not storing anything but it's the transmission of data that helps with the recognition.
How OCR Helps With Address Verification And Document Verification?
Most businesses rely on either address verification or document verification. In some instances, companies use both methods to verify a customer's identity. Although both verifications work the same with a small difference that address verification doesn’t require face verification of their customers.
In address verification, customers select different document types and they are verified by an AI-powered solution to identify the real identity of a person. For instance, organizations usually require government ID cards, utility bills, bank statements, etc to verify a consumer's address.
The data in both types of verification is scanned and verified by an OCR engine. It verifies the data against existing information in the form of documents. Thus ensuring that the information extracted through OCR and physical form is a perfect match.
Conclusion
Optical Character Recognition OCR algorithm keeps getting smarter with each passing day, as it scans through several document types and writing styles. As people have different writing styles, it sometimes becomes difficult for the software to scan the information. But a good combination of AI and OCR with human intelligence can avoid small errors. However, most organizations are relying on this technology type, as they could save time and resources to verify each document. Because manual work takes hours or even days to authenticate customer documents. Through automation, OCR technology has reduced the time it takes to verify a document to a few seconds or minutes.
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