You must have seen a simple scanner, it won’t be long until you comprehend the idea of OCR, also known as optical character recognition. One doesn’t require to have technical to understand how it operates either. Therefore, when everything is automated, user IDV is also done automatically by authenticating the user’s ID documents, specific to the state.
Personal information such as name, date of birth, residential data, etc. is authenticated to examine the legitimacy of people undergoing identification. IDV makes use of several technologies such as AI, ML, and liveness detection one of which is OCR, in order to combat scams in compliance with AMLD.
Adopting these technologies involves optical character recognition, digitizes the IDV procedure, replaces the time-taking physical verification, therefore making the entire identification procedure – secure, safe, and time-efficient.
Benefits of using OCR (Optical Character Recognition) solution
Optical character recognition technology is thought of as one of the most important types of data extraction techniques there are. It extracts the information from unstructured and structured reports and scans them. Either it might be a printed report or a scanned optical character recognition technology that makes the data extraction procedure smooth and easy. Since the converted information can be easily saved, searched, and modified digitally. Optical character recognition solution has had the complete information extraction procedure for businesses as the optical character recognition procedure is fast and shared easily.
Optical character recognition solution brings a lot of benefits to companies which heightens the effectiveness and performance with business operations. It can swiftly scan through huge datasets for businesses that are dealing with a large volume of employees each day.
Using optical character recognition services can assist businesses to reach great levels of productivity that were unless restricted by manual processes. The company resources can be adopted on main activities that were lost due to manual processes since extraction of data is digitized via optical character recognition. Therefore, data extraction through OCR technology is stored digitally, the staff members are not acquired to repeatedly go to the document room to obtain files from thousands of documents.
Less Data Extraction Expenses
Adopting optical character recognition will help companies in minimizing the data extraction expenses, businesses can save hundreds onboarding new sources, photocopying, distributing, physical scanning, etc. Due to this, optical character recognition also minimizes the expense of lost information in case of manual events.
Great Precision Rates
One of the main problems of physical data entry is the levels of inaccuracy measures. Digitizing data entry results in inefficient data entry and makes the complete procedure less prone to mistakes. As the procedure is an entry of data therefore inaccurate data can be withdrawn.
Cloud Storage Space
Optical character recognition not only scans the documents but secures the data from a piece of document to automated documents. OCR is a paperless technique that reduces the preservation of document files as information in an online form.
Enhanced Data Safety
Data safety is vital for companies. Paper documents can be easily damaged by the events, can be simply withdrawn or taken. Therefore, having optical character recognition saves the business’s personal user data from natural events or contrarily.
One of the main vital benefits of OCR is that it makes digital documents easily searchable. All staff members only have to enter main keywords to search the documents within real-time.
Enhanced User Experience
Call center employees are acquired to give a smooth user experience, they can not retain users on hold for longer. Usually, they acquire to give users the data or check the intimate data given by the customers to further process the application. Extracted information through optical character recognition is saved in digital form and is easily attainable. The user waiting time is minimized which as a consequence enhances the complete user experience.
Simply easy or modify documents
Scanned documents are not modified editable but information extracted through optical character recognition can be easily modified, added, or withdrawn. Therefore, businesses require to regularly update information, the optical character recognition extracted reports are easily updated.
Optical character recognition documents are easily recoverable as the information is saved digitally in systems that are safe, which shields the information from accidents. In case of events, the information can be swiftly recovered to make sure company operations.
Some Challenges in OCR
All exceptional things do come with difficulties, similar is the circumstances with technology. Optical character recognition technology assumes high-quality pictures having an exceptional resolution is thought as one of the most significant reasons for precision and achievement rate of extracted information.
- The history of the Identity Document card makes it hard to distinguish information from non-information.
- Not proper lighting or shadows can impose a problem for precise optical character recognition.