Optical Character Recognition (OCR) technology is innovating the corporate industry with its far-reaching benefits like automated data extraction and optimized document retrieval. Still, many businesses are not fully aware of the benefits an OCR solution can bring to their daily operations and while enrolling new customers/clients to the company. The story of Optical Character Recognition OCR technology dates back to the late 1920s when Dr. Emanuel created a system on his own that used optical rays to scan text from a piece of paper and transform it into a digitized format.
Since then, OCR has been emerging as a promising technology with applications in various industries like banking, legal, finance and identity verification, etc. With the advent of artificial intelligence in the traditional Optical Character Recognition OCR engine, it has become much more efficient, reliable, and accurate in terms of both turnaround times, and data extraction/management.
OCR Technology – A New Dawn of Efficient Data
These days, companies focus on better resource planning. This is possible not only by chalking a great product strategy or optimizing marketing efforts but also through the use of intelligent solutions. OCR technology offers a decent level of convenience and efficiency for customers and business entities alike. Customer data and their identity information are crucial for businesses since they are the actual driving force of revenue and sales. In this regard, organizations invest a good deal of time and money in identity theft protection and make sure no loopholes result in a data breach.
With a huge influx of user data to manage on a daily basis, businesses are stuck with a lot of responsibilities. Manual procedures are no more an option since they because:
- They lack consistency and are prone to various errors
- Much more time consuming and resource inefficient
- Customers have to wait in long-standing queues
- A lost or misplaced physical record could cost a lot
With a reliable OCR solution powered by artificial intelligence in place, verifying users through their identity documents is not an uphill task anymore. It takes around $220 on average for businesses to regenerate a misplaced or lost user record. But, if the same information is stored over a digital channel such as cloud storage or an online database where it can be retrieved in real-time without the user having to come to the office premises to request the information.
OCR for Online Businesses
Technology is moving at an unmatched pace, and companies have to keep up with the rapidly evolving trends. With all these technology-centric innovations taking place, customer onboarding has become effortlessly convenient, time-efficient, and reliable. Developments in customer identification such as the inclusion of artificial-intelligence-based OCR technology that bring efficiency and credibility to existing document verification systems. This way, enterprises can deliver a worthwhile experience to their customers, create better retention, and increase their sales opportunities.
Document verification at the time of customer onboarding using OCR solutions replaces current old-school methods that take a lot of time while account openings. Digital documents and files generated by OCR-based solutions store information in online repositories from where it can be readily accessed regardless of where one is physically present. Businesses can use this utility to offer customer-centric products and services to their end-users.
Benefits of AI-based OCR Technology
Retrieving data in real-time
OCR technology that is powered by AI models is usually called Intelligent Character Recognition (ICR). These Optical Character Recognition OCR software are purpose-built to enable businesses to extract real-time data from user documents and make it available instantly. In a matter of seconds, the user is able to access their records using a smartphone device, or a computer having an internet connection. All the data is stored on the user profile that can be accessed digitally.
Optimizing Data Storage Options
With state-of-the-art OCR technology, businesses can create documents in a wide array of format ranging from image files to digital PDFs including extension such as .pdf, .docx, .png, .jpg, .rtf, etc. This large set of options allows corporate entities to store data in any form they like based on the business needs, make a hierarchy of data and provide their customers with customized storage options.
Improved Accuracy & Reliability
AI-based OCR technology has the ability to recognize characters that a normal OCR solution cannot distinguish easily. These smart character recognition software also support a wide array of languages that makes global coverage possible. Keeping intact the overall accuracy, intelligent character recognition is helping business entities utilize reliable data during customer onboarding that reduces the error rate and the overall turnaround time.
To Wrap it up
To sum it all up, OCR technology has become much more advanced over the past few years, allowing businesses to onboard legitimate clients by improving the overall data extraction accuracy during document verification procedures. This allows them to bank on technology trends while delivering a purposeful experience to their end-users.