The core of all identity verification services enables companies all over the world to verify the legitimacy of their customers and the identity credentials provided by them. Online businesses’ fraud prevention and identity theft protection measures are based on trustworthy KYC verification, which in turn depends on real ID verification. However, the majority of the KYC sector has made ID verification challenging by requiring many checks to be made in addition to a significant amount of time being wasted by customers manually entering their identity credentials. In consequence, OCR technology provides a cost-effective alternative to the labor-intensive manual data entry process that precedes the identity verification process.
What is Optical Character Recognition (OCR Technology)?
In simple words, OCR technology is a term that is used by businesses to read and identify text from typed or printed documents. The advanced form of OCR technology is able to read and identify handwritten documents. The advanced version has the ability to extract single letters/alphabets and align these alphabets to a meaningful word, and then a complete sentence.
Core Benefits Of Optical Character Recognition Data Entry
It has been proven that OCR increases productivity and workflow efficiency. For businesses that deal with a lot of physical data and papers, the ability to rapidly search documents is very helpful.
Companies can achieve higher productivity by retrieving information quickly using OCR technology. By automating data retrieval, employees can now focus on other important business areas rather than spending time and energy retrieving specific information manually.
Moreover, employees don’t need to visit the information storeroom again and again to get any specific information, OCR technology made this whole process digital.
By getting benefits from OCR technology, now companies do not need to onboard experts for information extraction obligations. It also plays a significant role in reducing business costs for printing, shipping, and others.
Higher Accuracy Rate
The biggest problem associated with the manual data entering procedure is accuracy. Inaccuracy faces a challenging obstacle from manual data entry. OCR’s automatic data entry method significantly lowers the possibility of mistakes. OCR solves problems like incorrect information entry and data loss because it doesn’t require manual labor.
Improved Information Security
Information has its separate significance in almost every business. physical documents are most likely to get damaged. Due to climate uncertainty and the possibility of stealing documents, papers can become unreliable, misplaced, or damaged. However, OCR scanned documents have reduced such threats to a business.
One of the essential benefits of using OCR technology, it converts all the information from a typed or printed document into a searchable text file. It allows business employees to retrieve any specific information just by searing relevant keywords.
Outstanding Customer Service
Customer-care teams frequently need to access specific client-related information to process requests in various businesses. In such cases, data accessibility becomes essential. The customer care teams can instantly access and retrieve any client-related information thanks to OCR technology. It significantly minimizes customer wait times, resulting in a positive customer experience.
The scanned documents usually need changes, particularly when any customer wants to update their information. Advanced OCR technology converts the data into the desired format to make changes in it easily later on.
Better Storage Space
Multiple OCR service provides scanning paper-based documents for businesses. Businesses receive greater office space to use for other purposes in exchange for storing papers on a secure server. An OCR-based document scanning service enables businesses to adopt a “paperless approach.”
One of the most often used applications for OCR services is a searchable PDF format. The majority of businesses rely on data, and OCR gives them the ability to convert all of their paper documents and image-only PDF files into searchable and editable data. OCR-created PDF files include an invisible overlay with searchable text, unlike conventional PDF files. Users can extract specific names, keywords, and other crucial information from files using OCR.
Cost Reduction in Terms of Resources
Hiring data entry professionals is no longer necessary thanks to advanced OCR technology. To extract all of the receiving information, ARC integrates OCR throughout the system infrastructure. By using OCR, you can deploy an automated workflow from end-to-end to replace the legacy data entry system.
Remotely Identity Verification
Organizations perform client ID verification, whether it’s to meet legal obligations or guarantee a valid customer base. Businesses can screen out undesirable individuals by comparing digital documents to government-issued IDs. Companies can effectively extract customer identity information using an OCR-based document scanning system.