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OCR Screening – Change The Financial World Through Digitization

In this modern era, everyone prioritizes convenient experiences, and no one wants to stand in queues. As fraudsters improve their strategies, businesses also move forward to advance their security level to prevent their companies from huge losses. Businesses must maintain that their customers suffer because it would lead to decreased customer retention. 

The manual system was the most frustrating because clients needed to enter the details manually, and customers had to wait in long-standing queues. Some businesses have opted for digitally auto-generated forms, but some still need to upgrade their security level. However, businesses opt for OCR optical character technology to fight these issues. 

The Future of OCR Technology 

OCR technology is advanced as it digitally captures images and converts them into readable and editable text. The primary purpose of this technology is to extract words from the data and convert them into a format that is either editable or searchable. The text from the physical documents converts into an accessible electronic version. Nowadays, mobiles have apps that run the OCR checks whenever required. The integrated OCR technology is an automated information capture and real-time text identifier through mobile OCR. 

Stages in the OCR 

In the OCR process, here are some steps listed below:

  • The app of OCR scans the documents and then extracts the text from documents. 
  •  After the text is extracted from the documents, it converts into a digital-based format that can be used for several purposes. 
  •  However, the primary purpose is to edit, select, and search.

Now the user can see the extracted text through the OCR app. 

The Automated Data Capture Through OCR Screening 

OCR technology is being used by people daily. For instance, OCR optical character recognition is used in book scanning, converting raw images into a digital format. Google books use OCR text recognition software to scan and use it for the digitization of books. 

Another famous example is the number plate recognition of vehicles through OCR screening converts the scanned information into editable documents. 

Interesting Use Cases of OCR 

  1. Banks 

Banks have to deal with documentation daily. The documents are acquired for customers to fill in their data that can later be used for digital onboarding so that customers can access digital services. The banking sector is now centralized, providing customers with an enhanced experience on digital platforms. That’s why even ATMs are using OCR software to extract data from credit/debit cards and offer services to their users. 

The OCR optical character recognition technology gives banks various benefits when they want to digitally onboard a customer. The user picture is required, and forms available in hard copy extract the required data. Therefore, OCR has increased the speed and accuracy of the banking sector while onboarding customers. Furthermore, banks are using OCR technology to save time. 

  1. Medical Sector

In the healthcare sector, many patients come daily, and in this hectic process, patients’ documents can get lost. That’s why medical sectors opted for digital platforms and transfer their data, like patients’ treatments, symptoms, and prescriptions. This will ultimately enhance the patient experience and help staff with less workload. Previously when conventional methods were used and digital processes were not introduced, it took a lot of work for healthcare teams to extract data about the patients. Finding records about patients took a lot of work, increasing their time. 

Doctors have cursive handwriting, which can not be read by OCR technology but can be read by ICR technology, leaving it the only drawback of OCR software. Cursive handwriting is used by many people but primarily by doctors, which is easier to read with practice. 

Identity verification 

Identity verification systems are combined with OCR compliance to extract the records of individuals while going through the verification process. Identity verification is necessary for businesses and other sectors to comply with the regulations of KYC. 

Wrapping It Up

All business sectors should integrate OCR technology into their systems to enhance security. OCR document scanners assist many businesses and individuals in extracting data and provide them with several advantages. As businesses deal with various information, the OCR scanner app helps prevent fraud, scams, and threats. That’s why the OCR optical character reader technology should be adopted for identity verification. 

Apart from this if you are interested to know Top Web3 Platforms to Explore in 2023  then visit our  Technology category.

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