The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    216.73.216.113

    AI-Powered OCR to Combat Challenges During Manual Data Processing

    powered

    Every industry has to deal with tons of customer data on a daily basis. Receiving information, extracting important values, converting it into machine-friendly language, and making it readily available for further processing sounds easy, but it is not a piece of cake. It takes days to complete the entire process which is not only time-consuming but also demands a lot of money and effort. Today’s fast-moving environment needs a solution to eliminate manual data processing so that companies can save time, money, and effort. 

    For instance, the identity verification sector can no longer consider manual data processing for its services. The ‘know your customer’ verification and anti-money laundering screening are two hectic jobs that can take days for completion per verification. If a financial institution performs thousands of end-user verifications, how can the service provider authenticate so many documents without compromising the quality of the process? It is nearly impossible to onboard customers with the manual methods of data entry and processing. The industries need an efficient solution that can ease the procedure.  

    We conducted a small survey to know how manual methods of data processing are increasing challenges for the industry leaders, and the responses were overwhelming. Read this blog to find out what the challenges industry leaders are facing with manual data processing and how we can help them. 

    Thoughts of Industry Leaders on Manual Data Processing

    Al-Powered

    Multiple companies contributed to our survey explaining the challenges they face during manual data processing and here’s what they have experienced. 

    The CMO of Crediful, Lucas Robinson, says, “The biggest setback of manual data processing is the fact that it consumes a lot of time. When entering information manually, it takes up a lot of time, no matter how fast one can type or process information, it will never be as fast as it needs to be. Typing a lot of information can be complex and cause people to lose focus and this will also add to the time it takes for data entry. Not being quick enough leads to a big delay in data availability.”

    Undoubtedly, the excessive time consumed is the biggest hassle that an organisation has to face and there is not enough time for the employees to spend in processing big data every day. 

    Apart from the time consumed, Lewie Mortier, Financial analyst and trader at Mitrade has shared his inconveniences during manual data processing and reported, “A challenge faced by using manual documents is that it takes a lot of space. As your business grows, you will have to find a room to store the documents and can be a downfall if you have a small office or want to save on space.”

    Although cloud storages are the best way of storing data, manual processes consume a lot of space than usual. Companies have to settle the extracted data separately and the final files have to be saved as well. Furthermore, fixing the errors again needs some space. 

    Financial challenges are tough to combat and manual data processing can take up a lot of money for your company, Jacob Johnson from Symbium shared his view of the traditional processing and said, “Obtaining, maintaining, and managing that data is possible but requires a significant capital investment. In case of customer onboarding, forms and workflows should be present at a minimum level and need *not* contain any AI capabilities. However, forms and workflow tools on their own are insufficient to address complex regulatory requirements and legal analyses that form the promise of AI tech. Streamlining those complex regulatory and legal analyses in customer onboarding is possible but requires a novel approach in order to curtail the mammoth task of solving these problems through machine learning.”

    Saving costs is essential but if organisations continue to go for the traditional methods of processing data, it may not be possible. Businesses need an AI-powered solution that can save costs, time, and effort as well. 

    Did you know that errors in manual data processing are higher and can cost companies a fortune? Also, the security of confidential information is at risk. Here’s what Adriene Raynott, Sr. Business Analyst at Cogneesol has to say,

    “When you manually file paper documents, the chances of errors and losing essential documents are increased. This can also lead to wastage of time, money, and efforts. Business documents contain sensitive information that needs to be held securely. With manual processes, you might be putting valuable data at risk as anyone can access it.”

    It’s no surprise that data breaches have increased in the past few years. Manual processes give fraudsters a clear path to fulfil their malicious intent. He further added to his statement and said, “As we do multiple edits on documents, paperwork is not amendable to be changed, after each modification, the final version needs to reprint that confuses employees about the documents’ real version. So, the wastage of time and effort makes employees feel stressed.”

    AI-Powered OCR – The Perfect Solution 

    Optical Character Recognition (OCR) has been in action since 1990 but it is not as effective as it should be for the fast-moving world. When Artificial Intelligence is there to enhance all the operations in the highly technological world, why not improve OCR? AI-powered optical character recognition is the new normal that can enhance data entry and processing for all the industries. Be it a law firm that needs to process documents for a case or a foreign exchange firm that has to verify documents for onboarding a trader, AI has revamped the data processing method. 

    The process of data processing with AI-powered OCR is completed in three stages:

    1. Preprocessing 
    2. Data extraction 
    3. Pot-processing 

    Learn about the three stages in detail: AI-Powered OCR to replace data entry in 2020 – A detailed insight

    Shufti’s AI-Powered ‘OCR for Business’ Solution 

    Processing customer data is a tough job if your business is following the traditional methods. It will consume time and effort along with a lot of capital investment. Furthermore, employee productivity decreases since the manual process requires several edits to eliminate errors. The industry leaders shared their perspectives regarding manual data processing and fortunately, Shufti has a solution to combat these challenges. An OCR software powered by Artificial Intelligence is a great way of processing data and ensuring its efficacy as well. It only takes 15 to 60 seconds for the software to extract and process data, and provides more than 90 per cent accuracy. Moreover, Shufti’s OCR technology provides a global coverage for 150+ languages.  

    Get in touch with our experts to know more details about OCR for business.

    Related Posts

    Blog

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification

    The customer journey with a business is very comprehensive. It does not end once the customer is ...

    How to Design an Effective Client Lifecycle Management (CLM) System with ID Verification Explore More

    Blog, Identity & KYC, Online Marketplace

    How KYC for ICOs can Make Cryptocurrency Great Again?

    Give people a mode of money transaction free from banks. That was the thought behind cryptocurren...

    How KYC for ICOs can Make Cryptocurrency Great Again? Explore More

    Blog

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance

    Money laundering has always remained a huge challenge for global economies, and all the major jur...

    UAE’s Targeted Financial Sanctions (TFS) – How Shufti Can Help Ensure AML Compliance Explore More

    Blog, Financial Crime / AML, Online Marketplace

    Smaller Banks are in dire need of AML Compliance to avoid fines

    Smaller banks are being considered an easy target for money laundering activities because of thei...

    Smaller Banks are in dire need of AML Compliance to avoid fines Explore More

    Blog, Business Technology, Fraud Prevention, Identity & KYC

    Face Verification – One Solution for Several Identity Frauds

    Biometrics is the technology that verifies the unique personality traits of a person to identify ...

    Face Verification –  One Solution for Several Identity Frauds Explore More

    Blog

    First-party, Second-party and Third-party Frauds – How to Stop them?

    Most businesses don’t lose customers because of poor services but due to weak security measures. ...

    First-party, Second-party and Third-party Frauds – How to Stop them? Explore More

    Blog, Identity & KYC

    Which KYC Documents are Required for Customer Verification?

    Name, Rank, Brigade, and Serial Number. That’s the only information military organizations across...

    Which KYC Documents are Required for Customer Verification? Explore More

    Blog

    The Role of Biometrics in Combating Money Laundering and Identity Fraud

    The fast-paced growth of biometric technology and its widespread adoption in the financial and he...

    The Role of Biometrics in Combating Money Laundering and Identity Fraud Explore More

    Blog

    Video KYC in 2024 | A Step Towards Digital Evolution

    The striking surge in theft and fraud through digitisation is a growing concern for many business...

    Video KYC in 2024 | A Step Towards Digital Evolution Explore More

    Blog

    Worldwide Language Coverage from Shufti helps you go Global

    Language serves the purpose of communication among people of a certain locality, nation or in cas...

    Worldwide Language Coverage from Shufti helps you go Global Explore More

    Blog

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams

    With a significant majority of students diverting from their usual school routines due to the COV...

    Age Verification for Social Media – Protecting the Younger Victims of Online Scams Explore More

    Blog

    A Brief Overview of the Cryptocurrency Landscape in the US and Canada [2022]

    The adoption of cryptocurrency throughout the world has ignited the launch of new markets and reg...

    A Brief Overview of the Cryptocurrency Landscape in the US and Canada [2022] Explore More

    Blog

    Improving Identity Verification Processes Through Perpetual KYC – How Shufti Helps the Banking Sector

    Banks are considered a subset of the financial services industry and play the most crucial role i...

    Improving Identity Verification Processes Through Perpetual KYC – How Shufti Helps the Banking Sector Explore More

    Blog

    Top 5 Trends to Revamp the Online Gambling Industry in 2022

    In recent times, the online gambling sector has demonstrated continuous growth along with technol...

    Top 5 Trends to Revamp the Online Gambling Industry in 2022 Explore More

    Blog

    Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations

    The ever-growing industries across the world are opening gates for numerous opportunities to gree...

    Cannabis Industry – Risks, Predictions, Fraud & KYC/AML Obligations Explore More

    Blog

    Avoid Non-Compliance Fines with AML Transaction Monitoring

    Cybercriminals in the realm of fraud and financial crime are constantly revising exploitation met...

    Avoid Non-Compliance Fines with AML Transaction Monitoring Explore More

    Blog

    12 Money Laundering Red Flags Finance Teams Must Watch in 2025

    The 2025 Threat Landscape Regulators levied US $4.6 billion in AML fines across 52 enforcement ac...

    12 Money Laundering Red Flags Finance Teams Must Watch in 2025 Explore More

    Blog

    5 Key Regulatory Updates for the Banking Sector in 2021

    The pandemic disrupted operations in the banking sector and the criminal activities significantly...

    5 Key Regulatory Updates for the Banking Sector in 2021 Explore More

    Blog

    Risk Assessment: Building Trust in Crypto Exchanges

    Other than following AML and KYC laws, crypto exchanges have a huge responsibility on their shoul...

    Risk Assessment: Building Trust in Crypto Exchanges Explore More

    Blog

    Mounting Cases of Money Laundering through Digital Currencies in 2021

    Even though cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are increasing rapidly, yet the...

    Mounting Cases of Money Laundering through Digital Currencies in 2021 Explore More

    Blog

    Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector

    Regulated entities must be aware of who they are interacting with. Validating the real identities...

    Understanding UBOs: A Critical Component in Enhancing Security in the Financial Sector Explore More

    Blog, Online Marketplace

    Secure Online Merchandises with e-KYC and Digital ID Verification

    Selling and purchasing online has its own advantages, both for the seller and the buyer. Online m...

    Secure Online Merchandises with e-KYC and Digital ID Verification Explore More

    Blog

    Know Your Investor (KYI) – Identifying and Eliminating Russian Sanctions Evaders

    For quite some time, wealthy Russian businessmen and oligarchs have been investing their money in...

    Know Your Investor (KYI) – Identifying and Eliminating Russian Sanctions Evaders Explore More

    Blog

    e-IDV | Combatting Fraud in a Remote World

    Know Your Customer (KYC) is a method to identify and verify clients’ true identities and re...

    e-IDV | Combatting Fraud in a Remote World Explore More

    Blog, Reg Tech

    Effect of the Amendment to the FINMA Compliance on IDV Service Providers

    In the first quarter of the year 2018, the Swiss Financial Market Supervisory Authority rolled ou...

    Effect of the Amendment to the FINMA Compliance on IDV Service Providers Explore More

    Blog, Business Technology

    4 Fintech trends to look forward in 2019

    FInTech has come a long way from being a mere futuristic technology and has achieved scalability ...

    4 Fintech trends to look forward in 2019 Explore More

    Blog

    Transaction Monitoring in 2023 | A Comprehensive Guide

    Scammers are searching for businesses to exploit, and financial firms with loopholes provide them...

    Transaction Monitoring in 2023 | A Comprehensive Guide Explore More

    Blog

    How to Use Shufti’s ROI Calculator to Justify Better Identity Verification Outcomes

    As the pressure to grow profits intensifies, many companies are thinking proactively on how to ef...

    How to Use Shufti’s ROI Calculator to Justify Better Identity Verification Outcomes Explore More

    Blog

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

    Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

    A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

    Blog

    Metaverse and Money Laundering – How Shufti’s AML Screening Helps

    For quite some time now, the world has been preparing itself for the latest development in multip...

    Metaverse and Money Laundering – How Shufti’s AML Screening Helps Explore More

    Blog

    The Ultimate KYC Checklist for 2023 to Ensure Regulatory Compliance

    Non-compliance cost businesses billions of dollars. Regulators have charged financial firms with ...

    The Ultimate KYC Checklist for 2023 to Ensure Regulatory Compliance Explore More

    Blog

    Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime

    Emerging FinTech firms around the world spend almost one-third of their overall budgets on develo...

    Lithuania’s AML Regulations – How the EU’s FinTech Hub Prevents Financial Crime Explore More

    Blog

    Shufti Beyond Borders – Customer Experience That Drives Results

    About Stanton Brooks Stanton Brooks is a global customer experience (CX) leader specializing in d...

    Shufti Beyond Borders – Customer Experience That Drives Results Explore More

    Blog

    Top 5 Technologies Disrupting the Healthcare Sector

    Within the next five years, experts are anticipating major technological disruption in the 808 bi...

    Top 5 Technologies Disrupting the Healthcare Sector Explore More

    Blog

    Holiday Season Scams – 5 Ways Identity Verification Can Help You

    The holiday season brings in a lot of joy and harmony for everyone. From thanksgiving to new year...

    Holiday Season Scams – 5 Ways Identity Verification Can Help You Explore More

    Blog

    KYC & AML Regulations in the UK: An Ultimate Guide

    Financial crimes have been around since the invention of money. Some argue that their origins are...

    KYC & AML Regulations in the UK: An Ultimate Guide Explore More

    Anti Money Laundering, Blog, Financial Crime / AML

    US Treasury opposes European Commission AML Country List

    The European Commission has adopted a new list of 23 countries which lack appropriate framework f...

    US Treasury opposes European Commission AML Country List Explore More

    Blog

    Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions

    Following the rollout of viable vaccines to combat COVID-19, the prospects of normalcy are on the...

    Digital COVID Certificate Verification: Prevalent Problems and Viable Solutions Explore More

    Blog, Identity & KYC

    Identity Verification Market ‘Hitting High Record’

    The advent of technology has pushed businesses to digitize their operations for better customer e...

    Identity Verification Market ‘Hitting High Record’ Explore More

    Blog

    KYC Verification – The Significance of Identity Verification in the Telecom Industry

    Increasing smartphone usage throughout the world has accounted for large amounts of data being sh...

    KYC Verification – The Significance of Identity Verification in the Telecom Industry Explore More

    Blog

    Biometric Authentication Technology – Everything you Need to Know

    Nowadays businesses are looking for more secure systems for the sole reason of customer authentic...

    Biometric Authentication Technology – Everything you Need to Know Explore More

    Blog

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill

    Being the largest economy in Southeast Asia, Indonesia is experiencing enormous growth in the dig...

    Indonesia’s First-ever Comprehensive Law on Data Privacy – the PDP Bill Explore More

    Blog

    Integrated Compliance Management – Mitigating the Regulatory Risks

    Businesses operating in the financial sector often face organizational and compliance challenges....

    Integrated Compliance Management – Mitigating the Regulatory Risks Explore More

    Blog

    ID verification Services – Why Paper IDs are inferior to Digital Cards?

    ID verification services are at the forefront of making online marketplace transparent and ensuri...

    ID verification Services – Why Paper IDs are inferior to Digital Cards? Explore More

    Blog

    Shufti’s Journey Builder: Designing Identity Verification Made Simple 

    As financial regulations around the world become more complex and ever changing, businesses like ...

    Shufti’s Journey Builder: Designing Identity Verification Made Simple  Explore More

    Blog

    Know Your Donor (KYD) – Eradicating Financial Crimes in NPOs and Charity Organizations

    In 2020, US citizens alone donated more than $471 billion to charities. This generosity ultimatel...

    Know Your Donor (KYD) – Eradicating Financial Crimes in NPOs and Charity Organizations Explore More

    Blog

    Ensure Digital Security with e-KYC Solutions

    In today’s world where the distances have been reduced considerably with the advancement of techn...

    Ensure Digital Security with e-KYC Solutions Explore More

    Blog

    Top 5 Most Common Identity Fraud Attempts in 2021

    Fraudsters in the post-pandemic world took complete advantage of rapid digitization. Bad actors b...

    Top 5 Most Common Identity Fraud Attempts in 2021 Explore More

    Blog

    Identity Verification entails a lot more than customer verification

    Identity theft and digital fraud are on the rise. Cybersecurity is of essence for all the organis...

    Identity Verification entails a lot more than customer verification Explore More

    Blog

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR

    What is ICR? Intelligent Character Recognition (ICR) is an extended technology of Optical...

    Intelligent Character Recognition (ICR) Software – One step ahead of OCR Explore More

    Blog

    Enhanced Due Diligence Checks | The Art of Mitigating Risks Associated with Third-Parties

    For multinational businesses, reliance on external third-party vendors is crucial. However, failu...

    Enhanced Due Diligence Checks | The Art of Mitigating Risks Associated with Third-Parties Explore More

    Blog

    AML Compliance for the Crypto Sector – How VASPs Can Adhere to the Regulations

    With cryptocurrencies gaining traction and entering the mainstream, financial regulators are asse...

    AML Compliance for the Crypto Sector – How VASPs Can Adhere to the Regulations Explore More

    Blog

    Top 5 Use Cases of Face Verification in the Digital Age

    As novel applications and products are released every day, the use cases of face verification tec...

    Top 5 Use Cases of Face Verification in the Digital Age Explore More

    Blog

    GDPR Checklist – Practices to adopt as Business Norms

    It’s been a little over eight months since the GDPR came into effect on 25 May 2018. From that po...

    GDPR Checklist – Practices to adopt as Business Norms Explore More

    Blog

    Effective Sanctions Screening | A Guide for Compliance Professionals

    Sanctions are crucial in combating financial crimes and maintaining national and international se...

    Effective Sanctions Screening | A Guide for Compliance Professionals Explore More

    Blog

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer

    From the world’s glitziest gaming development to betting shops on the high streets, the global ga...

    Gaming Industry Crimes and KYC/AML Solutions – What Shufti Can Offer Explore More

    Blog, Fraud Prevention

    Identity Theft Frauds – How can you stay a step ahead?

    Identity theft is ‘a hot potato’ these days. Every day we come across news of online fraud that h...

    Identity Theft Frauds – How can you stay a step ahead? Explore More

    Blog

    Keeping AI Bias Out of the IDV Game with Shufti

    Consider this: 85% of financial institutions today use some form of AI in their products. The tec...

    Keeping AI Bias Out of the IDV Game with Shufti Explore More

    Blog

    Don’t Need AML Compliance? Think Again!

    The majority of the businesses believe that they do not need to comply with AML regulations at al...

    Don’t Need AML Compliance? Think Again! Explore More

    Blog

    Fighting Deepfakes with Fool-Proofed Identity Verification Systems: How Shufti Can Help

    Undoubtedly, 21st century is the most innovative time period in human history. With every passing...

    Fighting Deepfakes with Fool-Proofed Identity Verification Systems: How Shufti Can Help Explore More

    Blog

    Top 10 Identity Verification Trends to Look Out for in 2022

    Did you know identity fraud is growing at a faster than ever rate? Businesses across the globe ar...

    Top 10 Identity Verification Trends to Look Out for in 2022 Explore More

    Blog

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution

    Transition is the only thing that is inevitable in the universe. Every passing day is changing ou...

    Combating Identity Theft in On-Demand Services with Shufti’s KYC Solution Explore More

    Biometric Technology, Blog

    Warning: You’re Losing Money by not Using Biometric Identification

    On the surface, Biometric Identification might seem as if it’s only useful for opening your bank ...

    Warning: You’re Losing Money by not Using Biometric Identification Explore More

    Blog

    The Most Frequently Asked Questions About Perpetual KYC

    Maintaining the accuracy of customer data presents a considerable challenge. Automating it has tr...

    The Most Frequently Asked Questions About Perpetual KYC Explore More

    Blog

    40 Surprising Facts and Statistics About Money Laundering [2021 Update]

    Combatting money laundering is one of the top-tier challenges when it comes to the regulatory reg...

    40 Surprising Facts and Statistics About Money Laundering [2021 Update] Explore More

    Blog

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help

    Non-Fungible Tokens (NFTs) emergence is providing a whole new segment to buy or sell digital crea...

    Non-Fungible Tokens (NFTs), Financial Crimes and AML/KYC Regulations – How Shufti Can Help Explore More

    Blog

    A Basic Guide to Smurfing and the Role of AML in Combating It

    Scammers employ various strategies to conceal illegally acquired funds, and one increasingly prev...

    A Basic Guide to Smurfing and the Role of AML in Combating It Explore More

    Blog

    5 Predictions on the Future of Digital KYC and eKYC

    It’s 2023. Welcome to the day and age of digital KYC verification. From multiple copies of ID car...

    5 Predictions on the Future of Digital KYC and eKYC Explore More

    Blog

    Address Verification: The Cornerstone of Elevating Customer Experience

    Today’s highly emerging technology is changing the way consumers shop online products. Given the ...

    Address Verification: The Cornerstone of Elevating Customer Experience Explore More

    Blog

    Antiquities Market – A Conduit of Money Laundering and Terror Financing

    Money laundering and terror financing through art and antiquities has been a concern of regulator...

    Antiquities Market – A Conduit of Money Laundering and Terror Financing Explore More

    Blog

    A Quantitative Insight into the Global Gaming and Gambling Industry

    The gaming and gambling industry has demonstrated exponential growth in the past decades and is e...

    A Quantitative Insight into the Global Gaming and Gambling Industry Explore More

    Blog

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks?

    Biometric authentication is one of the ideal ways of dealing with fraudsters. Unfortunately, crim...

    Biometric Authentication – How Do Fraudsters Try to Bypass These Checks? Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started