The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

OCR technology for businesses – Its applications and benefits

OCR technology for businesses - Its applications and benefits

Optical Character Recognition (OCR) technology provides a business solution that automates data extraction from an image file or scanned document containing written or printed text. The extracted text is then converted into a machine-readable form that is further used for data collection, processing, and analysis. 

OCR is a widespread technology used in various business operations to streamline the process of data extraction from the documents. It is capable of reducing the overall time it takes in manual data extraction and entry. 

The technology started prevailing in the early 1990s while digitizing the historic newspapers. It then came through several startling improvements that today it is able to sleekly extract the data from documents and automate the global business processes. With constant advancements in the past few years, OCR technology has reached a remarkable accuracy of more than 90%. 

User access to information is improved with advanced OCR technology that can extract data from a variety of text formats/templates such as invoices, contracts, ID documents, financial statements, receipts and many more. These digital files can be searched from a repository to find the required document, viewed, edited, and repurposed to send the information to other systems.

OCR technology gaining grounds at the business level

Automated OCR technology has abridged business workflows and operations. Businesses can employ technology to reduce the resources as well as save time in data collection and management. With high accuracy and robust OCR technology, businesses can extract data from multiple electronic or paper document formats. As the world is moving towards digitization, businesses around the globe are adopting innovative solutions in their workflows that could reduce the human effort, speeding up the processes and aligning well with the customer needs. 

The following are some benefits that OCR technology brings for the businesses;

  • Reduced manual identification: Businesses need to identify each onboarding individual. They can use OCR technology to automatically extract the customer details and verify it.
  • Reduced cost: Automated document verification reduces human effort and therefore reduces the cost while providing improved services to customers.
  • Substitute manual data entry operations: The business operation that includes the collection of customer information can employ OCR technology to feed the identity document to the system and get all the customer information from the document in seconds. 
  • Save human resources: The number of employees to manually enter the customer details in sheets can be reduced by integrating OCR services to their system. Hence, human resources can be minimized. 
  • Boost up the business workflows: With automated data collection and processing, businesses can speed up their processes that can ultimately boost the business revenue. 
  • Reduced error-rate: Businesses can reduce the error-rate as a result of manual data entry. AI-powered OCR system intelligently extracts the user information while mitigating the errors. 
  • Improved business productivity: Robust data collection process eventually improves business productivity. The resources that previously used to perform operation manually can be utilized in other useful work. 
  • Automated content processing: OCR technology extracts the information from documents and fills it in the fields accordingly. For example, it will extract the name from an ID card and fill it in the system storage against the field of ‘Customer Name’.

AI-powered OCR technology employs strong underlying algorithms and techniques that make it possible for businesses to compete in the digital world with respect to robustness and accuracy. For example, the banking industry has a lot to do with the paperwork. To comply with the regulatory requirements such as KYC/AML procedures or to ensure a clean customer base, there is a need for document verification. 

Now the digital world demands digital solutions and so online banking emerged with a variety of online services. In this industry, identity verification via documents is the primary step that helps onboard honest individuals to participate in the legitimate financial system. Now the challenge of online document verification can be met using OCR technology. The online user aiming to open an online bank account would require to upload an official identity document, for example, an ID card for identity verification. OCR technology embedded in the document verification will extract the data from the user-uploaded document by identifying its format. 

Using various algorithmic techniques, the data will be extracted and verified. An automated data extraction process reduces the overhead of manual data entry in the banking industry. The information is stored and can further be used for other purposes. 

Find more relevant resources:

OCR technology for businesses

Use-Cases of Optical Character Recognition for Businesses

Conversion of a printed/scanned paper into machine readable form – An operation of many businesses. Before OCR, only one option that businesses had was to re-write/type the text that was a time-consuming process and prone to errors. The labor-intensive tasks are now replaced by automated OCR technology in businesses around the globe. The old texts are easy to access, search engines are using OCR to index the documents, number plate recognition can be done automatically. Other than these, the following are use-cases of Optical Character Recognition (OCR) technology:

Information retrieval

A searchable PDF format is one of the use-cases of OCR. The business systems that use OCR software convert the image-only PDF files and paper documents into searchable files. Unlike normal PDF files, these digital searchable files have an invisible overlay that contains searchable text. For this, OCR technology is used that acts as a digital system to find out the keywords, phrases, names, and other required information from those files. 

Greater security with cloud storage

The paper documents are hard to secure from any unauthorized access. They can be stolen, misplaced or damaged easily. With cloud storage, it is easy for the companies to secure data in an efficient manner, providing a controlled access and protecting it from the breach. OCR technology helps extract data and store it on the cloud. 

Small, medium and even big-sized enterprises prefer cloud storage to physical storage space. Cloud-storage makes it easy for smart devices and companies to access the data anywhere, on any smart device. OCR technology helps companies store the extracted data efficiently to the cloud where the users can access, read and edit the data easily. 

Reducing costs

Advanced OCR solutions help businesses reduce the cost of hiring a professional for data entry. The OCR system is integrated into the whole system infrastructure and it extracts each receiving information. The manual data entry by professionals is replaced by an automated system. For example, to submit the utility bill online, the user just needs to upload the previous paid bill and the system will automatically extract the data from it. Now the need for active professionals on their seats to look for each request is entertained using OCR technology. Moreover, the cost of shipping, copying, and printing is reduced and companies can manage all the data in digital form rather than keeping a pile of documents that occupy large spaces.

Time Optimization

Business operations save time by utilizing OCR technology in their data extraction processes. With a better accuracy rate, OCR software reduces the error rate and optimize the time it takes to complete a task. Moreover, it paves the way for the company towards productivity and greater revenue generation. 

Digital Identity Verification

The online businesses aiming to ensure a clean customer base are either required to perform identity verification to secure businesses or comply with regulatory requirements. Digital document verification against government-issued identity documents can help online businesses filter out bad actors. OCR technology is used in document verification in which an online user uploads an ID card, passport, driving license or credit/debit card, etc. to verify a person. With OCR, the information is extracted automatically and verified within seconds.  

Automation

Online businesses scan the hard copy of the invoice of their customers after importing them into their system. The extracted data is validated automatically to check its credibility and accuracy. The slip can be categorized accordingly and moved to the accounting system. In this way, the whole system is automated after analyzing the content and moving it to the relevant set. 

Shufti OCR has got your business covered. With its remarkable accuracy of more than 90% and fast real-time results, Shufti helps businesses automate their data extraction processes. In mere seconds, the banking industry, e-commerce, digital payment services, and many more can pull out the user information from any type of document by taking advantage of OCR technology. This reduces the overhead of manual data entry and time taking tasks of data collection.

Shufti pro offers both options of onsite verification with or without OCR.

Related Posts

Blog

UK’s Digital Identity Framework – Cornerstone of Reliable ID

In today’s technology-driven era, digital identity is becoming inevitable. Physical interactions ...

UK’s Digital Identity Framework – Cornerstone of Reliable ID Explore More

Blog

A Brief Overview of 2021 AML Trends

Over the last decade, regulatory scrutiny on Anti-Money Laundering (AML) compliance has remained ...

A Brief Overview of 2021 AML Trends 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

Securing Business Operations with Risk Assessment

The increasing connectivity and dependence of the world on technology have led to a rise in sophi...

Securing Business Operations with Risk Assessment Explore More

Blog

What is an OCR Screening and How Does it Work?

In our digital environment, where automated technology has already taken over corporate processes...

What is an OCR Screening and How Does it Work? Explore More

Blog

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help

Money laundering and terrorist financing are becoming a global concern. To overcome the risk of c...

High-Risk Countries and The Significance of AML/CFT Regulations – How Shufti Can Help Explore More

Anti Money Laundering, Blog, Identity & KYC, Reg Tech

RegTech – FATF Guidance for Digital Identity Verification

Regulatory authorities have recognized the benefits of technology and its use for seamless regula...

RegTech – FATF Guidance for Digital Identity Verification Explore More

Blog

Securing Telehealth Services and Fighting Identity Fraud with Shufti’s ID Verification Solution

The telehealth industry has been completely revolutionized by services ranging from medical essen...

Securing Telehealth Services and Fighting Identity Fraud with Shufti’s ID Verification Solution 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

The Evolution of Video KYC: Revolutionise the Fintech Industry

FinTech encompasses financial organisations’ use of computing and communications tools to b...

The Evolution of Video KYC: Revolutionise the Fintech Industry Explore More

Blog

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening

The internet is a key risk element for gambling because it gives the user a sense of obscurity, t...

Addressing Regulatory Compliance in Online Gambling with Effective AML Screening Explore More

Blog, Online Marketplace

Secure Online Gambling through Identity and Age Verification

Gambling is a very profitable business for big players and owners alike. According to research, t...

Secure Online Gambling through Identity and Age Verification Explore More

Blog

Biometrics technology a key to key-free world

In 2016, the biometric market in the United States reached $3.52 billion U.S Dollars and is expec...

Biometrics technology a key to key-free world Explore More

Blog

Leveraging Age Assurance for Data Privacy and User Protection

Online age verification has gained great attention in recent years since many minors have been se...

Leveraging Age Assurance for Data Privacy and User Protection Explore More

Blog

Biometrics identity verification system – a masterstroke in verification market

The biometrics identity verification system determines the resemblance of an individual by compar...

Biometrics identity verification system – a masterstroke in verification market Explore More

Blog

Beyond the Blue Checkmark – Online Age Verification Solution to Secure Minors’ Identity

As minors are going online and utilizing digital services as well as smart gadgets more frequentl...

Beyond the Blue Checkmark – Online Age Verification Solution to Secure Minors’ Identity Explore More

Blog

How Shufti Identity Verification User Experience Impacts Business Outcomes

User experience (UX) isn’t only about design or even metric-driven decision making. It’s a busine...

How Shufti Identity Verification User Experience Impacts Business Outcomes Explore More

Blog, Online Marketplace

e-KYC Services for Libraries

Have you ever had those series of events that leave you shaking your head? That makes you believe...

e-KYC Services for Libraries Explore More

Blog

Video KYC Verification – Reimaging Customer Onboarding in 2023

As technology is advancing so do fraudsters, ringing security alarms for financial businesses and...

Video KYC Verification – Reimaging Customer Onboarding in 2023 Explore More

Blog

Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations

The stability of the global economy is at risk pertaining to the rapidly growing issues of money ...

Shufti’s AML Screening Solution – How to Comply with Germany’s AML Regulations Explore More

Artificial Intelligence, Blog

Knowledge Based Authentication a Thing of Past

If you are wondering what is knowledge-based authentication or KBA, let me ask you a question, ‘w...

Knowledge Based Authentication a Thing of Past Explore More

Blog, Fraud Prevention

Fraud Prevention through Secure Payment Processes

Here’s a question, why do people always say things like  “the good days”? The fact is a number of...

Fraud Prevention through Secure Payment Processes Explore More

Blog

Identity Verification vs Authentication: The Key Differences

Organisations today face significant concerns regarding data breaches and identity theft. Nearly ...

Identity Verification vs Authentication: The Key Differences Explore More

Blog

How Optical Character Recognition Improves the Process of Identity Verification for Businesses

Evolving technologies have created a competitive market where every business strives to optimize ...

How Optical Character Recognition Improves the Process of Identity Verification for Businesses 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

Facial Recognition to Reshape the Retail Industry in 2020

The explosion of facial recognition technology in our smartphones – for instance in iPhone ...

Facial Recognition to Reshape the Retail Industry in 2020 Explore More

Blog

DSAR Under GDPR and CCPA – Understanding the Key Differences

Data protection is one of the key concerns of organisations these days. For the same reason, data...

DSAR Under GDPR and CCPA – Understanding the Key Differences Explore More

Blog

Top 7 COVID-19 Related Scams and Frauds to Look For in 2021

It has been more than a year since the COVID-19 pandemic took the world by storm. Where the globa...

Top 7 COVID-19 Related Scams and Frauds to Look For in 2021 Explore More

Blog

Top 10 Biometric Technology Trends to Watch For in 2022

Biometric innovations in present times have manifested various technological advancements and the...

Top 10 Biometric Technology Trends to Watch For in 2022 Explore More

Blog, Identity & KYC

Online Age Verification Keeps A Tight Rein On Minors

According to The Newyork Times, online age verification is a daunting task, even for experts. How...

Online Age Verification Keeps A Tight Rein On Minors Explore More

Blog

How Shufti Ensures Gaming Regulatory Compliance with AML Screening for Online Gaming Platforms

The online gaming sector has revolutionized altogether along with emerging technologies. With adv...

How Shufti Ensures Gaming Regulatory Compliance with AML Screening for Online Gaming Platforms 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

Common Types of BNPL Fraud and the Role of KYC/AML Regulations

The Buy Now Pay Later (BNPL) services are growing rapidly. 42% of credit customers are interested...

Common Types of BNPL Fraud and the Role of KYC/AML Regulations Explore More

Blog

KYC/AML Compliance – An Anti-fraud Mechanism for E-wallets

As more and more countries had to enforce lockdowns because of the pandemic, remote working and d...

KYC/AML Compliance – An Anti-fraud Mechanism for E-wallets Explore More

Blog

Five Things you Need to Know About Shufti’s Digital Identity Verification

The growing digital fraud, stringent KYC and AML regulations put in place, and the increasing bur...

Five Things you Need to Know About Shufti’s Digital Identity Verification Explore More

Blog

The Vicious Cycle of Money Laundering in the Gambling Industry

Money launderers opt for various channels to obscure the origins of their illegally obtained fund...

The Vicious Cycle of Money Laundering in the Gambling Industry Explore More

Blog

High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help?

In today’s continuously evolving world, businesses should not only focus on the revenue they gene...

High-Risk Transactions – How Can Enhanced Due Diligence (EDD) Help? 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

Uncovering 5 Holiday Season Scams and How to Avoid them this Year

‘Tis the season when the best deals of the year are attracting customers towards online shopping ...

Uncovering 5 Holiday Season Scams and How to Avoid them this Year Explore More

Blog

The Most Frequently Asked Questions about Video KYC

In today’s digital era, the escalating prevalence of identity theft poses a significant con...

The Most Frequently Asked Questions about Video KYC 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

Investor Onboarding | Navigating the Challenges of Digitization

Private market companies are setting their sights on retail investors and exploring technology an...

Investor Onboarding | Navigating the Challenges of Digitization Explore More

Blog

How Does Digital Identity Verification Work For Income Verification

With the help of income verification documents, organisations can restrict the onboarding of high...

How Does Digital Identity Verification Work For Income Verification Explore More

Blog

A Go-To Guide to Proof of Address Verification in 2024

Customer identity verification is significant in today’s digital world – from buying produc...

A Go-To Guide to Proof of Address Verification in 2024 Explore More

Blog

More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans

Shufti Ltd. began operations in 2017 and within three years, the company has onboarded more t...

More Than 500 Customers Onboarded in 3 Years – Shufti Spills the Beans Explore More

Blog

6 Industry Experts Share Their Thoughts on NFC ID Verification

Thanks to the growth of contactless transaction systems like Apple Pay, NFC is now a mainstream t...

6 Industry Experts Share Their Thoughts on NFC ID Verification Explore More

Blog, Online Marketplace

Why age verification matters to online businesses?

Identity verification services are fast becoming a business norm for companies that are enthusias...

Blog

Online Identity Verification – How to Secure Online Gaming & Gambling Platforms

Online gambling is the way to go for betting enthusiasts nowadays and brings both convenience and...

Online Identity Verification – How to Secure Online Gaming & Gambling Platforms Explore More

Blog

The Ultimate Guide to Central Know Your Customer (CKYC)

Due to the increasing rates of financial fraud, keeping detailed data on each client is more impo...

The Ultimate Guide to Central Know Your Customer (CKYC) Explore More

Blog

Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud

With online services picking up pace, cybercriminals are ramping up their  digital attacks and us...

Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud Explore More

Blog

The Vital Role of AML Compliance for P2P Lending

Archiac banking traditions saw loan applicants held in suspense, waiting for lengthy periods of t...

The Vital Role of AML Compliance for P2P Lending Explore More

Blog

ICOs blocking investors from USA and China – Why and How?

Initial Coin Offerings, more commonly known as ICOs, are all the rage in modern day financial wor...

ICOs blocking investors from USA and China – Why and How? Explore More

Blog

Money Laundering in the Metaverse – NFTs, DeFi, and the Role of Shufti’s AML Solutions

For more than a decade, the metaverse concept has been picking up pace, and the world is preparin...

Money Laundering in the Metaverse – NFTs, DeFi,  and the Role of Shufti’s AML Solutions Explore More

Blog

The 5 Pillars of Anti-money Laundering Compliance

Imposters often “launder” money acquired through illegal activities, like drug trafficking, so th...

The 5 Pillars of Anti-money Laundering Compliance Explore More

Blog

The Power of Robotic Process Automation in the Banking Industry

Entering into the fourth industrial revolution, business processes are shifted to the digital sph...

The Power of Robotic Process Automation in the Banking Industry Explore More

Blog

FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities

The rise in money laundering, terror financing and other financial crime has encouraged regulator...

FINTRAC Amends PCMLTFA – More AML Requirements for Reporting Entities Explore More

Blog, Financial Crime / AML

What is PEP Compliance and Why do Financial Institutions Need it?

For Politically Exposed Persons (PEPs), an inter-governmental body established in 1989, Financial...

What is PEP Compliance and Why do Financial Institutions Need it? Explore More

Blog

FATF’s June 2021 Plenary – Strategic and Country-specific Initiatives

The fourth plenary meeting of the Financial Action Task Force (FATF) took place from June 20-25 t...

FATF’s June 2021 Plenary – Strategic and Country-specific Initiatives Explore More

Blog

Facial Recognition in UAE to Protect Private and Government Sector

Continuous developments in the world of technology have led to many innovative solutions like fac...

Facial Recognition in UAE to Protect Private and Government Sector Explore More

Artificial Intelligence, Blog

How Augmented Intelligence is next stop in ID Verification Services?

Augmented intelligence (AI), also referred to as intelligence augmentation (IA) and cognitive aug...

How Augmented Intelligence is next stop in ID Verification Services? Explore More

Blog

How Identity Verification Eliminates Social Media Scams to Enhance User Experience

Social media has experienced exceptional growth in the past decade as a result of advancements in...

How Identity Verification Eliminates Social Media Scams to Enhance User Experience Explore More

Blog

Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks

With emerging technologies, financial services are witnessing a digital revolution that is changi...

Know Your Customer – Addressing the Risks of Financial Crimes in Challenger Banks Explore More

Blog

Ensuring Compliance and Preventing Losses Due to Fraud in the Banking Sector

Banks are thought to be the most important part of the financial system, playing a vital role in ...

Ensuring Compliance and Preventing Losses Due to Fraud in the Banking Sector Explore More

Blog

Expanding and Securing Financial Services with Shufti’s Video KYC Solution

In recent years, Know Your Customer (KYC) has gone through significant digital transformations. B...

Expanding and Securing Financial Services with Shufti’s Video KYC Solution Explore More

Blog

Electronic Identity Verification | Forecasts and Predictions

Identities change as the world goes more digital. As more activities, like banking, socialising, ...

Electronic Identity Verification | Forecasts and Predictions Explore More

Blog

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector

The United Arab Emirates (UAE) is fast becoming the world’s most reputable financial hub, but the...

AML Compliance – Addressing Financial Crime Challenges in the UAE’s Banking Sector Explore More

Blog

Age Verification – Ensuring the Protection of Minors on Digital Platforms

In today’s technologically advanced era, digital products and services have transformed the way s...

Age Verification – Ensuring the Protection of Minors on Digital Platforms 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

Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers

 The speed of innovation has never been faster. Re-emerging from a global pandemic, busi...

Telehealth Services and Sophisticated Crimes – How Shufti Can Help Health Centers Explore More

Blog, Fraud Prevention, Online Marketplace

Why Digital KYC is Important for Insurance Fraud Prevention

KYC For Insurance Companies : Basically, a system that can carry out real-time identity verificat...

Why Digital KYC is Important for Insurance Fraud Prevention Explore More

Blog

5 Tech Upgrades That Can Revamp Your Customer Onboarding Process

When businesses brainstorm ways to scale, they generally think about focusing more on sales. Howe...

5 Tech Upgrades That Can Revamp Your Customer Onboarding Process Explore More

Blog

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector

Insurance companies play a decisive role in the considerable growth of an economy. It turns accum...

Implementing Robust Anti-Money Laundering Checks for the Insurance Sector 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