In modern times, online businesses face challenges in meeting customer demands and ensuring fraud prevention. Moreover, corporations have to deal with vast amounts of data, which can be challenging if companies do not use innovative digital solutions. Nowadays, customers do not want to avoid going through cumbersome and time-consuming traditional procedures. This is where the application of an OCR solution can facilitate businesses in dealing with the above challenges. The AI-driven OCR services not only streamline user procedures but also save company resources. Hence, this can help companies forgo traditional approaches.
OCR Solution – A Quick Overview
OCR services can convert textual and handwritten data in images into an electronic format. Online businesses can use innovative technology to capture user data from driving licences, passports and ID cards. Furthermore, the information can be easily stored in electronic forms for future use.
Applications of OCR Solution in 4 Major Industries
Following are the notable applications of OCR solutions in big corporations worldwide:
- Banking Industry
Banking service providers use OCR solutions to deal with the paperwork from their consumers. OCR services are essential in Business Process Automation (BPA), which is critical in user data processing. It can streamline data extraction as well to improve banking procedures. For instance, Automated Teller Machines (ATMs) are basic applications of OCR scanner apps that can screen numbers on payment cards and process records digitally.
Another major benefit of OCR is that it can process handwritten data on cheques which is faster than traditional approaches. The procedure extracts Personally Identifiable Information such as full name, address and personal signatures of the users. The support from Artificial Intelligence & Machine Learning (AI & ML) models can quickly process user paperwork. Bank statement analysis which took a long time through traditional procedures can now be done within a few seconds. Moreover, OCR solution can help streamline the verification of financial transactions and examine credit card scores in real time.
- Healthcare Industry
Hospitals and other medical organisations deal with a lot of paperwork from their patients. The medical sector has to process patient records, health insurance forms, and medical policy statements regularly. Maintaining and screening the records becomes a cumbersome task with traditional approaches. With the help of innovative an OCR solution, medical experts can easily screen patient profiles, treatment history, insurance payments and medical diagnoses in electronic forms. After this, the patient’s data becomes accessible easily. This facilitates medical professionals in viewing medical histories of patients through electronic health records.
The information extraction process is streamlined with the help of an OCR solution. It also stores data on cloud storage to facilitate medical professionals later on. Using cloud storage, there is the certainty that medical data will always be confidential and safe from external attacks. Furthermore, in the pharmaceutical industry, experts can access data related to various drugs on various digital platforms. Medical professionals can retrieve data with a single search operation, saving the company time and resources.
- Finance Industry
Finance experts can use OCR to streamline their recurring tasks and focus on high-priority projects. This can help professionals forgo traditional approaches to dealing with data processing. Now experts can use the OCR solution to modernise the whole process, generating results in real time. This approach can help professionals achieve more productivity and accuracy rates in their daily operations.
According to a report, the financial sector has to spend millions of dollars to discourage fraudulent activities. Cybercriminals can exploit mainstream financial systems through blank and double receipts and transactions as anonymous vendors. An OCR solution can resolve the above issues by integrating OCR systems into mobile applications and online platforms which facilitate financial operations.
With the help of OCR, experts can perform comprehensive audits in real time. This facilitates professionals to create budget reports, and financial documents easily. It frees their mind from focusing on irrelevant details and supports analysis of critical financial transactions. Moreover, The OCR solution facilitates accountants to work remotely because of easy accessibility. This reduces human error in screening invoices and financial statements in multiple formats. Hence, the OCR solution can automate various operations in the finance industry.
- Insurance Sector
Frequent delays in services can have a negative impact on customer experience and the same rule applies to insurance firms. In the context of insurance policies, manual data entries become a tough job with traditional approaches. In this light, the application of OCR can facilitate companies to streamline their client onboarding process. This allows clients to submit a copy of insurance policies with the help of their mobile phones that have OCR technology integration. Hence, insurers can easily sign contracts with clients by conveniently retrieving data through searchable data formats.
Concluding Remarks
Instant data processing and extraction is essential for industries worldwide. Processing vast amounts of user data can be a challenge for the finance, banking, insurance and healthcare sectors.
Teaming up with a third-party vendor can provide access to AI & ML-supported OCR solution. This also transforms data into digital PDFs. The innovative solution can extract data from various records such as handwritten documents, official letters and invoices. Using cutting-edge solutions can provide multilingual support to ensure global coverage for all clients. This way, modern-day industries can achieve unbeatable accuracy in their operations. Hence, all online businesses can optimise the processing of user data.
