Optical character recognition (OCR), also known as text recognition technology, converts any kind of image containing written text into machine-readable text data. OCR allows you to quickly and automatically digitize a document without the need for manual data entry. MobiDev explores OCR solutions for different industries.
Financial Services
Financial transactions involve a huge amount of data entry. Manual processing of this data takes a lot of time and effort while digitization of financial documents and extracting the necessary information from them using OCR makes business processes smooth and optimized. As a result, the OCR technology improves customer onboarding and enhances the overall customer experience. Optical character recognition uses in the banking and financial sector include client onboarding, scan to pay feature, receipt recognition, loan processing.
Healthcare
OСR cases in the healthcare industry are closely related to data management. According to the World Economic Forum, hospitals produce an average of 50 petabytes of data per year. This data includes medical reports, prescription forms, claims, laboratory test results, and medical records. The digitalization of medical documents and the efficient extraction of data from them is a critical aspect of the functioning of a healthcare institution. OCR technology is also used to help people with visual impairments. By scanning the text on the image, the OCR system provides the base for using text-to-speech technology.
Retail
Using OCR with machine learning, retailers can experience the rapid development of internal business processes and improve the customer experience by making the most of the existing data. For example, merchants can extract valuable insights from purchase order analytics to create more effective marketing campaigns, promotions, and manage pricing better.
Security and Law Enforcement
Usually, manual comparison documents with provided personal info and a selfie are used to verify the authenticity of the identifier presented by the user. The OCR model eliminates these manual efforts by scanning ID cards, passports or driver’s licenses and checking their authenticity, comparing them with the info in the database. It is also worth mentioning that secure authentication OCR software should have features to prevent spoofing attempts when parsing documents. There are truly so many different OCR solutions out there, these are just a few.
More detailed information about the various OCR solutions, and otherwise, can be found at:
https://mobidev.biz/blog/ocr-technology-optical-character-recognition-machine-learning
MobiDev is an international software engineering company with offices in Poland and Ukraine. The company is focused on helping visionaries create their products. MobiDev invests into technology research and has years of experience building AI-powered solutions, implementing machine learning, augmented reality, and IoT.
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