With the wave of digitization, businesses are striving hard to meet the competitive market. With an inflow of the digitized space with an inrush of users’ data, implementing a technology that could handle it all is what the businesses direly need at the moment. Those days are gone when a user has to visit the office in person to get their document verified. With the advent of the OCR app, customer onboarding can be done remotely with a great turnaround time. OCR can have a huge impact on Know Your Business, which helps, streamline the process at a user end, also promises businesses to save time, and cost that they would have to invest when tasks are to be done manually.
What is OCR?
OCR (Optical Character Recognition) is a process of recognizing handwritten text or image data which is then converted into digital format. The online sectors make use of this technology to extract information from the users’ documents such as passports, national identity cards, driving licenses, etc. The task doesn’t end here, as the OCR technology also stored the extracted information in the digital database so that it can be retrieved in the future too.
Use Cases of OCR in Different Sectors
1. OCR in Healthcare
Patients’ records, medical policy statements, and health insurance papers are all recorded on paper in hospitals or other healthcare organizations. For healthcare organizations, keeping track of such a big amount of data can be a challenging task. Optical Character Recognition is a technology that converts data including a patient’s profile, insurance payments, treatment history, and diagnostics into digital available information. Once the data is converted into electronic form, it can be viewed at any time. By viewing a patient’s medical record through electronic systems, healthcare providers will be able to diagnose them more accurately.
Apart from that, data extracted using the character recognition app is saved in the cloud, where it would be kept safe and secure. This aids in the efficient maintenance of patient records for medical service providers. Furthermore, in the pharmaceutical industry, data for a wide range of medications might be digitally saved and retrieved from internet databases with such a single click, saving time.
2. OCR in Banking
As banking and other financial sectors have to do great paperwork in their daily operations, they are frequent consumers of the OCR app. It simplifies the bank operations by extracting the data easily and accurately. ATM which is a great innovation is also one of the applications of OCR technology that recognizes and processes the digits on the payment cards.
Another benefit of OCR is that it even scans the information provided on a handwritten cheque, so the hassle to enter all those details manually is eliminated. Moreover, Artificial Intelligence has brought innovation to the table, and the smart OCRs now are replacing the paperwork of the credit card processors. Verifying businesses’ transactions and checking their credit scores is a time-consuming task that is now streamlined with an AI-powered OCR process.
3. OCR in Finance
OCR technology has provided the accountants and finance experts a sigh of relief as they can now invest their time in the high-priority tasks rather instead of processing the information all the time. Instead of processing the data manually, they can make use of OCR screening to automate their operations that require greater turnaround time. This way the finance sector can bring accuracy and productivity in their mechanical operations.
Using optical character readers, the audits can be conducted in-depth with a quick turnover, and this allows the auditors to access the expense documents and budget reports easily. Instead of collecting and then reporting the details, finance experts can invest their time in analyzing the transactions.
Furthermore, OCR technology also offers accountants the facility to do work remotely. Reducing human errors in financial statements and invoices, automated OCR text recognition works wonders in the finance sector.
4. OCR in Insurance
Delays always frustrate the customers whether in the insurance company or any financial sector. The lengthy insurance policies make it almost impossible to enter the data manually. And the only best choice is to go digitized. So, they are shifting towards OCR services for smooth customer onboarding. Furthermore, the insurers can sign contracts with the clients by retrieving their data from the searchable PDFs generated by the OCR document scanner.
Final Thoughts
Processing data and that too in huge volume is a tedious task for the online sectors including healthcare, banks, insurance, and the banks. So, the OCR app combined with artificial intelligence can work wonders in optimizing customer data efficiently, accurately, and quickly.
