AI-powered Optical Character Recognition for Global Businesses

Sanam Malhotra | 14th November 2019

Optical Character Recognition (OCR) is a traditional mechanism adopted by large organizations to scan and process texts, documents, and graphics. However, it requires human intervention to define rules and templates leading to high operational costs, time-consuming processes, and inaccurate results. Today, artificial intelligence services are opening new possibilities for global businesses to automate and optimize document scanning, processing, and verification.

Here are some effective business applications of optical character recognition backed by artificial intelligence and computer vision technology.

 

Government Organizations

The current infrastructure of government organizations encounters a massive explosion of unstructured data every day. It includes military movements, investigation records, traffic information, census reports, social media posts, and more. Traditionally, manual labor was required to process and derive insights from these unstructured datasets which hamper planning and policy-making.

With artificial intelligence, government agencies can now delegate the time-consuming process of data scanning, translation, and extraction to machines. AI analysts use computer vision and natural language processing (NLP) services to train the ML models that power the following government operations-

a) Identity Document Analysis

AI-backed OCR techniques enable officials to accelerate public data verification including identity documents, licenses, and contracts while handling variations. Unlike manual validation, OCR systems can easily scan through millions of copies to strengthen cybersecurity and examine threats.

optical character recognition document verification

b) Policy Analysis

The text and feature extraction processes under OCR can process lengthy policy documents to analyze major touchpoints and identify differences. It boosts the decision-making abilities of authorities and enables them to channelize human resources to other critical tasks. 

 

How Oodles AI is using OCR techniques to transform Government operations?

We, at Oodles, train machine learning models with large datasets comprising of close variations that enable real-time object detection. Our AI analysts use neural network libraries such as OpenCV and TensorFlow to source the following government applications-

a) Our OCR systems can scan and process various ID documents such as Adhaar Card, passports, PAN cards, driving license, etc.

b) We combine facial recognition techniques with OCR to analyze identity documents and extract relevant public data for cybersecurity and census purposes.  

Related- Visualizing the Future of Computer Vision Across Businesses

 

Financial Institutions

Financial institutions such as banks, insurance agencies, and accounting firms are on the verge of complete digitization. However, the dependency on manual processing of cheques, monthly statements, and other important transactions remains a long-standing challenge for banks.

Unlike traditional OCR, AI-backed OCR systems enable text recognization and extraction from unstructured data such as invoices, cheques, and monthly statements. With computer vision technology, banks and financial institutions can automate the following critical operations-

a) Digital Onboarding

In the face of growing security concerns, AI’s facial recognition and OCR technology enable rapid identification of clients and supported documents. In addition, they ensure regulatory compliance and detection of untrustworthy clients by matching the data with large backlogs of stored datasets.

optical character recognition

 

b) Document Verification

From cheques to credit cards to loan documents, OCR can be applied to validate signatures, amounts, and account information accurately. OCR systems can also replace customer-facing support staff to address routine customer needs, thereby redirecting employees towards more personalized services.

Also Read- The Transformative Power of Computer Vision Across Industries

Optical Character Recognition Solutions by Oodles AI

The AI development team at Oodles uses historical datasets to train ML models that recognize specific patterns and information from complex paperwork. Our experiential knowledge in text mining and extraction enables us to detect image variations with over 80% accuracy. We accelerate banking processes by providing OCR solutions for document verification, client onboarding, in-branch applications, and other AI-powered models.

Talk to our artificial intelligence team to know more about our industry-specific AI and computer vision development services.

Image Source- Google

About Author

Sanam Malhotra

Sanam is a technical writer at Oodles who is currently covering Artificial Intelligence and its underlying disruptive technologies. Fascinated by the transformative potential of AI, Sanam explores how global businesses can harness AI-powered growth. Her writings aim at contributing the multidimensional values of AI, IoT, and machine learning to the digital landscape.

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