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.
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.
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.
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.
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.
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.
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