OCR (Data Digitization) is a product that brings many benefits to the financial sector. Even getting better results when Fintech companies use both OCR and eKYC.
What is OCR?
Optical Character Recognition (OCR) is computer software that processes and converts image-based documents into editable documents.
OCR does this by combining Computer Vision (computer vision) and natural language processing (NLP), which recognizes letters and characters, and then copy them in the correct format and in the order in which they were written.
For extracting necessary information from different fields in identity documents such as ID card, driver's license ... when inputting documents to the system, users select and define areas to be extracted.
Then, OCR function in the system converts image text and automatically extracts the necessary information in selected fields.
Application of OCR in the financial sector
OCR technology has brought countless benefits to the banking industry, but most notably the digitization of documents.
In recent years, with the strong development of Artificial Intelligence (AI), OCR has successfully expanded data collection and management technology, playing a very important role in the process automation system. business banking. Thanks to AI integration, OCR understands what it extracts and automatically improves the output with Machine Learning, learns from existing data and continually replenishes the missing knowledge, helping to handle and check for errors. document physics quickly, save time and cost.
For typed text, OCR gives over 98% accuracy. Banks use OCR as a means of transaction security and risk management. AI can learn to analyze and carefully process document content, detect an abnormality from credit payment information in extracted data of customers.
OCR when combined with eKYC
Kalapa's products combine OCR and eKYC customer identification to provide optimal solutions for businesses, providing accurate information faster than using manual and reliable methods in verification. customer identity.
Benefits of OCR technology in our product
Check the correctness of the information
- AI-based OCR technology reads and extracts information on identity documents, automatically filling customer's information.
- Accuracy of OCR technology at Kalapa is up to 98% - under the market leading group.
- Help digitize customer IDs, accurately identify and extract textual content from images, check the correctness of information.
Bring convenience and satisfaction to customers
- Shorten time of inputting data, quickly process customer's information.
- Solve the problems of digitizing millions of customer's documents with high speed and fully automation.
- Optimizing operation, minimizing errors and bringing customer satisfaction.