OCR – Speed up the digital transformation

What is OCR?

OCR is Optical Character Recognition. Its function is to convert images of printed or handwritten documents into soft copies (word files).

OCR is most used in extracting information on identity documents such as ID card, Driver’s license, Passport, etc. After the information is extracted, it is quickly stored in the CRM system of enterprises. This application of OCR has created a revolution on digitalizing documents.

The application of OCR technology

At this time, OCR has been widely deployed in many different fields, from Public Administration to Transport, Education, Healthcare, and especially Finance – Banking.

When opening a new bank account, financial institutions are obliged to identify customers through related personal information. Every day, banks have a large number of documents that need to be digitalized such as Identity Card, loan contracts, etc. Therefore, the application of OCR to the system makes the operation simpler and more efficient, quickly resolving procedures and bringing positive customer experiences.

Customer information is not only quickly synthesized but this large data source is also stored for many future projects.

For printed documents, OCR delivers results with up to 96% accuracy. In particular, OCR is used in banks as a tool to manage risks and improve security because it can evaluate real/fake identification documents when being integrated with Artificial Intelligent (AI), minimizing unnecessary errors in the manual input process.

Like the Finance – Banking field, Public Administration also has to handle “mountains” of papers every day. When it comes to administrative procedures in state-owned enterprises, many people are “scared” because of too many cumbersome procedures have to be carried out. OCR solution initially simplifies, shortens the time to declare and verify identity documents. Besides, the management of citizens’ records helps to digitalize the national database, which is convenient for storage and search in administrative agencies.

OCR – A win-win solution for all organizations

The OCR solution is not only useful for businesses/organizations but also brings convenience to users. Customers no longer have to write a lot of forms by themselves or waste time waiting to verify their information. They just need to show original documents, and “a machine” can complete the rest of the work. In just a few minutes, all verification and data input process of customer information is done.

When OCR was applied, the manual workload was greatly reduced. When the processing time is shortened, businesses/organizations can solve more problems in 1 working day, and there is no more backlog of work.

The application of OCR helps businesses manage work more efficiently, standardize the operations of each department, simplify the operational process, reduce administrative burden, increase labor productivity, and optimize expenses. In particular, the OCR solution brings remarkable efficiency to businesses. They become smarter and more friendly, which improves brand image in the eyes of customers.

Seizing the opportunity and understanding the importance of applying technology solutions in real life, FPT is one of the first corporations to integrate the outstanding features of OCR with Artificial Intelligence (AI), thereby inventing FPT.AI Vision to help the government and businesses digitalize identification documents and extract information from invoices, documents and forms quickly, with market-leading accuracy.

The 4th industrial revolution is not only an opportunity but also a challenge for businesses. Timely application and a suitable OCR solution will speed up the digital transformation process, boost business efficiency, increase profits, and bring positive experiences to users. 

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