According to a survey, in 2019, 14.4 million customers experienced identity fraud — around one in fifteen individuals. Overall, more than 2 times the global average of 33% of American adults have been detected by fraud. There has been identity fraud for more than one in four elderly adults aged 55 years.
That’s why businesses are integrating themselves with Optical Character Recognition (OCR) technology for automation and fraud prevention. OCR is one of the technological implementations for immediate labor savings across the entire manufacturing spectrum. With OCR, a large number of papers may be digitized in the machine-readable text through various languages and file formats, making them easy to preserve (saving a space bomb, fireproofing, pharmacological regulation, etc), and therefore making accessible previously unreachable data to everyone at a click.
For a clear image of OCR applications, let’s take a better insight into the concept.
Together with other financial sectors, such as insurance and securities, the banking industry is a major purchaser of OCR solutions. OCR is most commonly used when checking, scanning a handwritten check, converting its content to digital text, verifying the signature, and removing the check-in real-time with human involvement.
Although print checks (which only need the signature checks to match an existing database) are nearly 100 percent accurate, complete autonomy for hand-written checking is still far from possible.
However, this problem is not so unresolved as it could appear with deep learning AI techniques applied to OCR writing. A reduced check clearance time is an economic benefit for everyone from payer to bank.
This is another sector which is good for OCR technology. The whole history of one’s health on a screenable digital store allows things to be made available in a single place, rather than having to keep unwieldy files of reportage, X-rays, and other papers; such as past disease, diagnostic tests, hospital records, insurance payments, etc.
The digital storage of a hospital’s whole record is also a great boost to disease prevalence and logistics, manufacturing suitable stores of drugs, equipment, and other consumables. Such records in multiple hospitals in a region provide an extensive database for data-based health care policies, legislation, and provision.
Few industries create more formal paperwork than the legal sector and therefore OCR has a variety of applications. The simplest OCR readers can be used to digitize, store, database, and search history and details of affidavits, judgments, submissions, statements, wills, and other licit documents, especially printed documents. Fast access to licit documents from various past cases is surely a place for the industry that relies heavily on a judicial precedent.
Nowadays, travelers can scan their receipts in real-time while traveling to prevent fraudulent practices. All Thanks to OCR technology. Moreover, Smart Engines OCR improves the reservation and check-in phase in the hospitality industry, helping hotels to streamline their processes and improve their overall client experience.
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The benefit of OCR technology is apparent for business travelers. For example, when a traveler gets the receipt for a meal, they easily set up a new expenses line in the app and use their smartphone to take an account of the receipt; the program reads the text on the receipt with all specifics of the restaurant and the seller and the size of the bill.
In the past 20 years, schools have improved markedly. The elderly will recall the days of calcareous boarding, plumbing, wooden chairs, paper workbooks. The digital age’s arrival has changed the world’s schools. Laptops and tablets today revolutionize conventional instructional approaches, improve the efficiency and dedication of students, and accelerate learning.
In particular students have access to a wealth of technology-assisted learning resources, focused on OCR innovations. Optical character recognition technology allows effective and reliable text creation, paper, or image records translation into editable digital formats.
Future of OCR
OCR technology is made more powerful by ICR services because it can interpret many kinds of fonts and designs. It uses neural networks and artificial intelligence to help the machine learn on its own. In order to retrieve the information from both structured and unstructured records with visual or in-house handwriting, new data is often applied to ICR, and its learning mechanism is enhanced by means of artificial neural networks.
They get a variety of forms every day, either from finance corporations or the healthcare industry. ICR services are also a fast and reliable means of handling consumer data. Furthermore, errors can be minimized when clarifying handwritten note data because errors cannot exist in other industries, the Intelligent Character Recognition System enables businesses to reach vast amounts of data with limited errors.