Optical Character Recognition (OCR) software is used to turn scanned images of printed or handwritten text into digital form. OCR technology is commonly used for quick and seamless extraction of information from identity documents, significantly speeding up digital onboarding and verification processes. For example, OCR can be used to scan the name, address, number, and expiration date from an image of a customer's driver's license, saving them time entering this information.
Use case/ examples of Optical Character Recognition (OCR)
Application automation with document data extraction: Automatically extracting the applicant's personal information from documents like scanned passports or driver's licenses during the account opening process.
Verification efficiency: Enabling rapid processing and validation of financial documents by converting the physical document images like checks and invoices, into structured data.