Does OCR Work Well for Reading IDs?
By Ihar Kliashchou, Chief Technology Officer at Regula
Waiting may kill many things, and user experience is one of the first victims. Let’s take banking as an example of an industry where the UX bar is set high. Being a regulated industry, it must verify plenty of personal data for any basic operation, such as opening a new account. Yet, the competition dictates that the process should also be fast and smooth to not create unnecessary bottlenecks. No surprise that banking is one of the industries which leverage Optical Character Recognition (OCR) tools the most.
The tricky thing with OCR is that it’s just not enough when it comes to processing ID documents, as they contain much more than just text. In this article, we’ll dive into the difference between OCR and ID data parsing, and how the latter can benefit high-load institutions’ workflows.