How to Immediately Improve KYC with Mobile OCR

Project Description

How to Immediately Improve KYC with Mobile OCR

Know Your Customer (KYC) has become an industry standard for making sure that people are who they say they are. While the scope of Know Your Customer is constantly expanding, ID verification is still a crucial first step in KYC processes. Mobile OCR is one of the technological solutions that is making this part of Know Your Customer easier than ever for customers to comply with.

Mobile OCR is text recognition technology that can be added to your mobile app. It can scan codes, numbers and text in an instant. On top of that, Anyline has adapted mobile OCR technology to read IDs, bank cards, and documents. This makes Anyline the perfect tool for bringing your Know Your Customer processes to a mobile audience.

Learn more to find out if you can improve your Know Your Customer processes with mobile OCR. You can get started with Anyline today thanks to our 30 day free trial. Just get in touch to find out how mobile scanning can optimize your KYC processes.

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Quickly Identify Customers for KYC with Mobile ID Scanning

Know Your Customer can become time-consuming and boring if your customers need to fill out a bunch of paperwork to get started. With Anyline, your customers only need to point their smartphone at their ID card or passport to begin the Know Your Customer process.

Anyline can read passport and ID MRZs and extract up to 14 data points from either. This means a customer can submit their KYC details without writing or typing. This is one of the fastest ways to complete onboarding processes and bring customer details online. Once a customer has completed this step, you can commence with all other stages of your KYC processes.

The following data points can be extracted from an MRZ with Anyline:

  • All Given First Names
  • Check Digit for all Dates
  • Type of Document
  • Check Digit for Document Number
  • Person’s Gender
  • Final Check Digit for all Stored Information
  • Expiration Date of the Document
  • Date of Birth
  • Check Digit for the Date of Birth
  • Check Digit for the Expiration Date
  • Country Code
  • Surname

The real-time scanning of IDs for Know Your Customer processes removes manual data entry and typing from your processes. This should improve the UX of your mobile app and reduce error rates when onboarding new customers in your KYC processes.

Accurately Identify Customers for KYC with Mobile ID Scanning

In addition to being instant, mobile ID scanning is accurate. In laboratory tests, Anyline was found to have a +99% scan accuracy. This is far more accurate than manual data entry or typing processes because mobile OCR is never affected by fatigue, stress or distraction the way a person can be.

Accurate data is crucial for Know Your Customer to work successfully. On top of that, you should also know that having inaccurate data can cost you money, and make it much harder for your management team to make business decisions.

According to one study, poor data quality cost brands up to 6% of their revenue in 2015. In a 2016 study, researchers claimed that bad data was costing the US economy €3 trillion. As well as that, a 2017 study suggests that 84% of CEOs are doubtful of the data quality they receive and base decisions on.

Collecting accurate data is more important than ever before. With Anyline, you can rest assured knowing that your customer’s KYC data is accurately being gathered.

It’s important to know that besides being fast and accurate, you can use Anyline anywhere. You don’t need to have an active internet connection or even suitable lighting to perform a scan. Anyline processes all scan data on your device. And our torch activation feature automatically kicks in if you run out of light. With all this in mind, it’s easy to see how you’ll never have to process an inaccurate onboarding attempt again.

Mobile OCR from Anyline is Secure for KYC

Security is a top priority for customers and business alike when it comes to processing sensitive personal and financial data. So how can data be secured when it’s captured with a mobile device and then uploaded to the internet?

Unlike a lot of of mobile OCR solutions, Anyline processes all scan information on your device. None of your scan data is sent to the cloud for processing, where it can be intercepted before you even receive scan results on your phone. This makes it a secure solution for scanning ID cards and other forms of sensitive information.

Successful scans are stored on your device and can be uploaded to your backend via a secure connection when you’re ready to save your data. This method of data collection and transfer is much more secure than using cloud processing to get results with mobile OCR.

How Global Blue, Scalable Capital and Cashpresso Used Mobile ID Scanning to Improve their Mobile Apps

A number of companies have had success with Anyline’s mobile OCR solution. Here are some quick examples of companies that found Anyline the perfect tool for customer onboarding and ID verification.

Global Blue & Mobile ID Scanning

Global Blue is an international shopping service that helps customers to claim back taxes, when possible, on purchases made abroad. To make this easier, they wanted to create a mobile app that would reduce paperwork for customers and make life easier for sales people.

They integrated Anyline in their workforce app so sales people can scan shopper’s IDs and credit cards. With this information, they’re able to automatically complete the tax free form that shoppers need when travelling abroad.

Scalable Capital Scan IBANs and Passports

Removing stress from investing is no small feat. Scalable Capital set out to do just this by taking advantage of the latest technology in their mobile app. One of their goals was to make getting started as simple as possible.

The Scalable Capital team realised that typing in personal details was a tedious and boring task on mobile devices. When they looked for an alternative, they discovered Anyline had the power to scan passports and IBANs in an instant. This removed typing from their onboarding funnel and helped users to quickly get started.

Cashpresso – The Easy Way to Get an Overdraft

The aim of Cashpresso is simple. They want to make it easy for everyone to get a small loan or overdraft. The first step was to cut out a visit to the bank or your local financial institution. But once they had their mobile app up and running, they realized that there were still improvements to be made.

In order for a customer to get a loan from Cashpresso, they need to type their IBAN into the app. An IBAN can be up to 34 characters long and are difficult for people to remember. This became a trouble spot in their onboarding process as a result. Customers would get frustrated by typing mistakes or submit the wrong IBAN all the time.

The solution to this problem was Anyline’s mobile OCR technology. Once integrated in the app, users were able to point their device camera at their bank card and scan their IBAN in an instant. This improved UX meant more people were able to successfully use Cashpresso to get the loan they wanted.

Anyline is a Gartner Cool Vendor

Gartner, the world wide research institute famous for creating the hype cycle model to predict the maturity of emerging technologies, named Anyline as a Cool Vendor for supply chain execution in 2018.

Gartner Cool Vendors exist across all major areas of technology innovation. Those that stand out, do so because they offer some disruptive capability or opportunity. Anyline has been listed as a Cool Vendor because of their mobile OCR technology. This technology is backed by artificial intelligence and machine learning to provide the most accurate scan possible.

“This is a huge success for us. Gartner are one of the best known research institutes in the tech industry. Their work on the “Magic Quadrant” and the “Hype Cycle” have helped to guide companies for years. Growing enterprises around the world rely on the analysis and reports they provide to choose only the best service providers. To be recognized by them is to receive the gold standard of approval within our field.”

– Anyline CEO, Lukas Kinigadner.

Anyline was recognized by Gartner because our technology supports the digitization of all kinds of data. By removing typing and manual data entry from everyday processes, you can save time, money and resources while also improving your data quality.

Test Your Use Case with the Anyline OCR Scanner App

You can test Anyline’s mobile scanning technology for yourself with our demo App. The Anyline OCR Scanner is a free app available on the App Store and Google Play that will help you to assess your scanning use cases. It includes more than 10 scanning solutions, works offline and has a +99% scan accuracy!

 

 

Check it out now and discover the potential to streamline your processes and services with your smartphone!

Try it for Yourself – Start Your Free Anyline Demo Now

Anyline’s mobile scanning technology is available to integrate with your mobile app as a cross-platform SDK. Test out our fully supported solutions on Android, iOS and Windows devices today. Download our SDK and begin your 30-day free trial to see how mobile scanning can revolutionize your services and processes!

The SDK demo includes access to all of the following solutions:

Don’t see a solution for your scanning use case? Get in touch now to discuss your solution!

Want to Add Mobile Scanning to Your KYC App?

Save time and money with mobile scanning from Anyline. You can improve your customer experience, enhance security and upgrade data capture quality all at the same time. Our technology uses artificial intelligence and machine learning to provide you with a fast and accurate scanning solution.

You can download our free SDK and begin your 30-day trial today. Integrate it with your own app and test your scanning use case.

For more information and details on how to add mobile scanning to your app on a permanent basis, get in touch with us. We’re happy to help!

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Follow Us For All The Latest Scanning News!

Want to stay up-to-date on all the latest mobile text recognition technology news? Follow us on Facebook, LinkedIn or Twitter to stay in the know about mobile scanning!

You can also join our mailing list to get all Anyline announcements sent straight to your inbox. Sign-up is simple and we don’t send too many mails!

Finally, if you have questions, suggestions or feedback on this post, please don’t hesitate to reach out to us. Contact us via social media or else send us an email at [email protected]!

 

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