Businesses are always dealing with individuals and their data for processes such as customer authentication. This is why identity data is very important. Customers' documents like IDs are often collected in digital formats for onboarding. After collection, companies also have to validate these documents, extract the needed data for different processes, and send them to a database for storage. For compliance teams, doing this manually is time-consuming, prone to human errors, and overwhelming.
The importance of compliance teams
Compliance officers and their teams ensure that both employees and customers precisely (in this case) adhere to all regulations. For effective compliance, companies need information from documents like IDs, passports, certificates, etc from the parties involved to ascertain if there is a breach in regulation or if things are done properly. This scenario is a clear example of data extraction and processing.
Compliance teams often work hand-in-hand with customer-facing teams to ensure that these regulations are maintained. These teams often include customer support, sales, and other onboarding teams. But regardless of their compliance-related tasks, data extraction and manual data entry shouldn’t take up the bulk of their time. This is one of the many reasons why we built Vision.
Data extraction for compliance using Vision
Voyance Vision is a no-code, easy-to-use tool built specifically for extracting data from images and documents.
Voyance Vision solves a major problem of compliance teams in extracting data from IDs manually. With Optical Character Recognition Technology (OCR), it scans images and documents to automatically retrieve text in a structured format. Vision makes it possible to extract text from an image and edit it without having to type it all manually. The data extracted can be exported, shared, or stored in any database of your choice.
Voyance Vision helps to simplify the processes involved in onboarding information from digital documents with the click of a button. This will give room for more efficiency of a compliance manager amongst other benefits.
How compliance teams can automatically extract data from IDs
Voyance Vision is an easy-to-use tool so the steps are not difficult as the path of a labyrinth.
- Get your account set up in minutes. You can start using Vision right away with your free trial!
2. Start using our pre-built models, such as our passport model, to extract data from IDs.
3. Have other ID formats to extract from? That’s okay! Create and train your model within minutes using your preferred ID. You can train models for national ID cards, voters’ cards, driver’s licenses, and so on.
4. Once your model is done training, you can start loading images and documents for one-click data extraction. Extract data from single documents or thousands at a time, it’s up to you!
Why Voyance Vision for Compliance teams?
Beyond simplifying the process of ID authentication and data extraction for compliance officers, Voyance Vision will benefit them in the long run:
- Speed: Voyance Vision eliminates the manual time-consuming effort of processing IDs
- Trust: More customers will trust a faster onboarding process.
- Accuracy: mistakes slow down the process and add to cost; an automated system can automatically check for errors and more quickly fix any mistakes.
- Cost: Voyance Vision will help save overhead costs with reduced manual labour, faster speed, improved accuracy and better utilization of compliance resources, and improved scalability.
- Adaptability: As regulations constantly change, compliance systems need to correspondingly change. Automated workflows can change almost on the fly; in many cases, simply update a ruleset and you’re done.
- Integration: automated data extraction, for the most part, is about using APIs to easily add functionality. With new APIs being added all the time, new capabilities are a simple integration away.
- Tracking/Reporting: digital data is seamlessly transferable in its native form to analytics, auditing, tracking, and reporting systems creating opportunities for optimization and strategic analysis.
- Customer Experience: Not only is eKYC a quicker process, but it is also easier from the get-go for the customer. The entire process is often mobile or internet-only thus delivering a smooth, convenient experience
- Efficiency: By infusing speed and accuracy in the process, it leads generally to efficiency.