Ahead of Finovate Spring: Mobile Vision is Transforming Data Collection and Improving Customer Experience
After successful pitches three years in a row, back in 2013, 2014 and 2015, we are ready to showcase a new product from our machine vision technology portfolio at Finovate Spring 2017.
Back then Microblink was called Photopay and the main focus was how to eliminate the abundance of manual data entry from mobile apps, especially when it came to typing payment data on a small mobile keyboard. Photopay was introduced as the fastest way to pay bills; a simple solution for scanning a payment slip in order to capture data.
Nowadays, photopay is the most popular product for the mobile banking industry. More than 40 European banks have implemented photopay and provided customers with a great experience where manual data entry is replaced by a camera. A case study showed that mobile banking users increased by 160% and the number of transactions increased by 100% in only 3 years after launching photopay. Recently, a bank in Serbia won an acknowledgment for their mobile banking app in large part due to photopay feature.
We are focused on the proprietary machine vision and are continuously making enhancements to real-time text recognition (OCR) for mobile devices. In the past couple years, we introduced 3 new products, blinkID (ID card scanner), blinkinput (various data scanner) and blinkIBAN (IBAN number scanner and validator). All products are developed in the form of an SDK (software development kit) and have the same goal: to improve user experience by eliminating manual data entry.
Over 300 customers worldwide are now using the technology for various purposes. In the airline industry, it’s used for scanning both boarding passes and identity documents, hospitality is using it for mobile check-in, telcos for SIM registration and TOP UP, automotive for scanning VIN and license plates, healthcare for medical cards, and financial for scanning standardized payment slips or free-form documents.
Since the first Finovate debut, we have developed a mobile application called Photomath to showcase how the machine vision technology can be used. The app scans and solves mathematical problems in real-time by using a camera of a mobile device. Last year, Photomath made a large leap forward and became the world’s first app that can recognize handwritten math problems. Something that started as a showcase is now a separate company transforming the way children learn math. It’s among the top educational apps for both iOS and Android with over 50M downloads and over 8M active monthly users.
Over the last 18 months, our R&D efforts have been focused on taking a machine learning approach to OCR (DeepOCR) to make a significant leap forward technologically. And in San Jose, we will be showcasing the latest and greatest in mobile vision technology.
At Finovate, we will debut BlinkReceipt, a real-time mobile vision SDK that extracts every possible detail from consumer purchase receipts across the retail industry. This solution runs locally on a mobile device (no server side), has high accuracy, scales infinitely, and is the most cost-effective way to collect consumer purchase data. BlinkReceipt can be used for purchase validation, loyalty and rewards programs, market research, and personal finance/lifestyle management, amongst other things. Currently, it supports receipt scanning for over 80% of the US printed receipts, and the plan is to increase US coverage to as close as 100% and expand internationally by the end of 2017.)