The comprehensive OCR screening system has digitalized the entire data gathering and processing system. The technique makes it simple to retrieve hand-printed content from any type of document, making the processing phase for companies considerably more efficient and dependable.
ICR, or Intelligent Character Recognition, is a part of this screening technique used for data retrieval and entry of manually filled-out fields in documents. The capacity of ICR technology to recognize millions of different handwriting types has made it widely used in many industries, including the finance industry. It is utilized in systems for initial client authentication, data collection from paper-based records, as well as ongoing consumer transactional activity tracking in financial companies.
ICR and OCR Services
Since ICR technology is regarded as a subset of OCR technology, the services provided by the system can occasionally be more extensive. The language and minimal basic design of a given document from a particular nation or region are the only differences that the OCR system can pick out of hand-printed information from a document.
Intelligent document recognition, on the other hand, has the ability to recognize and learn diverse linguistic styles of writing. Even in a single language, there can be a significant variety of writing styles and fonts. To even improve processing and validation operations in corporate organizations and the financial industry, the character recognition application easily identifies the text information.
Process of ICR
The software’s optical text recognition quickly and efficiently verifies the data through a simplified screening process. Although the technology has a wide range of uses, it is typically employed in companies and banks to verify identification documents
- The system uses AI-powered tools to read the data sent to a certain company or bank. The OCR chooses printed data and checks it against the relevant regulatory database.
- The client must typically supply a new picture for face verification as part of client authentication, commonly known as KYC. They also attach a handwritten letter to confirm their consent. This is the main application of intelligent character recognition online.
- The handwritten information is reviewed and put into a manner that is comfortable for the party doing the checking. The procedure continues after the information was processed by the character recognition system.
Significance of ICR Technology
The monitoring application’s entire architecture reduces the time and labour required to process the data that is given. A company or financial customer will need ICR technology just as much as they will need an OCR engine because handwritten data has equal importance to printed material.
With no resistance, the customer portfolio is managed and improved globally. It is frequently believed that the software’s sole primary function in online shops, financial institutions, and marketplaces is client authentication. In reality, the intelligent character recognition software verifies the written data in a variety of ways. The ICR technology is skilled in extracting data from certifications or agreements due to international clients, in addition to using an interpreter to process papers. The following processes and compliance programs are completely seamless and effective because of the multilingual character tracking technology.
This type of ICR software reduces the workload on the workers, increasing business productivity. The scanning software also eliminates the need for an operator or helper for entering data and interpreting it.
Use Cases of ICR in Different Sectors
Businesses Enterprises
ICR services are beneficial to corporate companies. The organization can practice the recognition software in a variety of circumstances for precise and quick results. Handwriting recognition software, for instance, can retain and verify paper-based handwriting data gathered from distant clients and staff. Besides that, several places in the world still use traditional marketing channels commonly. On-site marketing is carried out where team members collect handwritten content for the purpose of acquiring useful client insights. ICR technology then renders the translation of that text information into a digital format.
Cryptocurrency
The typical KYC authentication is used by cryptocurrency exchanges to speed up the enrolling of traders on their platform. They use ICR technology to recognize the consent note that is always requested of the customer during the process.
Final Thoughts
The character identification system is still in the development stage and has more uses than enterprises realize. The investment and commercial sectors are intended to benefit greatly from the self-learning mechanism of the ICR technology and the AI-driven networks. The accuracy ratio is enhanced and a company’s performance is improved. When handwritten data is quickly verified and processed with automated ICR software. Companies need an ICR system to increase their efficiency and automate their daily activities. No doubt that OCR is cost-effective but if the firm has to deal with bundles of data, then ICR with OCR is the best choice.
