ICR Technology- One Step Ahead of OCR Applications

Ultra-modernized tech tools capable of aiding humans are the need of the hour. The technological boom has come up with sophisticated ways and methods which can carry out business and individuals’ tasks automatedly. As the world is experiencing digitalization, businesses are transforming and shifting towards online platforms for better reach. Due to this reason, the number of cybercrimes is rising significantly. The pandemic has equally disrupted the function of all businesses sectors, mainly the medicare sector, financial sector, and educational industry. 

Back in the year 2020, countless health specialists have prescribed medications to their patients remotely using online platforms. Most of us are aware of the fact that doctors have untidy handwriting styles that are quite challenging for the pharmacist as well as the patients’ to understand and act accordingly. Jokes apart, it’s difficult to interpret such hand-written prescriptions. This is the breakpoint where ICR technology is developed to resolve this issue.

Intelligent Character Recognition 

Intelligent character recognition is driven by key concepts of OCR technology. The primary concept of OCR was to decipher the text of the hand-written document. But it lacked the feature of interpreting cursive handwriting. Therefore, SaaS providers have developed more precise and effective ICR solutions. Such solutions are quite impressive in understanding cursive handwriting as well as transform them into digital editable text. Then such text can be copied, pasted, or edited electronically. As it’s a new technology, it’s periodically evolving. The SaaS providers are improving this technology using advanced AI and ML concepts to uplift ICR recognition accuracy as well as to achieve robust extraction.

The ICR app is capable of extracting text from the images along with documents having cursive handwriting. As intelligent character recognition technology is underlying the learning phase and constantly improving. It is enhancing both in terms of accurate recognition and providing ease for the businesses. Due to which the probability of adopting ICR services is quite high.

ICR Technology having capabilities of self-learning make it significant. Such systems are embedded with artificial intelligence concepts which allow learning various handwriting fonts and styles at glance. In short, whenever the documents are scanned using an ICR reader along with interpreting the text it learns and stores the writing style in the database for future extraction. Due to this reason this technology is able to extract and interpret text with ultimate accuracy.

ICR Reader Improvising Document Verification Solution

Intelligent character recognition technology is widespread in various industries like the banking sector, pharmaceuticals, medicare, insurance companies, and much more. But basically, ICR engines are quite beneficial for the digital business in order to carry out identity verification procedures seamlessly. 

As digital frauds are rising exponentially, the regulatory bodies are establishing strict laws and policies for incorporating know your customer and anti-money laundering compliance, due to which the companies had to extract the information from documents manually. Whereas, ICR technology is helping out various corporations like banks, hospitals, insurance companies, etc in extracting and populating data in online form automatedly. It’s also allowed to interpret the document written in cursive handwriting with precision which OCR scanners were unable to do. Today, many digital businesses are utilizing ICR services along with OCR solutions to improve the quality of data extraction.

Comparing both the technologies, the reality can’t be neglected that ICR services are somehow one step ahead of the ICR solution because it is an evolving phase and ICR is periodically improving. As OCR is not developed to some extent that’s why it may be lacking in some cases.

Key Perks of ICR solution

Intelligent character recognition applications are developed using artificial intelligence technology. It is capable of scanning the documents and then extracting characters by separating white spaces from the file for verification documents. Afterward, the extracted information is stored in the client’s back office. Thus, the information is converted into an editable format.

1. It can extract information with high precision
2. Transcribed text can be plucked and turned into editable form
3. It is quite effective in interpreting cursive handwriting
4. Can accommodate more documents robustly as compare to OCR
5. Deters the need for the manual procedure of data extraction
6. Eliminate the risk of eros caused due to human carelessness 

In what ways ICR is assisting the banking sector?

Financial institutions, mainly banks, tend to deal with many consumers. Clients have to undergo the form-filling procedure at the time of account opening. Such registration forms acquire identifiable information like name, date of birth, ID card number, etc. Additionally, customers are required to provide a photo along with photocopies of their government-issued ID documents. 

Afterward, financial corporations have to fill out data from paper-based forms into digital forms. Banks do this process for their own ease as such viable information has to be used throughout the registration and verification procedure. But carrying out data extraction manually creates a lot of minor anomalies and also is quite tiring for the workers.

This is the point where  ICR technology aids financial enterprises to extract information from the documents even if they have cursive handwriting and also transforms them into editable form. Additionally,  due to the robust extraction, the customers now don’t have to wait for days and weeks for verification thus it booms the customer experience.

Final Thoughts 

ICR technology will be extensively utilized by the businesses in near future. It is able to interpret text written in any format as well as have the hallmark of self-learning based on real-time scenarios. Therefore, institutions must embrace ICR technology that is promising to provide a seamless onboarding process as well as ease for the workers.