The entire framework of data collection and processing has been digitised by the seamless screening service of OCR (Optical Character Recognition). The technology extracts hand-printed textual information from any sort of document with ease, which makes the processing part for businesses much more smooth and reliable.
(Intelligent Character Recognition) ICR is the subset of this screening technology that is applied in data extraction and entry of data filled in a document by hand. The ICR software is globally practiced in multiple businesses and the financial sector due to the capability of recognizing millions of formats of handwriting. It is used in initial client verification programs, assembling data from paper-based documents, and also in ongoing monitoring of customers’ transactional activities in financial entities.
OCR V/S ICR Services
Although ICR software is considered a branch of OCR technology, the functions rendered by the application are more substantial in cases. The OCR engine can select hand-printed data from a certificate that only varies in language and a little in the standard design of a particular document of a specific country or territory.
On the other hand, ICR software can learn and identify writing styles of different languages. The formats of writing and fonts even in a particular language can be of considerable quantity. The textual data gets identified conveniently by the character recognition app to further streamline the processing and verification procedures in business firms and the financial sector.
Process of ICR Software
The optical text recognition in the application confirms the information in a brief period of time in a simple screening process. The technology has universal applications but usually, it is used in banks and businesses for ID document verification
- The system scans the documents submitted to the particular business or bank with AI-powered technology. The OCR selects printed information and verifies it from the concerned regulatory record
- Typically in client verification, which is also called the KYC (Know Your Customer), the client has to upload a fresh image for face confirmation, and also a note written by hand is included in it for assuring consent. This is where the ICR software is used primarily
- The handwritten data is screened and converted into a format that is familiar to the verifying party. After the character recognition software processed the data, the process moves further
Significance of ICR Software
The entire framework of the scanning application reduces the time and effort spent in processing the provided information. The value of handwritten information is as much as the printed one so the ICR software is as imperative to a business or financial client as the OCR engine.
The global portfolio of clients gets managed and enhanced with zero friction. It is often considered that the prime usage of the application is only in client verification in online businesses, financial entities, and platforms. It’s really not the case, the ICR software in countless procedures authenticates the handwritten data. Due to international clients, other than hiring a translator, for processing documents also, the ICR software is practiced in gathering data from the certificates or agreement. The multilingual character recognition app makes the following procedures and compliance programs absolutely seamless and efficient.
The ICR software like this leads to less load on the workforce which indicates a boost in productivity of the business. The hiring cost of an operator or assistant for data entry and processing also gets eliminated due to the scanning application.
Use Cases of ICR Software
Corporate organizations are benefiting from ICR services. There are many scenarios in which the firm can practice the recognition system for accurate and swift results. For example, the paper-based handwritten data collected from remote clients and employees can be preserved and verified with ICR software. Other than that, traditional mediums of marketing are still quite active in some parts of the world. For gaining valuable customer insights, on-premise marketing is performed where the team members gather handwritten information and then the conversion of that textual data into an electronic form is rendered by ICR software.
The crypto exchanges streamline the onboarding of traders on the platform with a standard KYC verification where the ICR software can be used to identify the consent note which is always asked by the client in the procedure.
The applications of the optical character recognition system are more than businesses think and it is still in the growing phase. The self-learning model of the ICR software and the AI-driven network is meant to facilitate the corporate and financial sector at a great level. The verification and processing of handwritten information in seconds with greater precision reduces the error ratio and enhances the performance of a firm. ICR software is a must for enhanced productivity.
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