Time to Upgrade Systems With ICR Software
The financial sector has been severely disrupted due to the covid-19 pandemic. Fraudulent operations in the banking industry have increased by 238 percent, according to research. Malicious hackers take full advantage of current events to prey on susceptible people.
Due to the rise in cyberattacks, it’s probably time for organizations to update their cybersecurity measures by investing in cutting-edge technology. In a field that delivers actual identity verification services to counteract phishing attempts and chargebacks, these products are making progress. It is worthy to note that firms are increasingly incorporating OCR technology, but it isn’t proving to be effective in combating counterfeits.
This supports the idea that firms must up their game by incorporating innovative technology like ICR software. This system reacts quickly to any illicit activity that may occur even during document verification procedures.
Table of Content
What is Intelligent Character Recognition Software?
ICR application is a level ahead of the OCR. The technique aids in the retrieval of handwritten data and content from files. Character-level recognition methods are used by ICR algorithms to digitize them into machine-readable forms. As AI character recognition technology evolves, ICR is now in its transitional period. These data-gathering services help businesses convert data from traditional to digital format, which increases accessibility and processing of the data. Information extraction from organized and unorganized documents is a part of handwriting recognition software powered by artificial intelligence.
How Does ICR Software Work?
ICR software allows for efficient indexing as well as pattern matching. Handwritten characters are recognized using ICR software with the use of a previously defined sequence of characters, like arithmetic characters, upper and lower case characters, alphanumeric characters, mixed case characters, and punctuation characters, like question marks, exclamation marks, commas, colon, full stop, semi-colon, and so on. Once the process is completed, the result is presented in a file type of their choices, such as GIF, PDF, and JPG.
Advantages of ICR Software
With the use of AI text recognition, OCR technology is becoming more productive and useful, as this innovation can translate a wide range of font styles. The technology makes use of artificial intelligence techniques such as neural networks and new algorithms to enable OCR software to grow from its own experience. Whenever new data is supplied to the computer through artificial neural networks, it improves and updates its process of learning. Data is extracted from both organized and unorganized documents containing digitized or handwritten content using ICR technology.
In the financial and health industries, a variety of documents are received. ICR technologies process client data in the most efficient way possible and improve corporate operations. The technology aids in the reduction of errors that may occur during the extraction of data from handwritten text. In today’s digital world, there’s no tolerance for mistakes in industries. Thus, with updated character recognition technology, it is now feasible to process massive amounts of data with minimum errors.
Services of ICR Technology
ICR algorithms deliver dependable and precise results in a short amount of time, regardless of the size of the project. Advanced ICR handwriting recognition can process papers with any kind of handwriting. Data can be extracted from the below-listed categories of documents using ICR services.
- Survey forms
- Market research form
- Directories
- Medical forms
- Magazines and periodicals
- Travel survey processing
- Bill remittance forms
- Insurance forms
Applications of ICR Engine
ICR technology is a big step forward in the digital transition and technological breakthroughs. In the formation and development of companies and businesses, ICR technology plays a critical role.
The uses of intelligent character identification systems to eliminate human errors and improve company operations are listed below.
- Handling claim and invoicing in a healthcare platform
- Invoice processing
- Receipt processing
- Text extraction from different forms as well as applications.
- Client onboarding in financial firms
- Human resource document extraction
Final Thoughts
There is a large choice to make between the latest ICR programs, and businesses should not hesitate to use them in conjunction with other solutions to combat counterfeiting and phishing activities. ICR services improve the accuracy, effectiveness, and efficiency of client data handling and risk evaluation. The software helps enterprises input a huge quantity of data with minimal to no errors as compared to error-prone manual methods. Even though ICR technology is more expensive than OCR, businesses must spend on such services to handle both structured as well as unstructured documents.
It goes without saying that, all a firm wants is to produce correct results, which can be accomplished simply by acquiring ICR services. To achieve greater outcomes, intelligent character recognition employs both Machine Learning (short for ML) and Artificial Intelligence (short for AI) methods. ICR software is becoming so advanced these days that it is no longer confined to desktops; it now includes solutions for both handwritten as well as printed text recognition on cellphones too.
