In this era of technological advancements, operating without technology has become necessary. Digital corporations have to encounter several problems in the online working space, among which is handling huge volumes of client information. ICR also recognized as an intelligent character recognition is an advanced sort of optical character recognition – the traditional OCR. It can recognize and represent a wide collection of text including writing techniques and hard-to-read fonts.
When related to OCR, we can say that the outcomes of ICR still lack precision. The idea is that presently available intelligent character recognition system is consistently learning neural networks generated by AI. The more the information will be available, the greater the ICR system would be able to comprehend and process the handwritten documents. Any exemption can occur in adverse data interpretation.
An intelligent character recognition into a monetary’s verification software operates in the following three steps:
Step 1 – Getting client data
The client shows the document to the mobile phone front camera or webcam. An ICR method will examine the text and select the data from the Identity document (Name, address or date of birth, etc).
Step 2 – Handwritten Approval
The client could be inquired to upload hand-written approval as well ( as per the software’s guidance). The consent information will be browsed and extracted.
Step 3 – Authentication & Dispatching Consequences
Both the extracted data will be authenticated and outcomes will be sent to the financial institution.
The digitized data extraction procedure reduces the expense of time-taking and inefficient data entry procedures by companies. Not only time but it saves the expense to hire staff for the task of data entry. The extracted information can further be utilized in a digitized data flow system that can assist companies to make sure predictive modeling over massive datasets makes the software more effective and optimized.
Application of ICR Software
An intelligent character recognition system was introduced by Joseph Corcoran in 1996 for digitized forms processing. This procedure involves three steps in which the document picture was captured and processed by the system, then the data was extracted adopting the ICR algorithm and in the last stage, consequences were processed to verify that output automatically.
With time, this technological advancement proved to be productive for a variety of real-world company use-cases. Presently, the modern company system adopts intelligent character recognition solutions for automated form filling. Before ICR, the recognition of unregulated data was an intricate process. Therefore, now intelligent technologies can digitize the data extraction procedure no matter if it is structured, unstructured, or joined handwriting. Intelligent character recognition systems have subsequent use-cases at a company level.
- ICR software is used by RPA globally.
- Intelligent character recognition is adopted for managing information in a digital environment.
- Electronic document verification to authenticate the identity of peoples online. This application is mostly adopted in banking and monetary institutions.
- Authenticating handwritten consent in an online space.
- An ICR method is utilized to digitize the standard data entry process at a company level.
The Innovation ICR brings
The ICR services make OCR technology more useful as it can translate numerous kinds of fonts and styles. It utilizes artificial intelligence and neural interfaces that help the system to study on its own with events. Each time new information is fed into intelligent character recognition, it improves and upgrades its learning procedure through ANN to extract the data from both types of documents with joined or digital handwriting. Either its monetary firms or the medical sector, they get various forms each day. Due to this, intelligent character recognition services give a swift and effective method to process client information.
Therefore, it can minimize mistakes when interpreting information from handwritten notes since there is no space for mistakes in some sectors, ICR technology assists them to input large volumes of information with little mistakes. But if your corporation has large volumes of information to process each day that may involve structured or unstructured documents, then intelligent character recognition is a measure in the accurate direction since, at the end of the day, it not only minimizes manual labor but gives results with high precision.