The influx in technology is the new normal in this tech-oriented world. Industries, especially financial infrastructures have been affected all the way since this prominent advent in technology.
Unfortunately, cybercriminals are evolving simultaneously with these technological innovations and advancements. Financial sectors have been adversely impacted majorly after the COVID-19 outbreak. According to researchers and analysis, fraudulent activities in financial sectors have evolved up to 238 percent. Cybercriminals leverage breaking news to take advantage of vulnerable populations.
Considering this evolution in cyberattacks, it’s high time for businesses to upgrade their cybersecurity protocols with the acquisition of advanced technology. Such products are progressing in a market that provides real-time identity verification solutions to combat phishing attacks and chargebacks. You might have noticed that the incorporation of OCR Technology is just a normal thing among businesses and it’s not playing a promising role against counterfeits.
This leads us to the fact that businesses must level up their game with the incorporation of advanced technology, such as ICR. This technology impulsively combats any criminal activity that has the possibility to encounter during the process of document verification.
Let’s have a deep insight into what is ICR, a comparison between OCR and ICR, ICR services, ICR applications, and some best ICR software out there in the market.
What is ICR?
Intelligent character recognition (ICR) technology is basically one step ahead of optical character recognition (OCR) technology. This technology assists in the extraction of handwritten information and text from documents for user authentication. ICR algorithms apply character-level recognition techniques for the digitization of them in machine-readable formats. ICR is still in its transformation phase as AI text recognition technology keeps on advancing every single day. These data capturing services assist businesses in data conversion on paper into digital format for the enhancement of data accessibility and improves document processing. Handwritten recognition models powered by artificial intelligence involve text extraction from structured, semistructured, and unstructured documents.
ICR vs. OCR
The reason why ICR readers still lack correctness is they are constantly learning neural networks which are developed by machine learning and artificial intelligence.
Below is the comparison of ICR and OCR technology.
- OCR is a vast technology and ICR is the subset of OCR.
- OCR technology only focuses on printed documents whereas ICR technology is popular for text recognition of handwritten documents, in numerous font styles.
- OCR technology cannot read complex fonts and has limited capability. Thanks to ICR technology which has the capability of reading, analyzing, and extracting complicated fonts and styles.
- OCR technology does not incorporate document details whereas ICR possesses more detailed and advanced technology.
How ICR Works?
Automatic indexing and pattern matching are possible because of ICR software. Handwriting characters are recognized using ICR technology with the utilization of predefined character set, for example, upper case characters, lower case characters, mixed case characters, alphanumeric characters, arithmetic characters, currency, and punctuation characters, for example, exclamation mark, question mark, full stop, comma, colon, semi-colon, etc. the output is delivered once the process is over in the document format of their preference such as JPG, GIF, TIFF, PDF, HTML, XML, BMP, etc.
Advantages of Intelligent Character Recognition (ICR)
OCR technology becomes more effective and efficient with the help of ICR technology as this technology can interpret numerous font styles. OCR technology uses neural networks and innovative algorithms of artificial intelligence that help OCR software to learn from their own experience. It enhances and upgrades its learning process every time new data is fed into the system via artificial neural networks. ICR technology extracts data both from structured as well as unstructured documents with cursive or digital handwriting.
Numerous forms are received in the health and financial sectors. ICR solutions process customer data and enhance business operations in the best way possible. ICR technology helps to reduce errors that might encounter during data extraction from handwritten documents. There is no room for errors in industries in this modern tech-oriented world. Thanks to the intelligent character recognition technology that makes data processing of large volume of data possible with minimal errors
ICR algorithms provide reliable and accurate solutions in a quick turnaround time no matter the project is big or small. Advanced ICR software is capable of processing such documents that involve any type of handwriting and unconstrained handprints. ICR services provide data extraction from the following types of documents
- Travel survey processing
- Market research form
- Magazines and periodicals
- Bill remittance forms
- Survey forms
- Medical forms
- Insurance forms
ICR technology is a significant move on the pathway of technological advancements and digital transformations. ICR software plays a pivotal role in the emergence and establishment of businesses and infrastructures.
Following are some effective applications of intelligent character recognition technology to reduce human errors and for the enhancement of business operations.
- Claim management and billing in the healthcare industry
- Customer onboarding in financial infrastructures
- Receipt processing
- Invoice processing
- Human resource (HR) document extraction
- Text extraction from forms and applications.
There exist a wide range of best intelligent character recognition icr software out there and businesses must not think even twice while integrating them with such solutions to combat counterfeits and phishing attacks. ICR services enhance customer data processing and risk assessment accurately, effectively, and efficiently. ICR raiders play a priming role in error reduction and also assist businesses to input an immense volume of data with minimum to no errors. Although ICR technology is expensive as compared to OCR technology, companies must invest in such solutions and services for the processing of both structured as well as unstructured documents.
There is no doubt in saying that at the end of the day, all a company wants is to deliver accurate results and this is possible just with the acquisition of ICR services. Intelligent character recognition technology leverages both machine learning and artificial intelligence technologies to drive better results. ICR software is getting very innovative these days that their solutions are not limited to desktops, but they provide both handwritten and printed text recognition solutions for smartphones too.
Originally posted 2021-06-01 19:17:35. Republished by Blog Post Promoter