Technologies that assist human beings are the need of the hour. Technological innovations that perform tasks in the blink of an eye will be available as sustainable technology. The world shifted to digital platforms when coronavirus hit in 2020. The healthcare sector, financial businesses, educational departments, were all hit by the pandemic equally hard. This is why the need for such technologies in the pandemic-struck world is more than crucial.
Since March 2020, many doctors have prescribed medicines to patients through video counseling. As we all know, doctors have messy handwriting and it is often difficult to understand what is written in the prescription. Jokes aside, it is crucial to interpret the handwriting. This is where ICR technology jumps in to save the day.
Intelligent Character Recognition – Extracting Complicating Text
Intelligent character recognition is a branch of OCR technology. Although the focus of OCR is to interpret handwritten text, it cannot read cursive handwriting. But ICR technology is designed to interpret cursive handwriting and convert it into editable text. A text that can be copied, pasted, and edited. ICR technology is still in the learning phase. It is learning to improve its accuracy while providing speedy and precise data extraction.
The ICR app can extract text from images but can also read cursive handwriting. Even though ICR technology is updating and learning, it keeps getting better in terms of accuracy and rate of recognition. ICR recognition is continuously updating which increases the possibility of this app being widely adopted in the coming future.
ICR technology has a self-learning system that can understand multiple ranges of handwriting styles and fonts. In easy words, whenever ICR services scan and interpret a new style or font, it learns and stores the information in its database. Hence, the accuracy of the technology is enhanced font by font which will help scan complicated text.
ICR – Establishing Grounds For The Coming Future
For now, the fact cannot be ignored that the OCR app is still one step ahead of ICR in terms of accuracy. The main reason why ICR technology is not so developed is that it is still in the learning phase of the neural networks established by AI. Hence, the better the ICR technology will perform the more data it collects making it outrun OCR services one day.
ICR Solutions Providing ID Document Scanning Solutions
ICR Technology can be used in multiple industries such as pharmacies, identity verification services, and translation applications. But mainly, ICR reader has been helpful in providing businesses with identity verification solutions.
When stringent regulations were imposed by regulatory authorities to perform KYC verification, businesses had to manually extract information from already filled forms. ICR technology has now helped corporates such as banks extract text and fill in the digital forms automatically. It allowed even those forms to be extracted that had cursive handwriting and were difficult to read. Nowadays, many organizations are using ICR technology along with OCR apps to enhance the accuracy of the extracted text.
The process of the ICR algorithm
ICR is an Artificial Intelligence based text recognition application that scans the text and then extracts characters and separates the white spaces from it. The extracted data is then stocked in the backend office. The text is then available in an editable format.
Benefits of ICR Engine
- Can promptly extract text
- Handwritten text can be extracted and converted into editable format
- It can interpret cursive handwriting
- Able to manage many more documents than OCR technology can
- Diminishes the process of manual text entry
- Rules out human errors
How ICR Technology is Assisting Banks?
Banks are financial institutions that have to deal with numerous customers. Customers when opening a bank account are required to fill out basic informational forms. These forms have minor details such as name, age, date of birth, and identity document numbers. They are additionally required to present a picture of them along with photocopies of their ID documents.
The banks then have to fill out information from those forms onto the digital forms on their systems. These digital forms can be accessed by bank officials only. But manual input of text is hectic, tiring, and laborious especially when there are dozens of customers waiting.
This is where ICR technology assists banks by extracting even the most difficult text and converting it into an editable format. Furthermore, prompt extraction of data reduces onboarding customer time because banks are required to perform identity verification checks. These identity verification checks are essential to comply with AML and CFT regulations.
ICR technology will be widely adopted in the prospective future. Not just because it can read cursive handwriting, but also due to its ability to self-learn. Businesses must adopt technologies that are helping them streamline their work and to increase the efficiency of their employees.