Intelligent character recognition online is the avant-garde state of OCR that transforms handwritten text into machine-readable and editable forms. This advanced technology emerges as the solution to OCR’s restrictions. Moreover, by analyzing unstructured and structured data, ICR readers drive more precision to identity verification.
Imposters leverage different methods to falsify documents by creating fake profiles. ICR efficiently investigates new handwriting by improving its learning capability among artificial neural networks. Likewise, processes such as client record management, prevention of inaccurate entries, and automated data extraction transform daily life operations. Hence, these are the reasons that push clients towards acquiring ICR services, and its market size is forecasted to reach $10.53 billion by 2023.
Read this blog to understand ICR character recognition and its benefits.
Why is ICR better than OCR?
The most noticeable difference between OCR and ICR is that the former cannot recognize handwriting. Scammers involved in document duplication usually use fake signatures to control the information validity. Whereas OCR quickly fetches data, it is now difficult to identify scamming handwriting-related alterations. Moreover, OCR text can be easily transformed into MS Word documents using the copy-paste option.
Organizations deal with piles of documents they receive in different formats through email. ICR handwriting recognition services permit firms to automate their ID verification processes by minimizing human intervention. Although OCR is limited, these AI-powered ICR tools are more reliable.
Following are the details about intelligent character recognition online that makes the difference:
- ICR analyzes information via artificial intelligence (AI) neural networks, while OCR systems extract template services for firms that don’t use this advanced technology.
- OCR provides a specific layout for entering data, while ICR readers know how to identify and analyze different templates.
- Organizations modifying their documents and invoice formats are usually less likely to depend on OCR as it is only for structured or fixed templates.
- ICR is entirely AI-driven, while OCR involves conventional data interpretation.
- ICR efficiently extracts data with different images, handwritten documents, and other resources, while OCR only gathers digital information.
- OCR documents are complex to retrieve within the firm as they can convert information into PDFs. At the same time, ICR solutions make data retrieval convenient.
A Comprehensive Review of Intelligent Character Recognition (ICR)
ICR utilizes robotic process automation (RPA) technology to provide error-free and accurate outcomes. Firms can easily streamline document verification using advanced AI forms, computer versions, and pattern recognition. It also involves the subsequent steps:
- Clients are asked to provide authentic government-issued identity documents such as passports, ID cards, and driver’s licenses.
- The ICR systems start scanning pictures through their pre-trained APIs.
- The system then gets information in the form of machine-readable keys.
- ICR scanning then runs an automatic investigation of templates, fonts, and any handwritten information.
- End-users submit real-time signatures for validation in handwritten recognition.
- The system cross-validates information and research through pre-existing databases after successfully extracting data and research.
- The ICR recognition warns about anomalies in case of tampering and asks applicants to review the documents.
- The system automatically enters the data into accounts payable records by providing actual proof.
The Advantages of Intelligent Character Recognition For Businesses
ICR benefits firms differently, from improving accuracy during user onboarding to automating document analysis procedures. As organizations progress towards digitization, integrating AI-powered IDV solutions becomes crucial. Businesses deal with electronic invoices, receive documents through emails, and help global users by giving remote registration.
Integrating ICR handwriting recognition aids organizations in cutting down processing costs and minimizing the tenure for document verification. Hence, more enterprises invest in this advanced technology to automate identity validation processes.
Moreover, The OCR technology also has some restrictions that leave loopholes for organizations. On the other hand, scanner ICR reduces the time taken for document investigation. Likewise, clients don’t have to cross-check scanned documents; it also provides hassle-free onboarding.
ICR interprets a variety of document templates and formats. Afterwards, it gives real-time handwritten analysis for signature authentication, eradicating fraud risks. Moreover, the ICR algorithm can easily transform data on paper documents through MRZs that can be retrieved and stored easily. This helps in coping with information breaches by restricting the demand for additional costs to update the storage of the file stack.
Intelligent character recognition lessens scamming attempts in business tasks and the possibility of inaccurate outcomes. Due to AI-based self-learning abilities, these systems efficiently give industries’ clients identity validation procedures. Moreover, ICR scanning boosts the OCR application to unexpected levels by encouraging more authenticity checks. Deploying automated data extraction eases the way of interacting with clients for document review by analyzing a template variety. Hence, these services revamp businesses to secure the client onboarding process.