ICR Services - The Step towards Efficient & Reliable Data Processing

Data is king, and rightly so. With the influx of technology, enterprises use data-driven solutions to bank on customer needs to survive the highly competitive market. Big data analytics and systems powered by artificial intelligence are the go-to choices for companies, whether they are emerging startups or key industry players. To manage data and to utilize it in the best possible way, recommender systems are playing their role in making intelligent predictions of market trends and customer interests.

Keeping in view the data-oriented needs of businesses, Intelligent Character Recognition (ICR) is the smart way to perform data processing tasks. Most enterprises now incorporate ICR services that can accurately read handwritten text on a piece of paper or image file submitted over an online channel. The traditional Optical Character Recognition technology can only read formatted and printed forms of text that fall short of what businesses require in today's rapidly-paced world.

What is the Truth Around ICR Technology?

ICR and OCR both are two sides of the same coin, but they slightly differ in operation. Since Intelligent Character Recognition technology is built using artificial intelligence models, it is constantly in an evolution phase. The overall recognition accuracy is directly related to how much the models have learned over time. This means that ICR services still lack correctness, and become much more efficient with the number of operations performed.

The more the data is available, the better the accuracy rate will become over time since ICR technology will have come across a wide array of documents. But the fact remains clear that any document that the ICR service has not seen before will result in a failed operation, although it will create a new format for the text and document for future reference.

The Role of AI Models in ICR Services

ICR services can understand different complex handwritten fonts and styles that are usually not recognized by the conventional Optical Character Recognition. Through a framework of intelligent AI-based neural networks characterized by machine learning features, ICR is revamping the online character recognition landscape. These systems and services self-learn new document styles and formats by extracting relevant fields to create a new template. This inclusion of AI in OCR services improves the overall accuracy as well as turnaround time.

A Look into How ICR Works

ICR services work on one sole principle, effective data extraction. The data retrieved from documents must be in a presentable form that is easy to understand for business entities to process. In case a document has some sort of text in a handwritten font, ICR technology can interpret the format and style and convert it into digital form in real-time. Below is explained how ICR service works in a normal banking operation:

- The systems request the end-user to upload a photo (identity document along with a photo of their face). The ICR software will then use this photo to retrieve important details such as the customer’s Date of Birth, full and last name, and the address information to use for identity verification.

- The customer may be asked to display a handwritten consent on a piece of paper that the user is supposed to present in front of their computer’s webcam or smartphone camera. The consent text scanned by the ICR solution is recorded to verify the user and their intent.

- Once the solution acquires all information necessary to verify the end-user, the customer identity is authenticated against a given set of parameters, and the results are shared with the end-user.

The process of automated data extraction comes with two major benefits:

(i) It reduces the overall cost of business expenses due to time-consuming data entry tasks

(ii) Companies need not invest in resources that need to perform data acquisition of customer daily

Data extracted using intelligent character recognition can then be sent as input to data recommender systems that allow enterprises to forecast their sales by using predictive modeling techniques. Large datasets can now be easily optimized and increase business opportunities for corporations.

Use Cases of ICR

In 1993, Joseph Corcoran developed a system for automating the processing of forms. The process included 3 different phases in which the document is first scanned, the image is then used to extract information and the results are generated. Now with AI-powered models, intelligent character recognition is allowing businesses to flourish at an unparalleled pace. Some application of ICR services are listed below:

● The Robotic Process Automation performed by many of the corporate entities around the globe incorporates ICR services to automate manual data entry and other time-taking business operations so that personnel can focus on revenue-building tasks.

● ICR is used to acquire customer data in the digital space without the worry of potential errors and failed verifications. Handwritten consent during customer onboarding can be verified using ICR services.

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