What is ICR and Why Do Businesses Need it? | A Brief Overview

The ICR application can be compared to a scanner that is deployed in offices and used to input data into a digital format. The distinction is that AI-powered software can convert massive amounts of handwritten data into a common digital format, allowing data processing and handling inside an organization quite simple.

An extension of the widely used and improved OCR (Optical Character Recognition) technique is the ICR application. Every organization is required to process and modify data that is both printed and written. Financial institutions and other businesses utilize the screening procedure of OCR systems to remove hand-printed data from hard copies and digital copies of documents. In order to make the tasks of data collecting easier, the ICR software is utilized to detect a wide variety of complex fonts and handwriting types for the handwritten data. Let’s first look at what is ICR.

What is ICR?

Even today, a lot of commercial organizations still acquire and retain their data by hand. In reality, practically every company is a prospective customer of an ICR application. The ICR (Intelligent Character Recognition) is essential because all of these organizations—banks, brokerage firms, FinTech companies, or cryptocurrency exchanges—possess some amount of data in written form, regardless of how big or little they are.

Using handwritten recognition software, a company or financial institution can manage clients from many nations and regions and broaden their profiles. The AI text recognition application can quickly and accurately identify and retrieve handwritten data from paper with support for multiple languages. The ability of ICR software expedites the transformation of written data into a machine-readable format. A specific document’s language can be easily changed to the native tongue of the organization or financial institution in question.

ICR vs OCR 

Now it is clear what is ICR, let’s look at the difference btbetweenCR and OCR. The two data recognition services are only somewhat different from one another, and which technology is superior is a topic of constant discussion. The solution is rather straightforward. There isn’t any better technology; today’s organizations absolutely must have access to both an OCR system and an ICR software.

The operational budget of an enterprise is decreased by the incorporation of both software. The handwritten data is preserved and converted into a computer format using an ICR algorithm to be quickly retrieved anytime it is required.

ICR technology makes it possible to digitize paper documents so that they can be further examined and used for a wide range of significant applications. OCR software is one of the cornerstones of KYC validation, for extracting data and checking it thoroughly.

Why do Businesses Need ICR Handwriting Recognition?

The coronavirus outbreak had an impact on how organizations operated. Here, as the processing of data or validation was not feasible at work, both the intelligent character recognition software online and the OCR ICR algorithm were used. For example, an investor who wants to trade cryptocurrencies during the KYC (Know Your Customer) confirmation submits a note written manually with a date and signature. Alternatively, for authorization of a transaction exceeding the regularly specified threshold, the investor must submit an image of themselves holding a note to demonstrate their consent. Using the ICR application, handwritten data may be recognized and converted into a digital representation.

The intelligent word recognition software is useful for expediting due diligence and biometric authorization verification for financial institutions or cryptocurrencies. The degree of accuracy in recognizing intricate handwriting and fonts raises the processing power of enterprises. As a result, all of this has a favorable effect on other company departments. The ICR app saves time on data analysis, which enables quick access to enhanced information. With it, the company can confidently go on to further procedures.

A corporate organization works with many different companies and suppliers. While most businesses and suppliers now use electronic invoices and documents, there’s always a handful that hasn’t made the transition. In the event of those organizations, the concerned party scans and converts the paper-based information provided through the scanner ICR into a digital version. The vast number of documents with handwritten data are easily identifiable and safeguarded.

Final Thoughts

Although it is still under development, intelligent character recognition technologies offer more advantages than businesses are aware of. The self-learning capabilities of ICR technologies are expected to significantly improve the commercial and banking sectors. When written information is swiftly validated and handled with more consistency, the inaccuracy ratio is reduced and a company’s performance is enhanced. Thus, before spending money on such services, it is important to know what is ICR.

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