Icr services: The need of the hour in the tech world is to develop technologies that assist human beings in making their task more manageable. The world faces many challenges amidst the coronavirus pandemic and any technology that makes the world a better place is much appreciated. Furthermore, even when the world was united to fight the pandemic, we cannot give fraudsters leverage to destroy the sanctity of our businesses.
When identity verification regulations were introduced, businesses were worried about how they would extract bulk data from forms that were mainly poorly handwritten documents. But then the ICR app was developed in 1993 by Joseph Corcoran to automate forms. As a result, identity verification services also adopted this technology and OCR technology to automate data extraction.
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ICR – The Near Future
Intelligent Character Recognition (ICR) is the subdivision of Optical Character Recognition (OCR) technology. The focus of OCR is to read printed and handwritten text, where the ICR app is mainly designed to understand different fonts and styles of handwritten documents. The ICR algorithm learns these styles to improve the accuracy of ICR recognition.
Intelligent character recognition software can capture text from images. In other words, it is the modern version of OCR technology. Although the ICR app is in the updating phase, it keeps getting better in accuracy and rate of recognition. The changes and updates in this field remain constant, increasing the possibility of making this technology widely used in the near future.
But we cannot ignore the mere fact that OCR technology is still better than ICR in terms of accuracy. The main culprit is that ICR technology is still in the learning phase of the neural networks developed by AI. Therefore, the more the data will be acquired by the ICR app, the better it will perform and someday outrun OCR services.
The self-learning system of ICR technology can interpret a range of updated handwriting styles and fonts which an AI-based neural network model develops. In simple words, it means that whenever the technology scans a new style or font, it automatically learns it and stores it in the database. This enhances the accuracy of the technology and helps it predict future texts.
ICR Solutions – Identity Verification Solutions
Integration of ICR software for handwritten documents has multiple use cases in pharmacies, translation apps, etc. But the main benefit of the ICR applies in providing identity verification services that require bulk screening and individual screening. Users who have priorly filled forms could not be disturbed to fill the forms again online. This is why businesses that deal with monetary transactions adopted the ICR app.
ICR reader scans and then extracts information from documents. The extracted data is stored in the back office and converted into editable and movable text.
Benefits of ICR App
- Fast and accurate
- Can extract text from handwritten notes and convert it into editable text
- Can read cursive handwriting
- Can manage more documents than OCR technology
- Rules out manual entry process
- Diminishes chances of human error
The only drawback of ICR technology is that it is still in the developing phase.
How Can ICR Solutions Help Banks in Identity Verification Services?
Document verification is a part of identity verification where the person must upload his documents and a selfie. The documents uploaded have essential details such as name, age, date of birth, passport number, passport issue date, passport expiry date, etc. This information extracted by ICR services is sent in the backend. The data at the backend and the information provided by the user are then correlated and verified. This is performed to ensure that the person is really who he claims to be and that there are no fraudsters behind.
All these processes increase the work efficiency of the banking system and assist them in automating their tasks. In addition, ICR recognition is robust, accurate, and error-free. Humans are prone to error and can take loads of time to verify an individual, but technologies are designed to assist humans.
The technology not only helps businesses save time but also cut down hiring costs. In addition, businesses can direct their energy to provide solutions to real problems that technologies cannot do. But if technology can assist corporations in automating their processes, then why not?
Even though an ICR app is comparatively more expensive than OCR services, ICR is a technology designed for the changing world. This is mainly because OCR cannot read and learn different styles and fonts. But for now, something is better than nothing.