OCR and ICR – How ICR Can Be Scalable for Financial Institutions

In the past, companies had to hire a candidate to extract the desired information from the given documents. The problems were that they had to process everything manually which was time-consuming and still the outcome was full of errors. The advancement in the technological world introduced ICR and OCR technologies. ICR technology is an advanced form of OCR software. It captures the information from the given documents more effectively than OCR technology. In this way, the technology eliminated the need of hiring a special candidate to do the job.

Explain Intelligent Character Recognition Technology (ICR)

Intelligent character recognition is the advanced version of OCR technology. OCR technology has no restrictions on extracting information from printed documents but ICR software has the potential to capture data from handwritten records. So, they can be in any style and font size. Moreover, the latest system can take help from the computer system to improve its text recognition and accuracy levels.

How Does the ICR Technology Work?

The ICR technology operates by extracting the required information from the records. The technology keeps improving its results with the support of electronic devices.  With each new entry, the recognition ability of the technology improves and errors start to decline. The revolution in the tech industry has made it a reliable solution for companies all over the world. 

The IWR Technology

Intelligent Word Recognition (IWR) is another version of the technology. There is an advanced feature in the technology that allows it to extract information from documents as well as the cursive style of handwriting. The software has the ability to gather information from unstructured documents in more detail as compared to the ICR software. 

What are the Limitations of the IWR Technology?

The IWR technology does not eliminate the need for ICR and OCR technology. Moreover, it is because the IWR technology only works well with unstructured documents and free forms of writing. In the incidences where the application of ICR is not possible, the IWR technology does the detailed work. In this way, so it is quite helpful for the users and saves a lot of time and resources for the company. 

What is the Procedure Behind the Application of ICR Algorithm Technology (Banking Sector)?

For its application in the banking sector, the already existing computer system integrates with the technology. The specific steps are:

  1. The system asks the user to show their ID before the camera. The software scans the information and extracts the required information from the official record. 
  2. There can be instances where handwritten consent is important and the professionals demand it. When the user displays the handwritten note, the system checks it for authenticity and originality. 
  3. After the information has been cross-checked, the users will see the end result on their screens. 

What Are the Advantages of ICR Reader on the Daily Business Operations?

  • Considerable reduction in the manual effort
  • Increase in client satisfaction
  • Elevated productivity levels
  • Enhances ability to show compliance
  • Provision of accurate information
  • Better attention to detail

The ICR technology is advantageous in the sense that it can work with various handwriting styles and fonts. The integration of artificial intelligence helps the software enhance its experience with each new document entry. So, every time, the system gets a new document entry, its recognition power increases 

Moreover, in every industry like financial companies or the healthcare sector, there is always a bundle of paperwork waiting for the organization. In such conditions, the ICR software provides a quick fix for the present issues. It is efficient and it gives the outcome quickly and with fewer mistakes. So, it can process and organize huge volumes of data with satisfactory productivity. 

What Are Some Limitations of the ICR Technology?

Just like every technology, there are positives and negatives attached to the ICR technology. 

  • Criminals can use the information to get their hands on restricted and unauthorized information
  • ICR technology is costly which can be problematic for low-budget organizations or cheaper applications. 
  • There is a big data storage capacity required for the ICR application
  • In many cases, it happens that if the picture of the original document is of low quality, it can negatively impact the quality of the outcome (i.e. can be of a low quality/ full of errors)

 

Concluding Remarks

In sum, the ICR technology is highly efficient in its operation. If it fulfills the needs of the business, it can take their productivity levels to the next stage. If clients draw a comparison between the ICR and OCR ICR software, they will see a marked difference in their costs. But it should not be a problem because the outcome of ICR technology is much more accurate than the results of OCR software. Furthermore, it can also be the case that companies can use a combination of ICR and OCR technology. It can benefit them in multiple ways because they can complement each other through their strengths. The use of technology is a source of peace of mind for professionals.

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