In this tech-oriented world, the total amount of data that is being produced, consumed, and deployed is evolving at an enormous pace. It is clear that this data production rate will tend to increase in the upcoming years as everything is prone to digitization.
The data production rate is increasing 59 zettabytes by the year 2020. The rapid progression in technological advancements is contributing to the ever-growing global data sphere.
Unfortunately, fraudulent activities are also up-pacing especially during the pandemic of COVID-19.
The California Department of Motor Vehicles (DMV) warned drivers that suffered from data breaches after the billing of Automatic Funds Transfer Services was bashed by the ransomware attack on 18th February 2021.
Scams evolved by 400% by the month of March, making the pandemic the biggest-ever security threat.
These progressing figures lead us to the fact that it is high time for businesses to acquire AI-powered accurate and efficient products and services.
Intelligent character recognition ICR services play a promising role in the enhancement of text recognition technology for the prevention of illicit money transfers, unauthorized access, and fraudulent activities.
Let us acknowledge ourselves more about this new evolving technology Intelligent character recognition technology and why businesses must integrate themselves with ICR services and solutions.
What is Intelligent Character Recognition (ICR)?
Intelligent character recognition, abbreviated as ICR is a technology that is acquired by businesses and financial infrastructures for handwriting recognition.
ICR handwritten recognition technology plays a promising role to prohibit any possibility of encountering illicit activity. ICR scanners and software play a pivotal role in businesses and infrastructures as a part of enterprise content management systems (ECM).
There it reads the handwritten text in the scanned documents. ECM utilizes that data for identity verification of potential customers.
ICR Vs. OCR
ICR technology is basically the modern form of optical character recognition (OCR technology). When we compare OCR technology to ICR technology, we conclude the fact that the result of ICR technology still lacks accuracy.
The reason for this lack of accuracy is ICR software which is currently available is constantly learning neural networks which are developed by synergizing artificial intelligence along with machine learning algorithms.
More data availability assists ICR software to learn and process more and more handwritten documents. Any exception can lead us to wrong data interpretation.
Below is the comparison of ICR and OCR technology.
Intelligent Character Recognition (ICR)
- Intelligent character recognition(ICR) technology is basically the subset of optical character recognition(OCR) technology.
- The purpose of the acquisition of ICR technology is handwriting recognition.
- ICR technology is capable of recognizing complex font styles.
- ICR technology is a more innovative and detailed technology in comparison to other technologies.
Optical Character Recognition (OCR)
- Optical character recognition (OCR) technology is a vast technology
- Optical character recognition (OCR) technology mainly focuses on printed documents
- Optical character recognition (OCR) technology has limited capability to read handwriting.
- Optical character recognition (OCR) technology is not capable of reading complicated fonts
- Optical character recognition (OCR) technology does not incorporate details in the documents.
Below are the applications of ICR technology at an industrial level
- ICR software and solutions are utilized for automating the manual data entry procedure at an industrial level
- Handwriting text verification in the digital ecosystem
- ICR software and solutions are utilized for achieving data in the electronic ecosystem.
- OCR scanners and software are utilized in the applications of optical mark recognition.
- Intelligent character recognition systems are acquired by robotic process automation all across the globe.
- ICR technology is utilized in electronic document verification for online identity authentication of individuals online. This application has massive adoption in financial infrastructure such as banks.
Working and Benefits:
Intelligent character recognition technology plays a pivotal role in the verification of new handwriting fonts and styles via its artificial neural network that assists businesses in self-learning.
This means that each time ICR technology exhibit itself to a new form of data, it automatically enhances and upgrades its recognition database.
The artificial neural network does not need to be re-programmed again and again. Also, it helps in memorizing and predicting.
ICR begins the determination of general patterns instead of the identification of corresponding characters.
There exists a wide range of products and services out there that provides integration of trustworthy and effective ICR technology for handwriting text recognition.
ICR technology is mandatory for the enhancement of security protocols of financial infrastructures. ICR enhances as well as upgrades its learning procedure via artificial neural networks every time new data is fed into it for information extraction for both structured as well as unstructured with either digital or cursive handwriting.
Unquestionably, ICR services provide accurate and efficient methods for real-time customer data processing. Also, ICR technology assists in error reduction while illuminating data from handwritten documents.
Considering the evolving number of fraudulent activities, there is no room for error in some industries. Here Intelligence character recognition (ICR) technology plays a promising role in processing a huge volume of data with better risk assessment.