The ICR app can somehow be described as a scanner installed at offices for data entry into a digital device. The difference is that the AI-powered Text Recognition is capable of transitioning large piles of hand-written data. In a standard digital format making the data processing and management of a business, organization is extremely convenient.
The ICR app is a subset of the popular and well-optimized OCR (Optical Character Recognition) technology. Every business has to process and refine data of both types: Handwritten and Printed. Hand-printed information from hard and soft copies of documents. As far as the handwritten data is concerned. The ICR app is used for facial recognition in numerous complicated fonts and handwriting formats so the assignments of data collection can become smooth.
There are still many business organizations to this date that collect and maintain data by hand. In fact, almost every business is a potential client of providers of an ICR app. Whether they are huge corporations, or organizations of relatively small levels, banks, brokerage firms, fintech businesses, or crypto exchanges. The ICR app is integral as every one of them possesses some volume of data in a Text Recognition form.
The handwritten recognition software enables a business organization or a financial institute. while, to manage customers of multiple countries and territories and diversify their portfolios. The ICR app with multilingual support of many languages can recognize. And extract handwritten information from a document in just a few moments with maximum accuracy. The prowess of the ICR software streamlines the conversion of written information into a machine-readable state. The language of a particular document can be effortlessly transitioned into. However, the parent language of the concerned organization or financial institute.
ICR VS OCR
There is a fine line of difference between these two data recognition software. There is always a debate on which technology is better? The answer is pretty simple. There is no better technology, both the ICR app and OCR solution are extremely essential for businesses these days.
The integration of both software reduces the processing budget of an organization. And converted into a machine-readable format by an ICR app.
OCR technology is one of the pillars of KYC authentication, for data extraction and verification. While the ICR app is assisting in converting a stack of paper-based records into a digital state.
Significance of ICR Handwriting Recognition
The outbreak of coronavirus affected the operational activities of entities. As data processing or verification was not possible at workplaces. For instance, an investor who wishes to trade in cryptocurrency. During the KYC (Know Your Customer) verification submits a note written by hand with date. A signature, and a given phrase, or for approval of a transaction surpassing.
The ICR app becomes handy in streamlining the KYC due diligence. Biometric consent verification of financial institutes or cryptocurrency exchanges. The level of precision in identifying complicated fonts and styles of handwriting surely increases the processing capacity of businesses. All of this consequently leads to a positive impact on other departments of a business. The less time spent on data processing due to the ICR app leads to having refined information swiftly. With that, the firm can move on to other procedures with assurance.
A business organization collaborates with countless firms and vendors. While the majority of the organizations and suppliers are digitized. E-invoices and forms, there are always a few who haven’t reached that stage. In the case of those parties, the paper-based documents by the ICR app are scanned. In fact, and transitioned into a digital format by the concerned business organization.
The ICR app is quite imperative for businesses that have to deal with a lot of handwritten. However, text Recognition documents on a frequent basis. The multilingual support of the recognition software handles handwritten data with maximum precision. An ICR app integrated with the OCR technology results in error-free procedures of deep learning face recognition.