Technological advancement has created many growth opportunities for businesses so that companies can streamline daily workflow and increase productivity levels. Moreover, experts can use intelligent software with identity verification systems to modernize the onboarding experience and increase customer satisfaction. This way, companies can also ensure compliance with KYC & AML regulatory obligations to avoid hefty fines and permanent bans.
The following headings in the article discuss the importance, industrial applications, and benefits of innovative technology.
Intelligent Character Recognition Services: A Brief Overview
Intelligent document recognition and processing is an upgraded version of Optical Character Recognition (OCR) solutions. Cutting-edge technology can process various styles and fonts of handwriting, improving text recognition and accuracy rates.
According to Markets & Markets research, the intelligent global document processing market size will grow to around 5.2 billion by 2027, showing a CAGR of 37.5% from 2022 to 2027. As per the research, a primary growth factor behind the industry is digital transformation such as the use of analytics and AI & ML models.
Intelligent Word Recognition solutions: A Quick Insight
The state-of-the-art software identifies and extracts information from both printed and handwritten text. Moreover, it can perfectly capture information from cursive handwriting style. Modern technology processes full phrases and words. It also conveniently extracts data from unstructured documents accurately.
Complete Procedure Behind Intelligent Character Recognition Services
ICR software can easily integrate with pre-existing applications in a company to extract data from handwritten records.
The cutting edge comprises three phases in which the software screens the record’s image and processes the information. Next, the ICR engine extracts the required information. In the final stages, the latest technology verifies the results automatically.
The following points discuss the complete process through which ICR technology can facilitate banking service providers in document verification:
- The user must show an ID card in front of the camera. ICR will scan the records and capture information from government-issued records such as full names.
- There can be some circumstances where the user must provide handwritten consent by following the given instructions. The innovative software will scan information from consent notes and extract data instantly.
- Finally, the system will validate data and the customer will receive the final verification results.
The automated procedure streamlines the ID validation procedure to reduce time wastage and save the company’s capital. This way, experts can pay attention to high-priority tasks and contribute to the development of the organisation. Moreover, it helps experts to forgo manual data entry procedures. The information can be utilised in data flow systems and predictive analytics to enhance efficiency of the procedures.
Top Industrial Applications of Intelligent Character Recognition Solutions
The purpose behind the invention of ICR systems was to automate form processing. With time, experts started using innovative systems in industries to streamline workflow and achieve business milestones. Previously, extraction of information from unstructured documents was impossible. The latest systems can automate data extraction procedures. Corporations can easily capture required information from structured or cursive handwriting. The following points talk about the industrial applications of intelligent character recognition solutions:
- The robotics industry can use innovative technology with Robotic Process Automation (RPA) to streamline workflow.
- Experts can instantly scan students’ tests and sheets using ICR with Optical Mark Recognition (OMR).
- Intelligent Character Recognition (ICR) systems can present data in electronic forms for customers’ later use.
- The use of ICR can facilitate financial institutions by streamlining record authentication solutions and producing high-quality results.
- Intelligent document processing can verify handwritten consent notes immediately.
- ICR technology helps companies forgo traditional data extraction procedures at an industrial level.
Best 5 Benefits of Intelligent Character Recognition Systems
The following points discuss various advantages of ICR systems for users worldwide:
- The innovative technology can process various types of fonts and styles.
- AI-driven solutions and artificial neural networks facilitate the advancement of the system through each new data entry. The software updates itself by upgrading its recognition power.
- The state-of-the-art services can capture data from both structured and unstructured records & even cursive handwriting style.
- Whether it is financial firms or the healthcare industry, there is always a huge pile of paperwork waiting to be processed. Intelligent Character Recognition (ICR) solutions can help experts process data quickly while maintaining high quality.
- The latest technology can process large volumes of data while reducing errors in the final output.
The Bottom Line
The application of intelligent character recognition can help modern-day companies to increase productivity levels. ICR technology is a practical and scalable approach for corporations. This way, companies can ensure a positive experience for clients and enhance customer satisfaction. Moreover, the processing of both structured and unstructured documents becomes possible with ICR solutions. Some companies can also use a combination of OCR & intelligent document processing services to satisfy business needs.
The GDPR & PCI DSS-compliant solution can help companies forgo manual procedures that are time-consuming and resource-draining.