What is (ICR) Intelligent Character Recognition And Its Benefits in the Banking Sector

• By Ryan Jason
• 19-11-2020
• Technology

The modern era demands better verification systems since criminal activities are increasing every day. With fraudsters developing more sophisticated AI-based methods for identity theft and spoof attacks, organizations are demanding effective detection software to prevent criminals from causing trouble. The finance sector, especially banks are at risk, but enhanced applications of artificial intelligence and machine learning have introduced a better way of verifying customers during onboarding. The process is called Optical Character Recognition (OCR). It captures text in PDF files and converts the information into the machine-readable form for more accurate verification results. Lately, experts have been working on an advanced technique and introduced Intelligent Character Recognition (ICR).

What is ICR (Intelligent Character Recognition)?
It is the more enhanced form of OCR where artificial intelligence algorithms can detect different handwriting styles, fonts, etc. The results delivered after an ICR during verification are more credible and accurate than one could expect, The banking sector is the primary target of fraudsters in today’s digital world. Money mules and other methods of money laundering are increasing, but ICR Services can significantly help banks across the world in combating crimes. Here are some of the benefits of intelligent character recognition (ICR) in the banking sector.

Time Optimization
Saving time is essential for all companies since the workload is increasing. Expecting employees to spend hours on extracting data is not efficient and results in increased errors in verification. If banks use ICR, they can save plenty of time and spend it on other tasks for a better customer experience. Verifying customers would not demand days, but in a matter of minutes, every client can be verified and onboarded.

ICR Services are Cost-Effective
Banks often think about cutting costs which seems like a challenge, considering the economic situation due to the pandemic. Including intelligent character recognition means a bank is investing once in software and performing numerous verifications.

Secure Cloud Storage with ICR
Data breaches are increasing nowadays, and banks need to secure customer information before they become a target of identity theft or money laundering. With ICR, the cloud storage becomes more secure and there is no need for manually maintaining records. Banks can protect customer information from unauthorized or illegitimate access. Intelligent character recognition can extract data and store in a secure cloud server for enhanced security measures.

Automation Brings Convenience
Manually scanning every hard copy consumes half of the verification time and also reduces the efficiency of employees. With intelligent character recognition software, banks can get rid of manual testing and the machine learning algorithms will do the job. Automation will bring convenience for the banks’ employees as well as customers because rapidly getting verified and onboarding is always a treat for the clients.

ICR Software Focuses on Details for Better Verification
Robust verification is the necessity of the banking sector these days, which means paying attention to details is essential. With an ICR service, banks can pay more attention to detail and extract all the necessary information in no time. The more details it can fetch, the better the verification.

Conclusion
Intelligent character recognition software is a subset of the OCR technology, but it is more efficient than its parent. It can detect handwriting, different styles, and fonts, unlike optical character recognition that only detects printed documents. ICR is beneficial for different sectors, especially the banking sector which is targeted by fraudsters almost every day. The intelligent character recognition is cost-effective, saves time, provides securer cloud storage, and brings convenience to the verification process. Furthermore, the results are more accurate and credible than a firm could expect.