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OCR ICR Solutions – Facilitating the Corporate Sector Via Automated Data Extraction

In the age of technological revolution, the introduction of smart digital solutions has positively influenced market trends and users’ expectations. According to the latest research, present-day industries face financial challenges because of outdated customer care. More than 50% of clients prefer to switch after their first bad experience with the organization as a result of their poor customer care. In reality, companies must tackle vast volumes of consumers’ data timely and accurately. The Optical Character Recognition (OCR) technology can facilitate customer ID checks during the registration phase. The smart OCR ICR streamlines the users’ enrollment procedure while reducing the capital use of the organization.

OCR ICR Services – A Quick Insight into the Smart Solutions

The OCR solutions work by converting the textual information into multiple digital layouts for customer convenience. The smart solution quickly extracts data from consumers’ ID cards, passports, and rental agreements. Implementation of data extraction on government-issued documents and storing them in industry databases are two primary duties of the OCR software.

Implementing the OCR ICR Software in Financial Industry

Currently, in financial organizations, the optical recognition system implementation is common due to vast volumes of data. Intelligent OCR services modernize the repetitive tasks of companies and improve the workflow to promote Business Process Automation (BPA). An everyday instance of OCR ICR solutions is the bank’s Automated Teller Machines (ATMs). Online Character Recognition processes the numbers on the debit card and commands the machine to take the next steps.

A Huge Benefit of OCR ICR Software

A massive perk for financial institutions because of Optical Character Recognition services is the elimination of outdated data processing approaches. OCR ICR solutions quickly extract information, for instance, consumers’ names, addresses, and signatures. The combination of Artificial Intelligence (AI) & Machine Learning (ML) has enhanced the data extraction and recognition capacity. Consumer statement analysis is a hectic procedure for transaction validation and examining credit scores. Consequently, the implementation of AI-powered OCR ICR has streamlined corporate operations for financial institutions.

The Application of OCR ICR Solutions in the Healthcare Industry

In the present times, the healthcare sector has to deal with a lot of paperwork on a daily basis. The information must be organized and arranged daily to support medical treatment plans. Normally, hospitals receive and process patients’ records, health insurance records, and medical policy forms. In the context of outdated techniques, maintaining all the documentation is a cumbersome job for an employee, reducing productivity and increasing time wastage.

Delivering the Facility of End-to-End Encryption Through Cloud Storage

OCR ICR solutions help deal with industrial obstacles via effective categorization and instant data processing. The software converts the information into digital layouts that are quickly accessible for users without geographical limitations. Medical experts can get well-categorized data, which aids in making correct diagnoses and treatment regimens.

The smart solution stores the information in a cloud storage with end-to-end encryption to ensure unbeatable confidentiality. In this way, medical staff members can instantly manage patients’ data. Additionally, the pharmaceutical sector can conveniently search drug-related data with the help of an optimized search engine to save time and resources.

Applying OCR ICR Solutions in the FinTech Industry

The smart OCR services can support FinTech experts by streamlining their repetitive tasks. It facilitates professionals to invest their time and energy in essential tasks rather than monotonous duties. This ensures more productivity and high-quality results.

In accordance with the latest research, industries have to pay billions of dollars to fight online fraud incidents. Currently, cybercriminals use various techniques to bypass the security mechanism of sectors. For instance, perpetrators can make financial transactions with the help of third-party vendors to avoid security mechanisms.

Financial bookkeepers can implement the OCR ICR services to enhance auditing and streamline workflow. In this way, the OCR technologies are perfect for the FinTech industry. Smart OCR ICR services can even process multilingual documentation with high precision, ensuring global accessibility with advanced optimization of consumers’ data.


Final Words

Quick data extraction and categorization with the help of smart features are highly advantageous for modern-day corporations. Medical, banking, finance, and insurance industries have to tackle large volumes of users’ data on a daily basis. Undoubtedly, outdated techniques reduce productivity and quality of results, incurring financial damages to the industries.

Smart OCR ICR improves the scanning power of technologies with the help of AI integration. It quickly converts the text in document photos into machine-readable formats for the user’s convenience. Then it develops multiple digital layouts for instant availability (e.g., XLSX). Thereupon, OCR ICR services can capture information from multiple types of documentation, for instance, ID cards, rental agreements, and utility bills.

IEMLabs is an ISO 27001:2013 and ISO 9001:2015 certified company, we are also a proud member of EC Council, NASSCOM, Data Security Council of India (DSCI), Indian Chamber of Commerce (ICC), U.S. Chamber of Commerce, and Confederation of Indian Industry (CII). The company was established in 2016 with a vision in mind to provide Cyber Security to the digital world and make them Hack Proof. The question is why are we suddenly talking about Cyber Security and all this stuff? With the development of technology, more and more companies are shifting their business to Digital World which is resulting in the increase in Cyber Crimes.



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