Why the Need for Credit Card Application Icr?
Manual data input into a computer database from a form can lead to typing errors, as well as other manual errors. In case of credit card applications, even if an alphabet of an address or of the name of the applicant is wrongly spelt, it may lead to ambiguity and hence further errors in the approval of the card. Hence, the best possible measure is to use the Credit card application ICR algorithm, which accepts images of an application form and converts it straightaway into a document file. Usual hassles of spending excessive time manually entering in data and having to type in the name is saved through this process.
The Credit Card Application Icr Algorithm:
Most application forms for credit cards are filled out by hand. Hence, the conventional Optical Character Recognition technology used for typed content falls short. For handwritten content detection, Intelligent Character Recognition is necessary. In the application forms, the user fills the form in block alphabets that acts as an advantage. Most of the forms are in boxed format, which makes it easier for the Credit card application ICR software to detect each alphabet and process it separately. Thus, the accuracy of the process is very high as well.
Advantages of Using Credit Card Application Icr Software:
The ICR technology uses neural networking which updates the database once a new form of handwriting is detected. Hence, as more forms are processed, the better the accuracy of the software becomes. The process is entirely automated as well. It takes in the image of the application as input and fills in for the respective parameters on the database. It can be used to automatically trigger a creation of a new credit card and to also automatically verify the card once it is done. Thus, it makes the entire process easier to handle with lower costs and turn around time.