Automated KYC verification and fraud detection using izDOX AI platform helps organizations to process the KYC documents in seconds for faster go no-go decisions and to meet the regulatory compliance. Real-time on-boarding of customers is the reality using the AI platform.
Business Need
- In Banking, finance, insurance and other B2C businesses; verification of KYC documents is important to detect frauds right up front and to meet the regulatory compliance.
- In a conventional approach, whether the documents are submitted in an offline or online mode, those are reviewed manually by verifiers.
- Manual processing of large volume of KYC documents is time consuming and hence creates a bottle-neck to scale business and has higher operational cost.
- Data extraction from KYC documents having different layouts / formats and low resolution is a challenge.
Solutions
- KYC documents in scanned PDF, image formats are imported into the izDOX AI platform with the help of a job processing engine.
- Auto identification of the documents is done using the classification engine.
- The extraction engine automatically does quality checks and extracts required data from the documents.
- Subsequently, auto-validation and fraud detection is done, as applicable.
- Documents with very high confidence score for the extracted fields are considered for Straight Through Processing (STP).
- For the remaining documents having low confidence score for few fields, human comes the in loop. izDOX UI makes verification easy due to colour coding based on the confidence scores.
- The output data with the verification status is then exported for further processing.
Benefits
- Automation of image quality checks and improvements, wherever possible.
- Processing cycle time is just a few seconds.
- Layout/format agnostic izDOX AI platform works perfectly for the format variations.
- Faster go no-go decision making for real-time on-boarding and verification of customers.
- Auto validated KYC data helps to achieve high Straight Through Processing (STP) percentage.
- KYC verification integration is very easy through APIs.