Classifying KYC documents and verification of KYC data across documents is possible because of the izKYC AI solution. It speeds up the KYC process and enhances customer experience.
Business Need
Know Your Customer (KYC) regulations mandate that financial institutions verify personally identifiable information (PII) for their customers. This verification is necessary to understand and reduce the risk associated with a customer. The PII information required may vary from one country to another.
The PII information may be the customer’s name, birth date, photo, signature, address, etc. The information is usually in the government issued documents like – passport, driving license, citizen card, tax card, etc.
In the Indian context, the documents used for KYC are Aadhar card, PAN card, voter card, driving license, passport, and many more. The customers of financial institutions have to submit KYC documents in PDF or images format in KYC process. KYC documents are scanned using mobile cameras or flatbed scanners. The quality of KYC documents may be poor due to scanner configuration, camera quality, and the way it is captured by customer. The document may be black-white or multi-color.
The information extraction from KYC documents and verification of extracted information are done manually by organizations office staff or outsourced agency. Manual process is time consuming and prone to human errors. This leads the poor experience of customer and operational financial losses to institutions. Hence the best solution is end-to-end automation based on AI document processing.
Solution
Our AI based izKYC automation solution is best in class in extracting valuable information (data) from the KYC documents. It is also able to verify extracted data based on the business rules.
The solution is capable in verifying the information across documents if more than one document is used for KYC. The solution has ability to classify documents, hence there is no necessity to write explicitly the name of KYC document. These capabilities makes entire KYC process fast and scalable.
High volume of documents can be processed with smaller teams, in other words manual efforts are likely to reduce in the range of 50 – 75%. There is no necessity of frequent ramp-up or ramp-down of a team.
The izKYC can be integrated with the any system using APIs. The typical integration touch points are:
1. Online systems or folders to access and read the KYC documents
2. 3rd party applications for additional information on KYC or customer
3. Integration for posting KYC data and outcome of KYC validation
izKYC AI Platform Benefits
Scalability
Business growth & Vendor Experience
Accuracy
80 to 99.9% Key Value Extraction Accuracy
TAT
Faster Turn-Around-Time due to higher STP %
Productivity
4x-10x Productivity through Time Saving
izKYC Solution Features
Data Extraction
Auto-extraction of data from invoices including Bar Code and QR Code
Data Matching
Matching of the information across KYC documents with confidence score
Photo & Sign
Auto-identification of photos and signature, if available
API Integration
Integration using API with 3rd party systems, if required
Fast Processing
High speed job processing engine to manage high volume and complex documents