Intelligent & Smart Automation Solution for KYC Validation

 Businesses and many other financial institutions have to deal with heaps of data and documents on an everyday basis while operating. Most importantly, considering the regulatory compliance at bay signifies there is no room and acceptance of any errors.  

However, there are many systems that businesses have been integrating into their business processes already, even though a maximum of them are a bit time-taking. According to one survey, it’s been estimated that it takes 25 to 26 days on average for financial institutions to onboard a new customer. Businesses have already been taking this as a major concern and working on it to cut all the extra time. 

Ever wondered if there’s a way out to cope up with such challenges? 

Intelligent KYC Solution 

Even though there has been robotic process automation there, many new systems and solutions are now mainstreaming the working processes in the banking as well as the financial sector. That’s where the need for an intelligent solution (which is the perfect blend of artificial intelligence along with automation) for smart KYC onboarding comes in. 

Technologies that’s been embedded in smart systems usually include – 

OCR 

Neural network 

AI and ML 

Today, there are innumerable reliable businesses that can outsource you the right solutions, keeping all your business needs at consideration; all you need to do is finding a competent and effective service provider. 

No wonder it is indeed going to be very hard for you. But if carried with adequate care and consideration, it can work in the right way. 

Some more perks of KYC Onboarding solutions  

Accuracy – technology-driven algorithms in the system leaves no room for any error in working processes 

Speed – it gives a faster turnaround. Of course, much more than those manual processes itself and solves innumerable challenges in the meantime. 

Resource management – whenever there are repetitive tasks, they get automated via the intelligent system. What’s more, enterprises can practice their human resources into the working processes for more value-added outcomes.  

Efficiency – all the tasks are done adequately, according to the standard norms of the business as well as the government, with minimum or no need for manual work. For example, an intelligent solution cuts the manual work by or more than 70%. 

Indeed, effective and quality solutions have got tremendous perks to serve. 

Are you, too, someone who is considering getting the solution for your own business? If yes, it’s a great decision.   

At Signzy, we can render you with amazing and intelligent solutions to make your business processes streamlined and simpler.  

Have you got any concerns or feeling like sharing your business needs with us? Feel free to talk with our top-notch professionals at Signzy. 

No matter what your needs are, we have got you covered under one roof.  

Easy Steps to a Fully Compliant KYC Onboarding Process

The customer onboarding process can be complex, but thanks to digital KYC onboarding, it has become simple, safe, and secure. It is vital to verify the identities of new and old clients. Doing KYC at regular intervals helps you to ensure that nothing has changed, like the address, phone number, etc., of your customers.

Do you know you can make the Onboarding process simple by opting for the video KYC process?

As we know, manual KYC is not as effective; there are frauds taking place. Every organization wishes to accurately verify customers and that too in a timely manner to allow its business function properly.

With the usage of digital technology for automating the ID verification process, businesses can provide a smooth experience to their staff and customers. With the digital ID verification, businesses can help onboard new customers as well as employees remotely in the time of the coronavirus pandemic. Digital KYC reduces risk by providing higher safety and facilitates compliance with regulations such as Anti-Money Laundering (AML).

How Digital Onboarding is Done?

Digital onboarding is a simple process, which doesn’t take much time. The user has to video chat with the video ID verification expert, and the expert ensures that the video call is not a pre-recorded one; it’s live. The expert records the video call, but the user is not allowed to do so. The expert asks the user to share his location coordinates; it’s done to ensure that the user is in the same country as the expert. The expert asks few questions to the user, and after that, the user is asked to show government-issued identity cards. He may show them into the camera, or he can upload them by clicking pictures. Artificial intelligence, facial recognition technique, document reader are used to ensure that the documents are not fake and the person on the video call is the same as on documents.

Many businesses are using digital technology or customer onboarding process as it is convenient. The person can complete the process from the comfort of his home. There is no need to visit the bank for the ID verification process. Also, bank employees had to spend a significant amount of time to complete the KYC process manually. Thanks to the video identification process, the process takes just minutes.

Final Words

KYC onboarding is a process in which the identity of the user is verified digitally. The user interacts with the KYC identification expert and shows or uploads documents. The process is a highly sophisticated one and follows security measures. It saves time and money for businesses as well as users. Users can complete the process from the comfort of their homes as they don’t need to be physically present in the bank or financial institute to complete the KYC process.

Tips to make Onboarding Quick with AI-Powered Digital Solutions

 All financial institutes want to make onboarding quick and easy. Traditional methods of onboarding are time-consuming and not convenient for customers, plus they are not cost-effective.

KYC onboarding uses artificial intelligence to make the onboarding convenient for both customers and financial institutes. In this pandemic, nobody wants to leave their houses. Everybody wants to stay safe. However, there is some important work that requires people to leave their houses and be physically present at the place. Onboarding was one of the tasks that required the physical presence of users so that financial institutes can verify that the user is not a fraudster.

KYC onboarding eliminates the need to visit the bank or financial institute to complete the onboarding process. With video KYC, users can complete the KYC process from the comfort of their homes.

So, how can one complete the video KYC process? For video KYC, the user has to video chat with the bank executive. The bank executive will check the coordinates of the user to ensure that the user is in the country. Then the bank executive will ask some basic questions to the user like his name, address, etc. The bank executive may record the call, but the user is not allowed to do the same.

The bank executive will check that the video is live, and it is not pre-recorded. Then he will ask the user to upload the government-approved identity cards. The bank executive will match the face of the user in the video chat with that on the identity cards. Artificial intelligence plays a crucial role in the process. It is with artificial intelligence, facial recognition that the identity of the customer is matched, and there are no chances of error.

Why AI-Powered Video KYC?

Improved User Experience

Users want an improved experience and want the onboarding journey simple and quick. The latest technology, like facial recognition, artificial intelligence, multiple financial dataset integration, and document reading, are used to eliminate form filling and physical visits to the banks.

Privacy and Security 

Organizations providing video KYC solutions pay great attention to privacy and security. Data protection infrastructure helps in creating secure and dedicated applications. Digital frauds can be eliminated with the help of services that pay attention to security and privacy. Money laundering instances can be greatly reduced when we have information about users. 

Scalable Backend Operations

Artificial intelligence and a Learning-based core regulatory engine are used to make digital onboarding solutions that help businesses to cut costs and time and provide users with helpful solutions. Scalable backend operations help organizations to improve their operations.

Final Words

Artificial intelligence solutions like video KYC onboarding save the time of users and financial institutes and provide them with a cost-effective customer onboarding solution. Artificial intelligence ensures that the documents provided by users are correct and authentic. It is a great way to avoid the onboarding of criminals and fraudsters.