Manually verifying the customer details consumes considerable time, has a higher possibility of fraud and also impacts the customer experience. Not just these, KYC places a costly burden on businesses operating in the financial industry, especially smaller financial companies where compliance costs are disproportionately heavy.
To address this underlying issue, at Srijan we built a KYC validation tool that extracts images and other essential details from government-approved documents like a passport, voter id, or AADHAR to automate the verification process.
The solution lies in deploying an Intelligent Automation solution - an amalgamation of Artificial Intelligence and Automation, to evaluate documents, understand the framework of content, and discover patterns in the data.
The smart KYC automation tool accurately identifies facial recognition using a deep learning algorithm to scan documents and images uploaded by end-users and classify them into pre-specified categories.
The solution is designed using the following technologies:
The tool works in the following steps:
Explore the Smart KYC Automation Tool
The tool helps validate and fasten the KYC process by verifying customers through government-approved documents, identify the risk they pose, if any, and comply with Anti-Money Laundering laws.
In addition, this solution can be extended to other industry use cases to deliver similar benefits-
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