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12 June, 2022
Multiple documents and one API to process them all!
For any retail facing applications / products across organisations, which involves financial transactions, there are various regulatory guidelines to monitor and validate the legitimacy of the users involved. One essential process in this regard is “Know Your Customer”, where organizations are required to verify user’s information via documents issued by the Government or any other recognised authority.
Currently most of the organisations have an intensive human resource requirement to manually read the information on the documents and validate it. This leads to inefficiency in operations of the organisations and affects the customer experience of the services.
Use case
The motivation to pursue this use case was to provide a robust solution for all KYC related validations and approvals. Most processes in Banking, Financial Sector and Insurance domain including Account Opening, Customer Request, Anti Money Laundering etc. have to be strictly compliant with the KYC norms and automation was greatly needed to speed up the process. Some of the challenges encountered while developing the module included the following:
- Documents could belong to various domains, ie Identity proof, Residence Proof, etc
- Recognise document and extract document specific entities
Impact
- Reduce cost of existing activities responsible for manually extracting information from documents by 60-65%
- Single module works for different documents which are valid for the KYC process. Ease in customer experience as many KYC related processes could be performed online remotely
- The solution is integrated with various products across industry that require customer verification as per regulatory guidelines