Traditional Know-Your-Customer (KYC) process involves submitting documents in either physical or digital format, but it is followed by document verification which is still manual in most cases. This can be changed using AI.
Imagine a world where the user just records a video in which he speaks out document details and then submits digital copies of documents, and then, technology takes care of the verification process. But you don’t imagine this because we actually made this magic happen. This blog delves into the details of how we made it happen.
And our innovative approach not only solved the hassles of traditional KYC but also set a new benchmark for speed, accuracy, and ease of use.
Simplifying KYC Hurdles
Traditional KYC is a laborious paperwork marathon, prone to mistakes while uploading the documents as well as extracting information from them due to the complexity involved. Imagine a big pile of documents awaiting verification, which is a common scenario particularly in high-traffic sectors like banking, insurance, and asset management companies. Extracting details from the documents day in day out is a significant challenge to say the least.
So, we had two objectives:
1) Make KYC quicker by eliminating the manual data extraction, and
2) Do it with great accuracy.
Our approach was to leverage a combination of speech-to-text conversion & OCR (Optical Character Recognition) and achieve both the objectives. With our approach, we were talking about not just automation and efficiency but a fundamental shift in how we secure online identity verification and protect identities in today’s fast-paced digital landscape.
Application of multiple AI models for KYC
At the core of our advanced solution is a sophisticated process designed to redefine how we approach online identity verification. Let’s look at each step in detail.
- Document Collection:
- Our solution starts by meticulously collecting all the uploaded documents including the KYC video recorded by the applicant. These documents can be collected from any existing business process/application and the rules – about which document to capture from which business process/application – can be easily defined.
- Document Processing:
- Next, our solution takes the uploaded documents, performs OCR, and extracts the required information about the applicant. Depending on the clarity of uploaded documents, we apply up to three different mechanisms to ensure that the extracted text is accurate.
- Video to Audio:
- In this step, the system extracts audio (and other details required for analytics) from video using AI models. The tool is precise and “context-aware” which is why it can generate accurate transcripts from the video.
- Speech-to-Text Conversion:
- In this crucial step, our solution converts the extracted audio to text, or does “speech-to-text conversion” as it is popularly called. Here, we leverage a combination of multiple AI models for precise and context-aware speech-to-text conversion. Additionally, a custom prompt (instruction) is employed to translate text from vernacular languages (any “local” language other than English) into English text, ensuring accuracy and relevance.
- In the last step, using the generated transcription and the text extracted from the submitted documents, our solution conducts a meticulous verification to ensure alignment and accuracy between the details found in the documents and the transcription of the spoken words. The dual-step validation ensures a robust and comprehensive verification of the individual’s identity.
- All the aspects of verification – the verification steps, documents to be considered for verification, and priority of documents to be verified – are configurable as per business needs through a lightweight rule engine.
Our solution tackles the challenges of manual document verification and information extraction from videos by seamlessly integrating various technologies. In doing so, we have not only addressed the challenges in doing KYC in the traditional way but also set a new standard for speed, accuracy, and ease of use for the entire process. That is why it wouldn’t be an exaggeration to say that we have revolutionized the traditional KYC process!
In the past 5 years, we have done value addition to 60+ businesses across the globe by applying the latest technologies. To know more details about the cutting-edge solutions discussed in this blog & “how” parts of them, reach out to us. For detailed insights, inquiries, or to explore additional resources, visit our website’s resources section on www.corecotechnologies.com or write us on [email protected].
CoReCo Technologies Private Limited.