The pandemic has spurred demand for KYC through artificial intelligence in the banking sector. These emerging technologies are helping banks onboard new customers instantly. Chatbots make the tedious and time-consuming process more effective than what a banking representative can do in real.
In this blog, we will highlight how chatbots make the e-KYC process faster and simpler.
For e-KYC, identity documents such as driving licenses, passports, and Aadhar cards are important. But, manual methods of data extraction from these documents are costly and complex.
Therefore, advanced chatbots and OCR (optical character recognition systems) can be used for text capture and extraction of the documents seamlessly.
AI based OCR applications can also be used to extract customer information from unstructured documents. The banking sector should deploy this to make the e-KYC process smother.
AI’s facial recognition technology is leading from the front in the authentication of video-based processes. This technology has the potential to recognize and map real-time distinct facial features from images and videos.
In eKYC, facial recognition detects facial features and matches them with data records. Furthermore, facial recognition can create a unique face print similar to a fingerprint. Additionally, banks can detect fake images through AI’s in-built analytics.
AI-based OCR can extract signatures and convert them into a computer readable file within a short time. Once the process is completed, the signature is ready for biometric verification. Banks and financial institution can use Twixor’s solutions to make their e-KYC journey simpler and quicker.