Know Your Customer (KYC) Automation With AI

The Problem

Know Your Customer (KYC) is a set of standards that makes it mandatory for banks to verify the identity of their customers before they can open an account. As part of the KYC process, banks are required to verify the identity documents (usually Photo ID and proof of address) of the applicant and assess their risk for money laundering, fraud, and financing terrorism. Manual KYC is a labour-intensive, time consuming and expensive process for the bank and prone to human errors. Can KYC processes be automated to save time, reduce cost, eliminate human errors and improve customer satisfaction?

Solution

Computer Vision and Machine Learning models can be deployed on Kranium for:

• Automating image quality checks at the time of upload to prevent delays
• Automated document verification to avoid incorrect or incomplete documents
• Automated document digitization to prevent human errors
• Automated fraud detection

This solution would help accelerate the KYC process for the bank. The bank will be able to reduce cost and eliminate human errors from the process. The onboarding process will be much shorter for customers resulting in increased levels of satisfaction.