Classifying KYC documents and verification of KYC data across documents is possible because of the izKYC AI solution. It speeds up the KYC process and enhances customer experience.
Business Need
Know Your Customer (KYC) regulations require financial institutions to verify the personally identifiable information (PII) of their customers to mitigate risk. This verification process is essential for ensuring compliance and security, and the specific PII requirements may vary by country. Common PII includes a customer’s name, birth date, photo, signature, and address, typically found in government-issued documents such as passports, driving licenses, etc. Customers are usually asked to submit these documents in PDF or image formats, captured via mobile cameras or scanners. However, the quality of these documents can vary significantly due to device limitations and user handling, resulting in black-and-white or multi-colour images with inconsistent clarity.
The extraction and verification of information from KYC documents are often performed manually by in-house staff or outsourced agencies. This manual approach is time-consuming and susceptible to human error, which can negatively impact customer experience and lead to operational inefficiencies and financial risk for institutions.
Solution
Our AI-powered izKYC automation solution offers a best-in-class approach to extracting and verifying valuable data from KYC documents, significantly reducing human error and operational risk. It intelligently processes documents submitted in various formats and qualities, accurately extracting personally identifiable information (PII) while applying business rules to validate the data. The solution supports photo matching across documents to ensure identity consistency and can cross-verify information when multiple documents are submitted. With built-in document classification capabilities, izKYC eliminates the need for users to specify document types, streamlining the process and minimizing manual intervention. These features collectively make the KYC process faster, more scalable, and highly reliable.
Designed for seamless integration, izKYC connects effortlessly with existing systems through APIs. It can access KYC documents from online platforms or designated folders, interact with third-party applications to enrich customer data, and post validated KYC information via APIs to core systems. This flexibility ensures that izKYC fits smoothly into diverse operational environments, enhancing automation while maintaining compliance, reducing risk, and improving data integrity.
The izKYC AI platform benefits are as below
Fewer Errors
Minimizes manual errors/mistakes.
Lower Risk
Enhances compliance and reduces risk.
Scalable
Handles high document volumes efficiently.
API Connectivity
Seamlessly connects with systems via APIs.
Solution Features
Data Extraction
Auto-extraction of data from invoices including Bar Code and QR Code
Data Matching
Match information across documents with a confidence score.
Photo & Sign
Auto-identification of photos and signature, if available
API Integration
Integration using API with third party systems, if required
Fast Processing
High-speed engine for processing complex, high-volume documents