A listed leading Financial Institution
Due to stringent regulatory requirements and due diligence in the Financial world, customer on-boarding process has become increasingly complex and important too. Unless the process is flawless from start to finish, it can make or break a user’s impression of the the client company. The front-office and operations team of the client are facing 2 major challenges:
Oneture as the prime solution provider worked with client’s Infra & Business team and AWS Professional Services to implement AI models for PAN Card, Aadhar Card and Passport to extract the needed fields after scanning the image as well as on performance and cost optimisations to reduce cost-per-KYC and customer on-boarding
Oneture team with expertise in AWS Services like EC2, S3, SageMaker, deep learning models e.g. YOLO architecture and framework implemented end to end solution which includes web application in Angular Framework and integrated AI models.
The proposed approach and solution is based on advanced Digital Technologies like AI/ML, Cloud.
The customer initiates self-onboarding by submitting the Proof of Identity (POI) and Proof of Address (POA) e.g. PAN, Aadhar Card, Passport via an app or a web portal.
These documents are then sent to the Amazon SageMaker endpoint to analyse and extract relevant information from the images, e.g invoke the “passport-validation” endpoint using the AWS Python SDK.
The underlying ML model validates user’s passport image and extract relevant user information from the image for data capture verification process. E.g. country, date of birth, expiration date, nationality, sex, name, and surname from the passport image.
In few cases cross-validation is done manually, agents re-validate the data or take a second look at validations rejected by the algorithm.
Based on this extracted information and minimal data-form filling, the Solution displays the same on the screen for customer’s review and final submission.
In future, we are planning to implement AI/ML driven video-ID-based KYC to take care of authenticating the document and identity of the customer by matching the recorded video and documents submitted.
|Cloud Services for ML Model Training||AWS SageMaker, AWS EC2, AWS Lambda, Deep Learning Models|
|Web App||Angular, Capacitor & .NET|
|Programming Language||Python, Typescript, C#|
The benefits of digitising the ID collection process are several, the most important of which is that onboarding time is decreased, fraud risk is lowered, and even the most stringent ID and verification requirements are met promptly.