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IDVerse
Problem Statement
Manual Verification Bottlenecks
Traditional eKYC processes are manual and time-consuming, leading to significant delays. This causes customer dissatisfaction and loss of potential revenue
High Error Rates in Document Processing
Manual data entry and verification are prone to human error, with error rates as high as 3%.
Data Security and Privacy Concerns
With increasing incidents of data breaches, secure handling of sensitive customer information is paramount.
Our Approach
Data Collection
Collect various document records from the different regions i.e. Australia, US and MENA.
Feature Engineering
Extract relevant features per region such as Emirates ID for MENA countries, passport for USA and DL for Australia to enhance the detection power of the model.
Model Selection
Our solution leverages appropriate OCR techniques with Computer vision and NLP based models for accurate data reading and validation as applicable.
Training Techniques
Our ML models utilize field localization and segmentation of images to accurately draw bounding boxes and perform OCR.
Data Validation
Implement data validation checks to ensure accuracy and consistency between extracted data and backend database records.
Our Solution
- Implement AI algorithms to automate the extraction of key data fields from KYC documents.
- Train ML models to detect important fields depending on region of document.
- Develop a backend system to validate extracted data against the backend database for accurate results.
- Provide user-friendly frontend interface for document upload and verification.
Impact
- Reduce document verification time by a factor of 10.
- 99% accuracy and error rate lower than 3%.
- Offer scalable solution that handles high volumes of document processing, enabling businesses to efficiently manage customer onboarding as they grow, reducing operational costs by 29%.
- According to Fenergo’s global research report, the cost of people-driven and laborious KYC practices more than half (54%) of corporate and institutional banks spend between $1,500 and $3,000 to complete just one client’s KYC review and one in five (21%) spend more than $3,000 per client review which can be saved using product IDverse.
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