Digital Onboarding | Modefin

Digital Onboarding

A digital onboarding customer experience enhanced with AI and ML capabilities drastically reduces the time taken to onboard customers while addressing challenges faced by financial institutions around the world. Modefin’s digital onboarding solution features AI at its core and offers a seamless process that includes OCR-driven data capturing, Facial Recognition/Match, Real-Time Compliance Checks, Digital Signatures, and so on.

The solution and how it works

Our solution offers a holistic next-gen digital customer onboarding process that is efficient, scalable, and customisable. The goal is to offer an intuitive, secure, and easy customer experience.

Our solution attempts to take care of this through-

Automation– AI has the capability of analysing and delivering data at speeds that is unimaginable for human banking agents. Eliminating wait times, regulatory compliances, and delivering precise solutions help in providing a perfect end-to-end onboarding solution with no or minimal human intervention.

For instance, document validation (traditionally quite a labour intensive) is one of the most important legs in the onboarding process. Modefin’s onboarding solution employs Optical Character Recognition (OCR) technology, reducing time taken and affords 95% accuracy in data extraction. It

Compliance– Predictive analysis, machine learning, and well-designed algorithms throw up patterns and spot irregularities effortlessly. This is effective in curbing money laundering activities and spotting anomalies that prevent fraud. With AI at its core, you can stay compliant and stick to regulatory standards. For instance, financial institutions can take a holistic approach to digital identity by using Liveness Detection technology. Thanks to the AI/ML core, Modefin’s onboarding system becomes smarter with each verification. It employs the same to

Accuracy– Modefin’s digital onboarding solution is backed by biometrics, facial match, and liveness detection, not only adhering to regulatory standards but maximising operational efficiency. For instance, facial match combined with liveness detection technology prevents frauds. It adds an additional layer of security to the onboarding process. Our onboarding system.

And it is successfully able to

You can Expect changes in

Data Extraction and accuracy

Onboarding becomes a breeze when the data extraction is accurate and effortless. The OCR-backed technology offers 95% accuracy in data extraction.

Intelligent Document and Content Classification

Sophisticated automation in the form of AI and ML, offers more control and precision in classifying and processing semi-structured or unstructured documents.

Fraud and Exception Handling

Intelligent automation extensively analyses transactions, holistically, and within seconds. This, when combined with ML technologies, (that conduct analysis based on pre-set/no parameters) leads to lower frauds and false-positive rates.

Document Variation Management and Document Handling

Advanced AI systems ensure that even as documents are being modified, they are classified and managed precisely.

Features

Data Capture and Extraction

Using a simple interface that uses Optical Character Recognition (OCR), banks can process, monitor, and evaluate vast amounts of data/information (including personal and security). As paper documentation is converted into machine-readable or searchable PDF files, the technology optimises big-data modelling while auto-filling data from scanned documents.

ID verification

Amongst the news of frauds and cyberattacks, new and more stringent ID verification methods have become the norm. Our onboarding solution ensures the validity of the documents through selfie/video-based digital onboarding. It validates the proof with security features such as liveness detection and facial match using advanced AI technologies.

Account Approval

Amongst the news of frauds and cyberattacks, new and more stringent ID verification methods have become the norm. Our onboarding solution ensures the validity of the documents through selfie/video-based digital onboarding. It validates the proof with security features such as liveness detection and facial match using advanced AI technologies.

Signature

E-signatures offers a perfect solution as banks focus on a customer-centric and paper-free approach to onboard customers. Our digital onboarding solution offers an opportunity to standardize and ease the customer experience; improve productivity, and reduce errors & costs.

Features

Data Capture and Extraction

Using a simple interface that uses Optical Character Recognition (OCR), banks can process, monitor, and evaluate vast amounts of data/information (including personal and security). As paper documentation is converted into machine-readable or searchable PDF files, the technology optimises big-data modelling while auto-filling data from scanned documents.

ID verification

Amongst the news of frauds and cyberattacks, new and more stringent ID verification methods have become the norm. Our onboarding solution ensures the validity of the documents through selfie/video-based digital onboarding. It validates the proof with security features such as liveness detection and facial match using advanced AI technologies.

Account Approval

Amongst the news of frauds and cyberattacks, new and more stringent ID verification methods have become the norm. Our onboarding solution ensures the validity of the documents through selfie/video-based digital onboarding. It validates the proof with security features such as liveness detection and facial match using advanced AI technologies.

Signature

E-signatures offers a perfect solution as banks focus on a customer-centric and paper-free approach to onboard customers. Our digital onboarding solution offers an opportunity to standardize and ease the customer experience; improve productivity, and reduce errors & costs.

The Modefin Advantage

Accelerating the digital transformation of banks with intelligent & innovative digital banking solutions

Modefin offers a suite of ready-to-market digital financial products tailored to meet the needs of the banks and financial service providers and helping them to accelerate digital adoption.

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Modefin Clients

The meaning and depth of any business are valued considering the customers it has garnered. We at Modefin are grateful to our customers and clients whose patronage has helped us build on our efforts to succeed and give our best. These are the very persons, institutions and industries who vouch for our efforts and acclaim the reliability of our solutions. Our customer experience goals gain value when we receive affirmation of our efforts.