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
Recognises the scanned/uploaded document and identifies the ID types
Reorients or corrects skewed images
Auto-populates the fields in the form appropriately after extraction from the ID
Displays information to customer and seeks edits/confirmation
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
Integrate facenet and computer vision for detection
Detect video-based presentation attacks
Spot obstructions while capturing face for selfies
Pass/reject odd cases
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.
features low memory usage and data size
Works on any embedded system, platform, or device
Does not store or process personal information through Modefin
And it is successfully able to
Perform a match between ID and liveness video/selfie
Match despite changing scenarios that arise due to age, weight, facial transformations, etc.
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
Improves Customer Experience
Our solution offers an intelligent digital onboarding process that incorporates OCR, Biometrics, facial recognition, API-backed compliance checks, e-signatures, and seamless integration capabilities making the customer experience smooth and flawless.
Improving Productivity
Modefin offers a customised digital onboarding solution that has AI at its core, offers transparent processes, reduces turnaround time, and lowers paper consumption. This results in lower errors and costs, efficient processes leading to a substantial reduction in effort, contributing to a significant impact on the bank’s revenue.
Streamlining the Processes
A personalised digital onboarding process reduces the number of customer touchpoints. Automation of numerous processes reduces overheads related to manual interventions leading to smarter processes that save time and cost.
Account Validations
System-guided validation modules and AI-based digital verification systems ensure that vital information is captured accurately. Such validations reduce physical KYC costs as banks, onboard customers, effortlessly, even from remote locations.
Increasing Customer Base
One of the most significant advantages of digital onboarding with AI at its core is an intuitive analysis that recognises patterns in accumulated data whilst learning from past decisions to make smart choices. Flawless and easy digital onboarding of customers leads to better customer experiences contributing to a larger customer base.
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.
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.
