How V-KYC Technology automates banking sectors?
Banks and other traditional financial service providers have had to respond with an array of digitization and innovation initiatives. These initiatives employ cutting-edge technologies to ensure a customer-centric perspective rather than the traditional focus on products, real-time intelligent data integration rather than slow analysis being performed after the fact, and an open platform foundation. Now V-KYC Technology for Banking Sectors helps not only banking sectors but also all fintech industries.
The explosive growth that the last decade has seen in the amount of structured and unstructured data available with the banks, combined with the growth of cloud computing and machine learning technologies has created a perfect storm for Artificial Intelligence to be used across the spectrum of banking and financial services landscape.
The new technology in banking is already transforming the financial sector and Fintechs, and the traditional banking landscape is set to rapidly change in the next few years. For increasing customer security and the smooth running of banks, RBI had implemented new directions to the banking sectors. PixDynamics was always there with the best solutions in banking by valuing the time, accuracy, quality of the clients. We had put forward the solutions with the most modern applications:
We are in the path to help our banking clients to replace the most time taking manual works and with advanced processing, PiXL technology thereby they can follow the RBI directions.
Manual banking working model VS PiXL KYC CLASSIFIER AND EXTRACTOR
All the customer IDs are saved as images so they go with each OVD images and then try to sort and categorize the aadhaar card into one class pan card to others and go on. It is not a good practice in this technical era. Once this has been done, the next step is to extract all the important data from categorized sets it is the extraction process. The third step would be to segregate the extracted information according to the need to ease down the process. Think about the risk factors that can be raised when a bulk of data is similarly processed. The results are:
- The potential errors
- Low working accuracy
- Difficulty in processing low-quality data
- The assumption of time to process the bulk of documents
PiXL KYC CLASSIFIER AND EXTRACTOR which can sort all the issues of the current C-KYC process in the banking sector related to classification, extraction, and segregation of documents. And it guarantees accuracy and completes the processing within the RBI deadlines. It is an AI-based image classification and data extraction system introduced especially for banking sectors. It is developed in a way that all the processes that the banks perform with the help of manpower like classification, segregation, and extraction is performed under one umbrella. The applications are as follows.
How does it work?
PiXL KYC CLASSIFIER AND EXTRACTOR started the job by firstly classifying the data into various categories that is the classification. It would do so by reading each image pixel by pixel, doing so it would be able to identify the document type. It would also make a quality check for the documents. If there is any discrepancy with the quality required it would be reported to the bank. PiXL KYC can automate customer identification and verification process and link documents and the respective user account. This step would ensure the banks of the safety as it would be able to detect potential fraud or mismatch in the documents of the C-KYC process.
Advantages
- High speed: Speed in processing is high as compared to competitor products. These speeds allow us to deliver products on time with accuracy and quality.
- Upgrade Data Accuracy: The product can deliver 98.2% of the accuracy which cannot be assured by any other products.
- Improve Data Quality: Decreasing the chance of errors improves data quality.
- Increase Document Throughput: Accelerates the business processes by processing any type of digital documents, different types of text content can be processed
- Advanced Productivity: Productivity will be high as compared to manual working.
- Reduce Labor Charge: Only human assistance is needed for the services thus the bank doesn’t need to introduce much labor for the work.
- Highly cost-effective: Our service is highly cost-effective and can be afforded at a reasonable price. Therefore, even the most price-sensitive businesses need to worry.
- Staff to More Productive Tasks: Classification, extraction, and segregation are time-consuming and tedious. By automating all these processes, workers can be involved in any other assigned tasks.
- Any Document Types: The data can be processed in any type of document without any restrictions.
- Improve Data Security: The data in the documents and the documents are highly secured and not being prone to risks.
PiXL VIDEO KYC
The new direction by RBI allows banks to perform KYC verification through a video that is without the physical presence of customers in the banks the bank employee can perform verification processes. PiXL Video KYC fulfills all the directions from RBI and is capable to process the verification process with advanced features.
PiXL VIDEO KYC –workflow
To initiate the RBI directions PiXL family has onboarded PiXL Video KYC which is 100% compliant with the latest RBI mandate and thus makes the FinTech organizations workflow more easy and flexible. In simple terms – The “Digital KYC” is capturing a live photo of the customer and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live photo is being taken by an authorized officer of the Reporting Entity (RE).
- Can make use of RBI -Video KYC affiliation.
- A good one to one chat relationship with the customer.
- No physical presence is needed.
- Multiple employees can interact with one customer.
- Easy to maintain chat and video history.
- A better way to save the evidence.
- Video call happens with browsers, hence no need for many applications.
- Easy to share files, images, and videos.
- At the same time, we can record customer audio and video.
- The proof of document and customer can be in the form of screenshots.
- Easy to link data,docs, and videos in internal system applications.
- You can contact the customer on desktop, Android, and iOS platforms.
- Save time and money for bank travel.
- Smoothen the work of bank employees.
PiXL AADHAAR MASKING
The updated RBI orders were the aftereffects of Aadhaar and other Laws Ordinance that was addressed by the management in March 2019. The order points to mandatory information for RBI Regulated Entities that is to mask the Aadhaar number of all customers from the Aadhaar number part of the KYC process. Financial Institutions now need to mask Aadhaar’s first 8 numbers on all the customer images from their customer valued documents.
We are proud to announce that our product PiXL Aadhaar Card Masker could play such a crucially vital part in automating aadhaar card classification and extraction or segregation and finally mask the first eight-digit with minimal time. The automated process ensures the elimination of the errors which human labor could have caused, this saves the financial organizations from unnecessary fuss and provides a smooth delivery in the operations. This helps in increasing efficiency. We provided them with the best solutions. Our services will surely help the bank in not only saving time and providing the best quality but also ensured a great cost-cutting for them. Our service is highly cost-effective and can be afforded at a most reasonable price.
PiXL Aadhaar Masking assures you about the accuracy of 99% or more when compared with competitors they are not assuring more than 80% accuracy. This is the best and the suitable time to make use of PiXL Aadhaar Card Masker.
PiXL FACE DETECTION
PiXL Facial recognition is one of the forwarded footsteps to banks where they can decrease friction in their customers’ experience and increase efficiency and accessibility. Face detection can consider a substantial part of face recognition matching operations. It is connected to image processing and computer vision and it interacts with detecting instances of an object like humans. And while performing the verification of KYC the accurate results can be acquired by matching the faces. The results are absolutely perfect and with more accuracy, the results are obtained. Fraud detection is yet another application of the technology.
The application is capable of checking an image with another image, which is a comparison with 2 images, produces an exact matching result, and assures the accuracy of matching.
This is the time and era to remove manual works from the current banking system. The PiXL products are always there to help FinTech organizations with the best available solution in the industry and thus automates the bank works.