Automating KYC Processing: Case Study

KYC Processing

Schematic Diagram of Solution

casestudy 2
The Problem:

To provide a hassle free, faster digital service to enable a customer to open a bank account from his home as part of the last mile reach initiative. Traditionally, ‘high street’ banks have required potential new customers to visit a local branch to open a new account, bringing with them a collection of original documents with copies. There is then often a wait for several days whilst the application is processed, and then a requirement to visit the branch again to receive the account details. Online banks have been gaining popularity with the public and businesses, largely due to the ease and convenience of opening an account online 24/7, avoiding a personal visit to the bank.

The Solution:
  • The client is one of the big banks in Libya.
  • They were looking for an automated system so the user can request an account creation, sitting at home, providing all required KYC documents online.
  • We collaborated with the local IT vendor to deliver an end-to-end solution for account registration, KYC document submission / verification and a DMS for document management & archival.
  • Our AI OCR engine (vDigiDocr) powers the uploaded KYC document processing and extraction of key user information, which is automatically stored in the database, along with the user request for account creation.
  • Bank staff then would review the request, verify the user’s personal information, and processes the account.
  • When the customer visits the bank, its identity is validated by taking his/her picture and matching it with the one retrieved from the passport or other KYC documents submitted during the account creation process using AI & OCR technology.
  • All the original documents are stored/archived in the DMS for future use by the bank staff.
  • KYC documents are in both English and Arabic languages.

Business Value:
  • Customer satisfaction.
  • Last mile reach for expanding the customer base.
  • Digital transformation increases client brand value.
  • Automation helps speed up the process.

Technology :
  • MERN Stack for OCR Engine & DMS API Implementation.
  • AI & OCR technology for core OCR Engine implementation.
  • Tesseract & EasyOCR used as open source OCR library for English & Arabic text extraction.
  • Deployment on intranet server with powerful CPU and GPU.