GIEOM, a leading software product company for BFSI sector, has announced the launch of an AI-based eKYC product called the Digital Validator. GIEOM’s latest product offering uses machine learning and computer vision to verify digitized customer identification documents and paper-based application processing forms.
BFSI firms reeling under the impact of the recent Supreme Court ruling, making Aadhaar non-mandatory for KYC verification, now have a cost effective and scalable solution to keep KYC costs and manpower requirements under control.
Winner of NASSCOM’s League of 10 this year, Digital Validator can be extended to all businesses that want to increase the accuracy and speed of their eKYC and document verification processes, like banking, insurance and telecom industry. According to the company, with physical verification becoming the norm again, financial institutions are back to square one.
The Digital Validator is a timely addition to GIEOM’s suite of digital change and compliance management solutions for core banking firms as experts estimate that the Aadhaar ruling has increased the KYC documents verification process from minutes to hours and costs six times.
Speaking about the core value proposition, John Santosh, Founder and CEO – GIEOM, said, “We are pleased to introduce Digital Validator to the BFSI businesses at a time when they are facing critical process challenges around Aadhaar. Time and costs for KYC eventually increase customer acquisition costs for our clients and we have made it our mission to solve the KYC and consent challenge. John also mentioned that Digital Validator is designed to work in global markets and is has seen encouraging results in the early stage pilots with few banks. “We are confident that Digital Validator will gain a significant share in global markets in the near future”, John commented.
However, the Digital Validator brings in a more efficient system that can foster a quick, accurate and convenient way of managing KYC information like never before. It can scan and analyze several types of documents with no manual intervention and creates a repository of customer KYC information.
This repository allows for a one-time storage of information and can then be accessed multiple times with appropriate consumer consent. Validator’s eKYC engine is a can be used by other IT systems like core banking systems, CRM etc. to authenticate KYC details with customer consent.
This automation enables businesses to verify KYC, check application form completeness, and assess any other document at a fraction of the time required and a much higher degree of accuracy than with manual intervention. Validator works with, branch office, web and mobile based customer on-boarding processes.
Businesses can shift valuable human resources from document verification tasks to more value-based functions, thereby improving profitability. GIEOM aims to roll out the Validator to not only its global customer base but also to other BFSI companies in India and overseas in the coming months.