How does our Document AI Platform help optimise customer onboarding and KYC workflows?
Artificial Intelligence (AI) Optical Character Recognition (OCR) plays a transformational role in customer onboarding and Know-Your-Customer (KYC) processes. The technology aids in the automation of data extraction from critical identity documents such as passports, ID cards, or utility bills, streamlining the customer onboarding process. There are several benefits to using an AI-powered OCR data extractor for these processes. First, AI OCR technology reduces manual data entry, significantly saving time and reducing the potential for errors. Second, it helps to provide a better customer experience because it speeds up the onboarding process. Third, it streamlines operations by integrating with existing processes, making it easy to use and adopt.
For example, a bank might use an AI OCR data extractor during the customer onboarding process. When a new customer opens an account, they usually need to provide several documents such as proof of ID, income and others. Traditionally, employees would manually input this data into the system, requiring significant time and potentially leading to errors. However, by using Affinda’s AI-powered OCR data extractor, the bank could automatically collect and analyse this information in minutes. The AI OCR system would scan the documents, extract the relevant information, and populate the necessary fields in the bank’s database, thereby reducing manual efforts, increasing efficiency, and minimising error.
