Problem Statement: Manual account opening process is time-consuming and prone to errors, making it difficult to extract information from scanned images of different types.
Our AI-Based Solution: CriticalRiver collaborated with its partner to create an AI-powered system that uses Optical Character Recognition (OCR) technology to validate information on KYC documents and match it with data on account opening forms to detect fraud and discrepancies.
Result: Using the AI-powered system, banks can automate their account opening process, reduce manual intervention, save up to 60% in operational expenses, and reinvest the savings into activities that improve their top line. Additionally, the solution helps detect fraudulent activities, improving overall security.
Machine Learning Models: OpenCV2, Local Binary Patterns Histograms (LBPH) Face Recognizer and VGG (Visual Geometry Group) Neural Network for Signature Matching.