BFSI

Generative AI for Video KYC and Re-KYC Compliance

Challenge:

Traditional Know Your Customer (KYC) processes are labour-intensive, susceptible to errors, and often struggle to keep up with evolving regulatory standards. Financial institutions face challenges in efficiently verifying customer identities, detecting fraudulent activities, and ensuring compliance with stringent guidelines.​

Solution:

Implementing a Generative AI-enabled Video KYC system integrated with Databricks’ Lakehouse Platform offers a comprehensive solution:​

  • Real-Time Identity Verification: Utilizing Generative AI, the system conducts instantaneous identity checks, fraud detection, and document verification during video interactions.
  • Automated Compliance Reporting: Databricks' platform facilitates seamless automation of compliance reporting and exception management, ensuring adherence to regulatory requirements.

Advantages/Benefits:

  • Efficiency: The integration reduces KYC processing time by 40%, streamlining customer onboarding and re-verification processes.
  • Accuracy: Error rates decrease by 30%, enhancing the reliability of customer verification and reducing manual intervention.
  • Compliance: Achieves full adherence to regulatory guidelines, minimizing the risk of non-compliance penalties and enhancing trust with stakeholders.

By leveraging Generative AI and Databricks’ robust data management capabilities, financial institutions can transform their KYC processes to be more efficient, accurate, and compliant.​