How are Robotics Startups Keeping the Identity Imposters at Bay?
Ever wonder why artificial intelligence and robotics are only heard about in science fiction books and movies? Ever thought it is only a technology of the future that is not yet evolved to change our lives for the better. Well, if yes, you are not alone. This is because we always see the end product, not the engine behind it. It is understandable because we don't need to, right? Well, when it comes to the management of our finances, we should be vigilant about our surroundings. And, that is why we are here.
Nowadays, the financial industry is driving towards automation through the application of AI as we are seeing robotics startup services in various sectors. The financial sector, for instance, is reaping the benefits of robotics to verify the identity of users and perform AML checks. Moreover, customer due diligence is an important factor for all financial institutions. It is a need that is readily addressed by these services.
For the robotics startup services, artificial intelligence and machine learning are providing the required thrust to assist the global finance sector. With its advent, identity theft and fraud attempts around the world have significantly decreased. So, without further ado, let's get to know about the comprehensive list of applications of robotics for the finance sector.
Benefits of Robotics in the Banking Industry
Hiring experienced professionals to undertake the customer due diligence process is a costly one, not to mention, prone to human errors. On the other side, a third-party AI-based verification process is by far more economical. Repetition of various tasks which require a lot of personnel is now done in a few moments by a robotics startup service. In this AI-powered KYC/AML system, the incurred cost of employee benefits like overtime, medical and salary increments is eliminated.
While running a business that deals with a mammoth amount of daily transactions, hard work is not essentially a smart option. If your full-time employees are overloaded with rudimentary tasks like data entry and extraction, then a lot of time and effort is going to waste. This time can be utilized in coming up with business growth and customer retention strategies. Thus, an intelligent robotics service can take a lot of manual work off your hands, do it digitally and with increased efficiency.
A human can be fatigued but a machine will work on and on. For the financial sector, when it comes to dealing with one customer after and another, then even the best of us can experience tiredness. Now, it is self-explanatory that fatigue and tiredness lead to a decrease in productivity, and potential lapses in judgment. And, the sensitive nature of the finance industry cannot afford both of these issues. Hence, AI-based robotics services to handle day-to-day transactions for you will surely decrease the burden on your employees while increasing productivity levels.
The elimination of human errors is another perk of using the automated application of robotics. In the financial industry, robotic systems are only wired to execute customized and correctly configured instructions. They provide highly accurate results and that too within mere seconds. Some top-of-the-line AI-powered solutions with automated ID verification features in the market right now boast an accuracy rate of over 98.5%. Surely, this number cannot be matched by humans.
Use Cases of AI-Based Robotics in IDV Industry
Financial institutions deal with multiple queries ranging from bank fraud to chargebacks, credit card inquiries, and much more. Therefore, it is extremely difficult to address every customer's need while staying at the best of your behavior. Therefore, the robotics startups in the ID verification industry address a trio of customers' needs i.e, quickness, convenience, and security.
Compliance for banks with regulatory measures like Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB) is a pertinent issue. The risk of compliance penalties always looms on their heads as financial institutions can be defrauded anytime. But, the robotics technology running on the engine of artificial technology presents a solution to the banking industry that eliminates any chances of a criminal passing through their gates undetected.
Data entry and extraction is a cumbersome process for banks. In this day and age when we have so many technological advancements at our disposal, manual data entry and extraction does not make any sense. Here, the robotic startup services employ the services of optical character recognition technology to automate the process of data recognition and extraction.
Credit Card Processing
With the advent of the CoronaVirus pandemic, online shopping activity has increased, and with it the use of credit cards. As cards are linked with a bank so it has to issue a lot of cards every day. Along with this, adhering to the problems with credit cards of customers also comes under the responsibility of the banks. Usually, it takes around 10-15 days for the processing of a credit card to be complete. But AI-based document authentication tools under the comprehensive umbrella of robotics are able to perform validation checks swiftly and complete card processing in no time.
One of the financial industry's major issues is the increasing number of cases of identity fraud. As science benefits the human race with new innovations every day, the incidents of fraud have also multiplied with the application of technology. Therefore, it goes without saying that monitoring every transaction has become crucial but the manual processes of identification for banks are not providing satisfactory results. Hence, artificial technology presents a timely solution by digitally verifying the identities of users and preventing identity fraud.
Remote Customer Onboarding
Conventionally, the customer onboarding process for the financial sector was a hectic task. Customers waiting in line for hours was not only a hassle for them but the banks as well. Their business operations became strikingly slow and a solution was needed to smoothen their business flow. Also, the COVID-19 pandemic restricted banking activities to the online space and resulted in an increase in the creation of robotics startups to provide digital customer onboarding services. Now, the users are verified and onboarded quickly with their face recognition tools.