AI Enhanced Identity Verification Workflow for Secure Banking

AI-Enhanced Identity Verification

1. Customer Initiation

1.1 Customer Access

The process begins when a customer accesses the banking platform via a mobile app or website.

1.2 Request for Identity Verification

The customer initiates a request for identity verification to access specific services such as account opening, loan application, or service modification.

2. Data Collection

2.1 Document Upload

The customer is prompted to upload identification documents, such as a government-issued ID or passport, using an AI-supported document capture tool.

2.2 Biometric Data Capture

Utilize AI-driven biometric verification tools to capture facial recognition or fingerprint data through the device’s camera or biometric sensor.

3. Data Processing

3.1 AI Document Verification

Employ AI algorithms to analyze the uploaded documents for authenticity, checking for signs of tampering or forgery.

Example Tools: DocuSign Insight, Onfido

3.2 Biometric Analysis

Implement facial recognition technology to match the customer’s live image with the uploaded ID photo.

Example Tools: Face , Veriff

4. Risk Assessment

4.1 AI-Driven Risk Modeling

Utilize machine learning models to assess the risk level associated with the identity verification request, incorporating factors such as geographic location and historical data.

Example Tools: DataRobot, IBM Watson Studio

5. Decision Making

5.1 Approval or Denial

Based on the outcomes of the document verification and risk assessment, the AI system generates a recommendation for approval or denial of the identity verification.

5.2 Human Review (if necessary)

If the AI system flags any anomalies, a human agent is notified to conduct a manual review of the case.

6. Notification

6.1 Customer Notification

The customer is promptly notified of the outcome of the identity verification process via email or in-app notification.

6.2 Feedback Loop

Collect feedback from the customer regarding their experience, which can be used to improve the AI algorithms and overall process.

7. Data Security and Compliance

7.1 Data Encryption

Ensure all customer data is encrypted during transmission and storage to comply with regulations such as GDPR and CCPA.

7.2 Audit Trail

Maintain a comprehensive audit trail of all identity verification processes for compliance and security reviews.