AI Powered Customer Onboarding and KYC Verification Workflow

Intelligent Customer Onboarding and KYC Verification

1. Customer Initiation

1.1 Online Application Submission

The customer initiates the onboarding process by filling out an online application form via the bank’s website or mobile app.

1.2 Document Upload

Customers are prompted to upload necessary identification documents such as government-issued IDs, proof of address, and any other required documents.

2. Data Collection and Preprocessing

2.1 Data Extraction

Utilize Optical Character Recognition (OCR) technology to automatically extract information from uploaded documents.

Tools: Google Cloud Vision, ABBYY FlexiCapture.

2.2 Data Validation

Implement AI algorithms to validate the extracted data against predefined criteria to ensure accuracy and completeness.

Tools: DataRobot, IBM Watson.

3. Risk Assessment

3.1 Customer Risk Profiling

Leverage machine learning models to assess customer risk profiles based on historical data and behavioral analytics.

Tools: SAS AML, FICO Tonbeller.

3.2 Enhanced Due Diligence

Conduct enhanced due diligence for high-risk customers using AI-driven tools to analyze global watchlists and adverse media.

Tools: ComplyAdvantage, Refinitiv World-Check.

4. KYC Verification

4.1 Identity Verification

Utilize facial recognition technology to verify the customer’s identity against their submitted identification documents.

Tools: Jumio, Onfido.

4.2 Continuous Monitoring

Implement ongoing monitoring of customer transactions and behaviors using AI to detect anomalies and potential fraud.

Tools: Actico, NICE Actimize.

5. Customer Approval and Account Setup

5.1 Final Approval Process

Once verification is complete, the system automatically approves or flags the application for manual review based on risk assessment outcomes.

5.2 Account Creation

Upon approval, create the customer account and provide access credentials via secure channels.

6. Post-Onboarding Engagement

6.1 Customer Education

Utilize AI chatbots to guide customers through the features of their new accounts and provide support for any inquiries.

Tools: Drift, Intercom.

6.2 Feedback Loop

Collect feedback from customers regarding the onboarding experience to continuously improve the process using AI-driven analytics.

Tools: Qualtrics, SurveyMonkey.