Today, with the advancements of AI, bad actors are increasingly better at replicating legitimate people or fabricating new personas. While artificial intelligence debuts exciting new banking tools, there are drawbacks. Deepfakes, charming chatbots, and rapid data aggregation are just a few of the tools crafty bad actors use to deceive outdated banking workflows.
Old-school identity verification tools are most at risk for falling prey to AI-savvy swindlers. Fortunately, banks can use artificial intelligence to combat fraudsters just as swiftly. ProcessMaker offers artificial intelligence (AI) identity verification services, now available as a standalone app or for banking and finance users to drop into their hyperautomation strategy and ProcessMaker automated workflows. Users can also try before they buy with ProcessMaker’s ID Verification free trial.
Key features of ProcessMaker’s Identity Verification
McKinsey estimates that AI can unlock $1 trillion in value for banks prioritizing the technology. The major areas they’re focusing on? AI and machine-learning tools for detecting suspicious activity, scanning personal documents, and authenticating new users.
The effort cuts both ways—banks need to accelerate onboarding and lending decisions, but not at the peril of welcoming fraudsters into the fold. On the other hand, Know Your Customer (KYC) checks that are too rigorous oust legitimate users and send them into the arms of the competition.
Scanning paperwork and dropping off vital documents in person are illogical for fintechs or traditional banks pushing to reach new onboarding speed records. By using ProcessMaker’s Identity Verification (IDV) tool in your financial workflows, the process is streamlined.
- Crunch data at warp speed: Querying Anti-Money Laundering or other security databases by hand is a thing of the past. You don’t even need to train a team of RPA bots. AI does the heavy lifting to evaluate hundreds of data sources in seconds.
- Test liveness: Is the person presenting the ID in the room with it? Using Processmaker IDV, you can ensure bad actors aren’t force-uploading fake or stolen documents.
Some banks incurred hundreds of millions of dollars in fines just this year for failing to address money-laundering issues quickly. ProcessMaker gives your bank’s ID verification processes a much-needed leg-up regarding keeping up with regulatory requirements.
How does ProcessMaker’s Identity verification work?
Verifying an identity using ProcessMaker is as simple as snapping a selfie. AI-powered ID Verification is the apex of present-day automation.
Users can take a photo of their ID (like a passport or driver’s license) or upload an existing snap. ProcessMaker automatically extracts the information on the ID and then compares the ID photo to a selfie taken in the app.
See how AI-powered ID Verification captures customer information in a flash:
Adding ProcessMaker IDV to your banking workflows allows you to tap into the significant value AI can add to your bank. Where does this value come from, and what are some of the benefits of adding Identity Verification to your financial workflows?
- Accuracy: The technology boasts accurate verification rates of over 90%.
- Regulatory compliance: Customers can scan tens of thousands of ID types from over 200 countries. You’ll check the same details and databases as previous methods—but at a far faster rate. The sheer amount of data AI can comb through makes its speed unbeatable by spreadsheets or manual checks.
- Scalability: As banks grow to handle more customers, automated Know-Your-Customer checks are essential. AI is a scalable solution that can handle increasing volumes without compromising quality or security.
- Real-time detection: Every financial institution is in an arms race to expedite new account openings. Many banks report that an iron-clad KYC process is the hang-up, often dominating up to 40% of the onboarding process. Tools like ProcessMaker’s ID Verification make verification easy by crunching many checks down to as little as 10 seconds. That means very little wait time for eager customers.
A shocking 9 out of 10 banks share that slow onboarding timelines tank lifetime value. By using artificial intelligence to check real users against bad actors, you can deploy an onboarding experience that pleases.
How user-friendly verification tools improve banking customer service
Automation tools that just “get the job done” are no longer the golden ticket.
Banks need to evaluate tools for their user-friendliness. Industries that serve a must-have personal utility, like banking or healthcare, once lived in a parallel universe where the laws of top-notch user experiences didn’t apply. They operated under the assumption that their essential services were enough to keep customers loyal.
But now, brand loyalty, as a determining factor, is waning. In addition to reduced costs, customers want convenience.
They want banking apps that are as easy to use as streaming the latest summer blockbuster or ordering an armful of fresh groceries. The fast, responsive, uncluttered feel that dwells in every domain of our lives is now the barometer for the digital finesse users expect from financial institutions.
Younger banking customers won’t tolerate stacks of paperwork, in-branch visits, or time-consuming verification steps. If it looks like it’ll take too long to open an account—there’s no going back—only 3% of customers will remain in the trenches to toil with a puzzling process.
In 2021, fraud losses increased by more than 70%, with many of the 2.8 million cases routing identity theft through banks and credit unions.
Ready for your organization’s digital transformation with business process automation (BPA) and intelligent process automation (IPA)? Connect with our team of ID verification and banking experts to learn how you can leverage ProcessMaker’s automation capabilities and automation technologies to conquer complex processes.
