IBM announced that Indian financial technology company Signzy Technologies Pvt. Ltd is now using the company’s artificial intelligence platform Watson and blockchain services to improve its customer identity verification process.
According to the Armonk, New York-headquartered technology giant, the innovation has the potential to cut the time needed for verification by as much as 80% while complying with regulations and helping to reduce fraud.
Various regulations, including the “know your customer” mandates from the Reserve Bank of India (RBI), require such verification and many banks “are forced to use manual processes that are costly and time consuming,” according to IBM. “Banks are under tremendous pressure to comply with these requirements, but there is a lack of digital tools to accomplish this efficiently.”
By contrast, the two companies believe that a cognitive-computing-based digital verification process “can reduce the onerous handling and storage of printed and scanned documents, which contain sensitive personal information.” Instead, these documents could be housed electronically in Signzy’s database.
“Cognitive computing has the potential to dramatically simplify digital trust processes throughout the financial services industry,” said Ankit Ratan, co-founder and chief executive officer of Bangalore-based Signzy Technologies.