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Sunday, December 08
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Aadhaar not needed! Banks can complete customer authentication in 3 minutes

Aadhaar not needed! Banks can complete customer authentication in 3 minutes


Mangalore Today News Network

New Delhi, Dec 02, 2019: With a new technology launched by  Infrasoft Technologies’ (InfrasoftTech), banks can complete the customer authentication process within three minutes. With the new Mixed Reality (MR) technology for banks, the extensive process of performing thorough background checks on customers, which earlier used to take over 4-5 days can now be done in just three minutes, Rajesh Mirjankar Managing Director & CEO, InfrasoftTech, told FE Online. He added that this first-of-its-kind solution aims to revolutionize banking, thereby improving security, curbing frauds and enhancing the digital customer experience. According to Mirjankar, the MR-enabled eye gears will simulate the bank branch experience wherein banking executives will be able to scan the face of a customer and after authentication, get access to their banking portfolio in one sight, Yahoo reported.

 

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Onboarding of customers usually was time-consuming earlier since the KYC checks were time-consuming. Aadhaar brought the convenience of KYC checks by validating the address with the address of the client provided through the UIDAI interface. Since Aadhaar based authentication has been deemed non-mandatory, banks and NBFCs had to look at other methods of customer authentication that are similar in convenience and speed.

MR solution scans the face through the MR glass and compares the images with the backend to figure if the same individual is already onboard. It readily displays the customer-related information to the bank’s employee on the MR glass view, without the need to navigate on a different screen, thus facilitating immediate authentication. It further aids to better understanding and initiates a contextual conversation with the customer using Bots and during on-boarding, provides views of the credit and KYC checks to the Bank staff on the MR glass without the need of a PC. The team can also scan documents using the MR glass. The back-end AI can validate the contents of the documents and assist in quick onboarding of clients.


What is Mixed Reality?

Mixed reality (MR) is a visualisation of objects where physical and digital objects co-exist. MR visualisation requires headsets/smart glasses, whereas Virtual Reality VR/Augmented Reality AR requires a flat-screen such as a smartphone. MR allows the user to be aware of their surroundings and uses the view in front of the user as a canvas to display content/data and even interact with it with gestures and mouseovers by tagging the virtual and real objects in the display.


Who can benefit

This technology can benefit all types of customers as it fast tracks the processes at the banks. It can potentially improve the customer experience at all touchpoints. Kiya.ai also provides customers with an enhanced UI on smart glasses for their statements, ATM / Branch locator with maps and other notifications. For Bank staff, Kiya.ai provides 3-dimensional views of data on Frauds, Customer Concentration, Performance etc. in the Data Visualizer using MR glasses. This allows top management to use gestures to create different views to obtain a drill-down into any specific area of interest.

InfrasoftTech is currently in conversation with early adopters and tech-savvy banks for its implementation globally. It was recently launched and displayed at the Singapore Fintech Festival 2019.


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