As per the government rules one needs to submit KYC documents like Aadhaar and PAN as proof of identity and proof of address together with a recent photograph on different occasions like the opening of savings bank account, fixed deposit, mutual fund, insurance, etc. Those KYC documents that we present at the time of opening an account are kept as scanned copies. It may have a collection of different documents like aadhaar cards, passports, licenses, etc. The bank will have a bulk of customer proof images in their database that are not classified and segregated. It’s too difficult to extract particular data from an image. Aadhaar continues to be the commonly submitted document in the KYC process. Here we support many financial institutions to classify and extract KYC documents using our tool PiXL- KYC Classifier and extractor from PiXL.AI family with a guaranteed accuracy of more than 99% on a very low-quality image also.
Now, things have changed regarding the aadhaar cards. There was directions from the Reserve bank of India regarding the KYC entries. The updated orders were the aftereffects of Aadhaar and other Laws Ordinance that was addressed by the management in March 2019. The order points to mandatory information for RBI Regulated Entities that is to mask the Aadhaar number of all customers from the Aadhaar number part of the KYC process. Financial Institutions now need to mask Aadhaar’s first 8 numbers on all the customer images from there customer valued documents.
So that millions and millions of stored images will come under this process. In the banking sector, it is not so easy to get aadhaar's from a folder of different images. So it needs to get classifies and segregated. Once it is ready the sorted out aadhaar images needed to be masked. Since the banks won't have a primary solution they will consider it under manual works. but it is not a practical solution. It eats both time and cost. The existing KYC process is encompassed with various stages of human intervention and manual effort, including –the collection of relevant documents, like filled application forms and address proof, submission of collected documents at the bank branch, scan and upload of hard copies into a Business Process Management (BPM) system, manual verification of image quality, visibility, and validity, addition of tags and indices for a type of document and checks to ensure submission of all types.
The existing process involved many stages of manual checking before a customer’s KYC was processed. Along with this they need to figure out aadhaar copies and masked them as per the directions from RBI.
We are proud to announce that our product PiXL Aadhaar Card Masker could play such a crucially vital part in automating aadhaar card classification and extraction or segregation and finally mask the first eight-digit with minimal time. The automated process ensures the elimination of the errors which human labor could have caused, this saves the financial organizations from unnecessary fuss and provides a smooth delivery in the operations. This helps in increasing efficiency. We provided them with the best solutions. Our services will surely help the bank in not only saving time and providing the best quality but also ensured a great cost-cutting for them. Our service is highly cost-effective and can be afforded at a most reasonable price.
We can assure you about the accuracy of 99% or more when compared with competitors they are not assuring more than 80% accuracy. This is the best and the suitable time to make use of PiXL Aadhaar Card Masker. We had a study on the requirement of this essential service these days. PixDynamics will be with you to help you in this toughest situation.