How easier can bank compliance with CKYC RBI Guidelines

The boom in technology hasn’t touched some areas of Fin-tech organizations. One of the clear-cut examples is the manual work done in the banking sector for the classification, extraction, and segregation of documents in the C-KYC process. Banking sectors are not able to fulfill the rules of RBI regarding digital documents. As long now, the bank collects copies of our documents and identity proofs like aadhaar card, pan card, and driving license for the documentation process. They also perform numerous other essential services for its customers which further required different kinds of documents. Without any classification and segregation, the bank maintains and stores scanned copies of such documents that are saved as images. This is the usual practice till the RBI directs the banks to have a systematic document collection. As per the directions from RBI they now need to classify, extract, and segregate the documents for its C-KYC process for further usage and record-keeping purposes. Our CKYC Classifier & Extractor in India is the exact solution for this.

We can imagine the bundle of documents they need to filter. The only way in front of them was to do the processes manually. Even though they had a great concern regarding the rule they have no solution other than manual working. But there are several obstacles to manual human power. Since they have to process millions of documents within the estimated deadline, some banks made use of available software applications. But unfortunately, they didn’t get the accuracy they expected. Those vendors can meet the accuracy of 70% which is almost the same as human power. But human power can cause errors that can be a risk factor.