// the challenges of automatic supporting document verification
Regulatory inflation leads to a sharp increase in compliance expenses notably through the massive increase in staff numbers (control, risk and compliance functions).
Meanwhile, despite these investments, fines are on the rise. Between 2009 and 2018, this resulted in $145 bn being paid by the major European banks according to the BCG.
In parallel, AI applications are being developed. According to Gartner, 59% of global companies have made investments in AI. The reason for this success? More computing power, better algorithms in ‘learning’, and virtually unlimited access to learning data.
” Provide users with real-time guidance on the submission, thereby ensuring a complete and compliant customer dossier.
Automated verification of supporting documents enables 100% automatic analysis of the submitted documents’ image quality, and their validity and consistency with regard to the information transmitted.
The authenticity of the received documents is thus checked (security elements, connection to external repositories, etc.) in order to detect attempts at documentary fraud.
Your regulatory obligations are thus automated and your risk of fraud significantly reduced.
// STEPS FOR AUTOMATED SUPPORTING DOCUMENT VERIFICATION
After these first three steps, the records will be deemed complete and compliant.
Artificial Intelligence has changed the game. Its integration into remote underwriting tools makes it easier, thanks to deep learning, to extract data, by adding its verification, even from documents poorly rendered by a photo taken on the fly with a smartphone.
Today, in fact, users want to be able to send all the documents necessary to finalise their transaction via the same channel. For them, there is no question of waiting: immediacy has become the rule.
Embedded in remote underwriting tools , AI has therefore created a real disruption in the customer experience, making it smoother, thus boosting digital underwriting in real time.