Aditya Birla Sun Life AMC Ltd is a subsidiary of Aditya Birla Capital Ltd (ABCL). It is one of the leading private sector life insurance companies in India. Like any other agile organization, Aditya Birla Sun Life AMC has also been working on various new technologies to resolve the issues for their business due to COVID 19.
When asked about the challenges, A. Balasubramanian, the MD & CEO of Aditya Birla Sun Life AMC said, “The physical process has been quite cumbersome, and the onboarding experience of new investors was fraught with difficulties. As a result, the onboarding experience was acting as a barrier for entry.”Therefore, Aditya Birla Sun Life AMC coupled their agility with Signzy’s technology — a fintech company — to respond to the logistical challenges thrown by the pandemic, enabling both business continuity along with safeguarding customers. The need of the hour called for Signzy’s AI-based Video KYC solution that would allow remote customer onboarding quickly and seamlessly.
Signzy’s AI-based Video KYC solution enabled real-time and remote customer onboarding, along with verification and fraud detection for Aditya Birla Sun Life AMC. The highly sophisticated solution offers a 98% faster KYC process than the traditional systems and enables a zero-contact process that has been designed to replace the physical submission process of KYC documents. The AI-based Video KYC solution comes with the strictest infosec regulations and data security requirements. The solution has matured over dialects, browsers, and low-internet scenarios. The solutions work on real-time PAN verification, facial and image recognition technology to match the face of the customer, geolocation capture and IP check, along with end-to-end encryption and video forensics for spoof detection.
The first step to the Optical Character Recognition pipeline was to create an algorithm to precisely crop out the region of interest to get the job done easier. For this, the company approached the deep learning technique to build a regression model that can predict the edges of the document that needs to be processed. After implementing a shallow custom architecture for predicting the outputs, the team managed to achieve good performance from the model.
With Signzy’s AI-based KYC solution, Aditya Birla Sun Life AMC was able to address the logistical challenges that the company was facing, along with easing their remote onboarding process. Amid COVID, the company has witnessed a doubled up registrations which led to onboarding over half a lakh new investors to the mutual fund industry.