For any financial organization, a convenient mobile banking app is one of the ways to attract and maintain customers. If the bank has a more convenient, clear, and secure application, it can get a lot of appreciation from the customers themselves and from market experts.
A perfect banking application allows the bank to allure the customer, helps with onboarding processes, and then provides the customer with all banking services, such as opening deposits and accounts, issuing cards, purchasing securities, making transfers and payments, and obtaining loans. The customer identification process (KYC – know your customer) is an important item concerning financial crimes and money laundering (AML – anti-money laundering). It is also important how the banking application implements the process of client identification and verification at all stages of interaction: while on-boarding a client and opening an account, while logging in and while making banking operations on accounts and deposits. This first step determines how successful the client’s further interaction with the bank will be.
A mobile app with ID Engine automatic recognition system inside makes it possible to meet client’s and bank’s requirements. This app is able to recognize the client’s data during the identification process and automatically fills out the required fields. Taking into consideration the fact that the app works offline, without sending any information (or document images) to third-party servers or cloud storage services, the process of user data identification is split-second. The computer vision system automatically seizes the ID photo and identifies the owner.
Depending on the bank’s requirements, the forensics function can be integrated into the application, it means it can help to check the document image for signs of forgery or additional image processing and it can also verify the correctness of data based on the analysis of the machine-readable zone (MRZ).
It does not matter who does it and where – an operator at the bank or the user him/herself, sitting on the sofa at home. The process is the same: document presentation, data entry, data verification, document validation.
Additional advantages of mobile banking applications are acquired when they enable the client to carry out faster payments and transfer operations by scanning barcodes on receipts, in apps and on websites, as well as using the system for recognizing standard forms of receipts. To make a payment you are required to do one thing– to scan the barcode. Then the app will fill in the necessary payment details automatically. Thus, the user does not need to enter payment details manually, there is only one necessity – to check the correctness of the filled form.
Another way of interaction with the clients in the financial sector, which is significantly simplified by using intelligent document recognition systems (IDR-intelligent document reader), is the possibility of a remote assessment of the client’s solvency based on his/her 2-NDFL certificate (Russian Personal Income Tax Certificate). Income certificate, issued to users at the place of work, is the main method for a bank to verify a customer’s solvency applying for a loan. The client needs either to present the certificate directly to the bank or send a scanned copy of the 2-NDFL certificate to the bank, where the employees will enter the data into the system themselves. As Personal Income Tax Certificate (2- NDFL) may contain more than 100 fields, it makes the manual data entry process time-consuming and it is a hard task to put into practice. The implementation of a document recognition module into a banking app, which can recognize such complicated forms as 2-NDFL, makes the process of filling out a form simple and clear: you just need to point the mobile phone camera at the printed 2-NDFL certificate and the fields will be filled in automatically, even if the certificate is printed on 2 pages.
Another important and useful function of a banking app is an automatic bank card recognition while making payments, account replenishment deposits and making money transfers. The ID Engine technology supports automatic recognition and input of payment details from various bank cards.