Personal data of clients of micro-finance organizations in Russia is now protected — IFC Zaymer, one of the country’s largest micro-finance organizations, has begun testing Smart IDReader technology developed by Smart Engines.
According to the company’s predictive analysis, as soon as the introduction of the technology covers the whole micro-finance market, particularly in the remote lending sector, the number of personal data frauds will drop by half.
Smart Engines technological solution is responsible for the instant recognition of ID documents, which allows to auto-fill the registration forms, and at the same time keep the images of ID documents protected from third parties’ unauthorized access.
IT security experts believe that there are three stages of data processing where images of legally relevant documents can potentially be vulnerable, namely:
1. Technical data input
2. Transfer of data through the communication channel
3. Data storage in the system
Smart IDReader software solution ensures safety of data at every stage. The image processing takes place on the user’s end device (the operator’s corporate computer or their smartphone). The human factor is now completely excluded from the process: recognition is fully automated, and the probability of incorrect data entry is kept at a near-zero level. Data transfer to the server or the cloud is not required, the image of the document neither gets saved or stored on devices, nor transmitted to external servers, which minimizes the chance of image leak.
“This technology is able to reduce the remote service time in the B-to-C sector by half. Recognition of documents on modern processors takes less than a second. Customers will no longer need to manually fill out the registration forms and questionnaires — image of the first page of the passport will be enough. The solution also recognizes codified data (MRZ), which facilitates accurate identification of a client. According to our analysts, the widespread introduction of such a technology will decrease the total number of cases of illegal misuse of people’s identity document images by more than half”. Roman Makarov, CEO, IFC Zaymer
“The software solution that has become the subject of this partnership agreement between Smart Engines and IFC Zaymer is based on the latest achievements in the field of artificial intelligence of the leading Russian scientists. Alongside the largest banks in the country, with the integration of our solution the online lending service “Robot Zaimer” becomes the first MFI in Russia to guarantee the safety of customer data.” Vladimir Viktorovich Arlazarov, Ph.D., CEO, Smart Engines
This technology is already being used by the global business community, particularly the banking sector – Tinkoff Bank, Dukascopy Bank, Alfa-Bank (access the use cases), Post Bank, Gazprombank and more.