CategoriesTechnology

Unlock New Opportunities: Partner with AIQoD 360 to Promote Cutting-Edge SaaS Solutions

AIQoD 360 is dedicated to revolutionizing how businesses manage their marketing, sales, and overall operations through innovative SaaS solutions using Gen AI. We focus on delivering tools that empower companies to streamline their workflows, enhance customer engagement, and drive sustainable growth.

Who We Are

AIQoD 360 specializes in developing intelligent, scalable SaaS products tailored to meet the evolving needs of modern businesses using Gen AI. Our portfolio includes marketing automation platforms, task management tools, and comprehensive business solutions that enable companies to operate more efficiently and achieve their goals.

What We Do

We design software solutions that integrate the latest advancements in AI and automation to optimize business processes. From lead generation to customer management, our SaaS offerings deliver powerful, data-driven insights and efficiencies that enable businesses to focus on what matters most—growth and innovation.

Partner With Us

We’re excited to expand our network by collaborating with industry professionals, influencers, and resellers. By partnering with AIQoD 360, you’ll have the opportunity to:

  • Promote best-in-class SaaS solutions using Gen AI to businesses of all sizes with Zero CAPEX Investment.
  • Earn competitive commissions and access exclusive partner resources.
  • Collaborate with a forward-thinking company dedicated to continuous improvement and innovation.
  • Enhance your portfolio with cutting-edge technology that drives real-world business outcomes.

Why AIQoD 360?

Our commitment to excellence and innovation makes us a trusted partner in the SaaS space. By joining forces, we can bring transformative solutions to more businesses, empowering them to thrive in an increasingly digital world.

CategoriesTechnology

Harnessing Generative AI to Simplify and Enhance Background Verification

It might be challenging for firms to investigate the backgrounds of potential employees or collaborators. It takes a lot of time and effort to look through all the paperwork and information. Furthermore, mistakes are simple to make. With numerous types of documentation, regulations to follow, and safety precautions to be taken, this process can also be rather complicated.

However, the Background Verification (BGV) platform offers a fresh and clever solution for handling BGV efficiently. It’s like having a very helpful assistant who helps you out, saves you time, and cuts your expenses in half!

Enhance BGV Solution

  1.  Automate the extraction of relevant information from documents (educational certificates, professional certificates, etc.): BGV automation involves using technology, such as Optical Character Recognition (OCR) and Natural Language Processing (NLP), to scan and extract relevant data from various documents like educational certificates, professional certificates, resumes, etc. This automation streamlines the process, reduces human error, and accelerates data extraction.

  2.  Reconciliation of Extracted data with verification received from Competent authority: Once data is extracted from documents, it needs to be cross-verified with information obtained from competent authorities or official sources. BGV automation can facilitate this by comparing the extracted data with the data provided by the authorities, helping to identify any discrepancies or inaccuracies.

  3.  Generation of final QC Report: BGV automation can generate Quality Control (QC) reports that summarize the verification process. These reports may include details on the extracted data, any discrepancies found, and the status of the verification. These reports can help in decision-making and maintaining transparency.

  4.  Seamless integration with Downstream MIS/ERP applications: To ensure a smooth workflow, BGV automation should seamlessly integrate with downstream Management Information Systems (MIS) or Enterprise Resource Planning (ERP) applications. This integration allows for the transfer of verified data to relevant systems, reducing manual data entry and errors.

  5.  Improved TAT for BGV processing: Turnaround Time (TAT) is crucial in background verification. BGV automation accelerates the process by reducing manual tasks, which can lead to faster verification and decision-making. This, in turn, improves the overall efficiency of the background verification process.

  6.  Dashboard and reports: BGV automation can provide dashboards and real-time reports that offer insights into the status of ongoing verifications. These tools help in tracking progress, identifying bottlenecks, and ensuring transparency in the verification process.

  7.  Customizable workflows as per business rules: BGV automation systems should be flexible and allow businesses to define and customize their verification workflows according to their specific needs. This customization ensures that the system aligns with the organization’s unique requirements and processes.

  8.   Integration with Existing Background Verification Application: This point underscores the system’s ability to seamlessly integrate with the business’s existing background verification application, as well as other tools and systems relevant to Generative AI (Gen AI). This integration enhances organizational efficiency by connecting with critical software and processes.

Benefits of BGV Solution

  • Efficient Automation for Productivity: AI-driven document processing is a transformative force in enhancing workplace productivity. By automating data entry, document organization, and complex tasks, this technology allows employees to allocate more time to strategic and value-added activities. Moreover, it efficiently handles unstructured documents, overcoming the challenges typically associated with manual processing. This results in a more streamlined workflow and improved overall productivity.
  • Error Reduction and Cost Savings: The technology’s proficiency in error identification and correction, honed through extensive dataset training, is a cornerstone for enhancing data accuracy. By reducing the risk of costly mistakes, AI-driven document processing not only ensures a higher quality of output but also contributes to significant cost savings. Its cost-effectiveness is further emphasized through the minimization of manual labor, automation of repetitive tasks, and effective mitigation of compliance risks, making it a financially prudent solution.
  • Organized Document Management for Compliance: AI-driven document processing plays a pivotal role in maintaining organized and easily accessible documents. Through automated classification, key data extraction, and efficient indexing, the system ensures a structured document repository. Additionally, it assists in the implementation of compliant and secure document retention and disposal policies. This proactive approach reduces the likelihood of fines and penalties, promoting a compliant and risk-averse organizational environment.
  • Prompt and Secure Operations: The technology’s ability to accelerate document processing 24/7, handle multiple documents simultaneously, and automate routine tasks significantly enhances operational efficiency. This promptness in task execution translates to quicker decision-making and more agile business processes. Equally important is its commitment to data security. Through encryption, access control, and the identification of suspicious activities, AI-driven document processing establishes a robust security framework, safeguarding sensitive information and bolstering overall security measures in the organization.

A new Background Verification (BGV) platform powered by Generative AI (Gen AI) is helping businesses streamline the BGV process and make it more efficient and accurate. The platform extracts critical information from documents, verifies the information twice, generates quality check reports, integrates with other systems, quickens the process, provides instantaneous updates, and adapts to user needs.

The benefits of the BGV platform include faster execution, correcting mistakes, saving cash, maintaining order, greater accuracy, being prompt and effective, and safe and secure data. Overall, the BGV platform is a valuable tool for businesses that can help them improve the quality of their BGV process and make faster and more informed hiring decisions.

CategoriesTechnology

Technology Transformation in an Enterprise: Key Strategies for Success in 2023 and Beyond

Welcome to our special interview series, where we talk to people who have been there and done that. In this edition, we have Ajinkya Mulay, who is the Head of Blue Ocean at AIQoD. Let’s dive into his story, the obstacles he faced, his successes, and the important lessons he has learned throughout his journey of Technology based transformation.

With technologies like Generative AI taking the world by storm, businesses are under more pressure than ever to keep their tech up to date and use the newest tools and solutions as technology continues to advance at an unparalleled rate. Enterprise technology improvements are crucial for businesses looking to maintain their competitiveness, increase productivity, and simplify operations. These improvements, however, could potentially come with significant challenges, like budgetary constraints. We’ll talk about the numerous difficulties that companies encounter when updating their enterprise technology in this interview, as well as explore methods and best practices for handling these updates efficiently. Whether you work in IT or are a business executive, this debate will give you insightful information about the world of enterprise technology updates and give you the skills and expertise you need to compete in the fast-paced digital environment of today.

  • Why is technology upgrade important?

As we all know, technology plays an important role in everyone’s life, and to solve new-age business problems, we can’t look at the same old technologies. Technology upgrades help in many aspects, like UI/UX, speed, and security, with fewer implementation cycles. Here are some examples of the cons of remaining with older technologies:

Scalability issues may arise for older systems built with monolithic architecture, but if your tech stack is updated and you switch from monolithic to microservice-based architecture, it will benefit you in a big way. 

Building Responsive Applications on all devices and OS would have been exceedingly challenging as front-end design was only reliant on HTML and CSS. With less coding and quicker delivery, frontend technology advancements like HTML5, SCSS, Bootstrap, Material UI, and Service Workers (PWA) will meet these challenges very quickly. In short there are many benefits of being always on the latest technologies.

  • AIQoD used to work on which tech stack earlier?

In 2016, we were using the PHP Laravel framework and MySQL as our backend database.

  • I understand that you were pivotal in changing the tech stack from PHP to Mean stack, how did you do it? 

We were utilizing PHP and MySQL to build a product, as I indicated earlier, but after some time, it started to become a barrier when we tried adding new features and managing unstructured data. As a team, we made the deliberate decision to move the product to the new stack, but it was not an easy choice because we were not putting much work into the migration, which slows down the creation of new products. But after that, my technical team and top management held a brainstorming session where we identified the pros. and cons of this decision, We have already decided to use a MEAN stack after having shortlisted new stacks to migrate to, conducting research, speaking with users of the stack, and considering the product plan. We developed a migration plan after the team had unanimously approved and finalized the MEAN stack. Since we are switching from SQL to NoSQL, creating a MongoDB schema was the first thing we did. Then, because our PHP stack had previously been monolithic in nature, we opted to employ a microservice design for our backend. To determine how many microservices we should have when we begin migrating, we performed a logical breakdown of our monolithic architecture. And this is where my contribution comes in: I wrote the first MEAN stack program and structure for the platform on which we started migrating and completed the entire migration in a few months.

  • What are the technologies AIQoD is working on/leveraging presently and how it is performing?

As mentioned earlier, currently we are using the MEAN stack as our base, which includes Angular 14, NodeJS, Node MongoDB 6.0, and Express JS. We also use Python to solve problems related to AI/ML. The platform also uses Redis for caching. We are pioneers in deploying our solution on the cloud (AWS, Azure, etc.) using Docker images on the Kubernetes cluster.

Technology Transformation in an Enterprise
  • How did you see the technology change in the company throughout the years? 

The business never loses sight of technology. We review our stack every quarter and assess any improvements that have been made as well as the addition of new features in accordance with the product strategy. For instance, our front end is currently using Angular 14, although we were using Angular 2 five years ago when we transitioned to Angular we added other layers over the years, such as document digitization based on AI. In the product, we introduced a caching layer utilizing Redis and an NLP layer for categorization and Atlas for databases as a service and added an analytical engine to the solution. We recently integrated with chatGPT to generate automated code and new innovations in technologies will keep coming in where we need to think ahead and keep moving forward and adopting these technologies. We have been constantly on the lookout of technology changes and we were very conscious and planned the upgrades that we need to do on the platform this goes through a rather quick approval process to ensure bureaucracy will not cripple our platform growth.

 

  • What are the problems you face while changing the technology or upgrading the technology department? 

Any upgrades are first uncomfortable, but understanding what advantages we will experience in the long run always helps. Knowing the new technology is the first issue we encounter when it is implemented, thus learning the technical details of the new technology might be difficult if there isn’t a team member with experience who has already worked with it. A major issue that will arise in the first few months after a technology upgrade is, in my opinion, the team’s acceptance of the change. To get around this, I first built a straightforward prototype with a folder structure. All the vital tools needed for this stack, which facilitates streamlined development and deployment, have been identified. VS Code Studio as a code editor, Postman as a rest client, Swagger for API description, MongoDB Compass for GUI querying, and Jenkins for creating CI/CD pipelines are a few well-known names. Other developers have held thorough sessions with the team on each subject and component of the new stack after gathering information alongside me, which aids in quicker adoption.

 

  • As you lead the whole tech team in the company, how do you leverage people skills for completing the task? 

Every member of the team brings a unique set of abilities and talents to the table, whether it be expertise in client communication, troubleshooting complex issues, problem-solving techniques, or specialized tech skills like front-end, back-end, etc. Taking all of this into account, we examined the talent required and gave the assignments accordingly. Additionally, we offered training that will aid with task completion. We have developed a customized syllabus for each technology and divided it into basic, intermediate, and advanced levels as part of our organization-wide knowledge management program. Each level is connected to the assignment, and after review, the team is given access to the different course levels. This program’s knowledge foundation places equal emphasis on soft skills and technology.

 

  • What is the issue you faced while managing the team and how do you manage them? 

Since each member of your team is unique, a variety of difficulties arise on a daily basis. The difficulty is that a new fresher who has recently graduated from college joins the team and needs to be brought up to speed in order for him/her to get valuable expertise and assist the business in solving this issue. We also give them access to specialized training materials and assignment links. We must always communicate with them at regular intervals in order to understand their perspectives and take appropriate action. We also have weekly 1-on-1 meetings to provide correct counseling regarding their daily routines, etc. People may find it difficult to focus on learning new, advanced skills at work, gradually affecting their performance. We attempt to hold workshops on cutting-edge technical subjects each week to address this issue and keep people informed.

 

  • What is the message you want to convey to the younger generation/upcoming talent?

I always tell youngsters that we must continuously improve ourselves and to achieve the same, we should read at least one blog per day about new technological advancements. We should approach every challenge with a positive outlook and vigor.  Any technological challenge must first be broken down into a plan of action that will ultimately address the problem more quickly and most importantly be the first one to take the step and be the leader in technology upgrades. 

 

Conclusion-

 

In today’s fast-paced world, upgrading technology is crucial for businesses. It brings scalability, improved user experience, efficiency, security, and a competitive edge. By embracing technology upgrades, businesses can adapt to market demands, drive innovation, and achieve long-term success. Regular evaluation, improvement, and adoption of the latest tools are necessary for staying competitive and maximizing growth potential.

CategoriesAutomation Challenges Document Digitization Invoice Automation RPA

Manual vs Automated Accounts Payable Process

According to Business Insider Report, 44% of businesses are looking to add automation to their payables processes as a way to capitalize on the efficiency and cost-cutting benefits it brings in, while also cutting fraud and increasing access to payment data.

Let us first understand what is Accounts Payable process, how it works presently, and its challenges:

Accounts Payable means the purchase of raw materials/goods on credit for a certain period of time and are considered as Current Liabilities in Accounting terms. 

The accounts payable process starts with receiving an invoice from the supplier via email, in physical form, or uploaded to a supplier portal; which is then sent to a person who may be an accountant or handling the accounts payable. Subsequently, details from invoices are extracted manually and entered into spreadsheets. After this, every invoice is subjected to a review and approval process. In an enterprise, the approval process includes verification steps which constitute the three way matching process which is done by matching the details in the Purchase Order(PO), Invoice, and the GRN(Goods Receipt Note).

Well, the approval process typically includes the steps of verification to ensure that the supplier is not giving any false information and has followed up on their part of an agreement before getting paid. The first step is to check if what is seen amounts to what is paid for and that it adheres to the stated criteria. Upon receipt, checking is done to see if there are any duplicates of invoices (which might have been fabricated) or missing products. Followed by checking, if the right payment amount has been settled. Once these checks confirm everything, the financial personnel proceeds with payments.  

The above-explained process is presently carried out manually in most enterprises today, thus, with the expansion of business at every stage it becomes more time-consuming, error-prone, and tedious activity that on average would take at least 25 days to complete.

Account Payable Automation

Let us see by adopting Account payable automation, how it reduces fraud-related payments and saves time and cost. 

Automated Accounts Payable processing involves automatically fetching/downloading multiple documents like Invoices, Credit Notes, Debit Notes, Purchase Orders(PO), etc. from different sources like emails, supplier portals, designated folders on desktops, etc. The information is extracted from these documents and validated using rules to check the currency, total amount, tax rate, tax amount, etc kind of factors to prevent fraud. Post initial validation automated reconciliation is carried out between PO and Invoice (2 Way) or between PO, Invoice & Goods Received Note (3 Way )depending upon the enterprise requirement on the digitized data. The exceptions are handled using automated workflows and alerts & notifications are sent to the stakeholders post-processing. These extracted fields and other information are automatically injected into Accounting/ERP/ other downstream systems for further processing. Role-based operational key analytics and dashboards are provided based on advanced technologies like AI, ML, OCRi, NLP, etc, to drive effective decision making.

 Accounts Payable Automation Solution processes PO & Non-PO invoices 10X faster, with error-free accounts payable data entries, automated matching  & reconciliation, thus providing a significant reduction in costs per transaction, better visibility into business operations, reducing overall turnaround time with automated workflows, along with touchless invoice processing, and scalability with cloud-based technology.

 For making your AP Processing faster, simpler, and more accurate with automation, get in touch with us at info@AIQoD.com.

CategoriesAutomation Document Digitization Invoice Automation RPA

Is Touchless Invoice a Myth?

According to research, last year, most of the AP Leaders suffered a miserable state, a majority of 60% still face lengthy invoice and payment approval times.  Invoice processing is the most important part of the accounts payable process, which is mostly performed manually. This blog will discuss how to use automation in invoice processing and make the process easier.

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CategoriesAutomation Document Digitization RPA Video KYC

Five Senses & Hyper-Automation

Hyper-Automation is the automation of activities that were done by humans and exactly the way we would expect humans to do it. When we look at automation of activities it is primarily driven by the 5 human senses and humans have tried to mimic those in the real world and to elevate human life. 

From driverless cars to smart virtual assistants, from biometric sensors to connected devices, from smart cities to connected homes; the use of technology has become widespread. Many activities that we used to do physically are already automated, it has become a new norm for all of us and the future would be even more interesting with some amazing technologies shaping our lives in the coming years.

Similarly Automation has become one of the biggest needs for enterprises to improve efficiency, save cost, and also to speed up their operations. Automation empowers organizations by helping them embrace these new technologies with ease and reap the benefits of the technology through different platforms which gives that edge to the enterprises.

5 Senses Hyper intelligence

Hyper Intelligence

Let’s try to draw an analogy between our senses and  Automation :

  1. Sense of Touch: Touch refers to the human ability to use our fingers/surface of the skin in ways that allow us to identify our surroundings. In organizations, there are a lot and lots of people who are actually doing touch-based activities that help them to make appropriate decisions.  For example, Invoice Data-Entry is such a process, wherein an organization that receives vendors’ invoices on the generation of purchase orders while purchasing/ordering some equipment/service. These invoices are actually punched into Accounting/ERP systems by individuals in the accounts department. This task is time-consuming, prone to manual errors, and a cumbersome task to deal with.

Technology like Intelligent information management has been there in this segment, a few examples of those would be Accounts Payable Automation, Accounts Receivable Automation, etc.  These technologies help to make the whole process automated by fetching documents from multiple sources, sorting them, and extracting details of required fields; these details are then reconciled/matched with other documents and finally punched into Accounting/ERP systems without much human intervention except in the case of exceptions.

  1. Sense of Hearing: Sense of Hearing helps us to communicate with our surroundings by experiencing the vibrations created by sound. Let’s take an example, we are all familiar with Call centers, you need to call the helpline number of a firm, in case you need to reach out to them. Someone would pick up the call and answer your queries.

Now, this physical process is automated using Chatbots, IVRs, etc. So as soon as you open the website a chatbot appears welcoming you and straightaway asking you for your queries, you just need to type your question, and most of the time you get responses from the chatbot itself, in a faster and aligned response equivalent to your expectation.

  1. Sense of Sight: One of the most powerful senses of humans that makes us see the world as it is, guides us and helps us in clear processing and understanding of things around us through proper visualization and interpretation.

Let’s understand the technology equivalent for the same:

A. OCR(Optical Character Recognition) 

OCR is an older technology that is in existence for the past but over time has been advanced using modern technologies like artificial intelligence, machine learning, etc to enhance the processing capability similar to lenses and spectacles we use to improve our eye’s visibility.

From the organization’s perspective, if we talk about document processing of invoices, usually the accounting personnel looks at the invoice, reads it and interprets the data, and then punches it into the ERP system. This process of manual processing under workload conditions is prone to issues like manual typing errors, skipping of fields, misplacing of documents, wrong entries,etc

This has been replaced with the OCR technology which actually scans through the documents and extracts the information corresponding to different fields and accurately copies the data to the ERP/Accounting system without any errors and that also in a quick and efficient manner.

B. Face Detection:

This is one of the peculiar features of our eyes which helps us in recognizing individuals, places, and things to interpret, visualize and process information related to them.

Similarly, in the organizations this activity was usually done by the security guard standing at a gate where the person is actually verifying his/her ID card, verifying the person who’s actually getting into a building for security checks. 

This manual process now gets replaced by the technology of Face Detection & Recognition, the software recognizes faces and then lets the individual in through the security checks. This technology is employed for multiple scenarios like attendance management, fraud management in insurance organizations, and video KYC in Banking & Insurance, surveillance & threat management at airports and other such locations, etc.

  1. Sense of Speech:

The power to converse between individuals is also a key differentiator between humans and machines that helps them to express their feelings, share their thoughts and speak out their views.

We are all aware of modern technologies which all of us might have used or encountered like Alexa, Siri, Google Home, etc. in our day-to-day lives. Now we believe that in the future this technology is going to get into our professional lives as well where most of the operations could be executed using the power of speech, where instructions taken by machines will help us get things done.

  1. Sense of Smell :

The sense of smell is another important sense that humans possess to help us detect desirable foods, hazards, etc in our surroundings.

On the technology side, there are bots that are built to smell odors. For example, E-nose, these bots are used in very hazardous environments like chemical factories to detect the smell and identify leakages, etc,. These can also be employed at places where human lives cannot be risked and after-effects of the leak, explosion, bombing, etc have to be sensed for the viability of existence. 

 So in a nutshell, for activities that are manual and repetitive in nature, Hyper-automation can be used to bridge the gap to help grow in a more efficient and faster manner. Technology and its innovation are for the empowerment of humans and not for their replacement, they will help us to excel, innovate and focus on more strategic activities.

For more insights on how to ” Enable the Digital Enterprise of the Future using Intelligent information management” view our webinar.

CategoriesVideo KYC

Video KYC | Future in the Banking Sector

The Banking and Fintech sector is developing rapidly in terms of improving current processes like Customer Onboarding, Claim Processing, and Face Detection & Matching, with the help of different technologies like Artificial Intelligence (AI), Machine Learning (ML), and Intelligent information management(IIM) platforms.

All this development and adoption is only possible and due to the futuristic and technology-oriented approach of companies. Recently, Reserve Bank of India (RBI) has also updated the KYC process, where they have given permission to do complete the KYC process digitally i.e. e-KYC. Means, now Customers can complete their KYC process in just a few simple steps which not only will save time but also improve the KYC process and better Customer Experience.

Why Video KYC is the ultimate solution?

Investment in AML & KYC is rising steadily and 62% of Executives expect an increase in spend on KYC. The study also states that “KYC Solutions rank among the highest value Commercial Banking Technologies”. With this, Video KYC is also helping in preventing and detecting the frauds which had increased significantly.

Video KYC has also decreased the average turnaround time as compared to the old KYC process. The old process was time-consuming and had many steps which resulted in bad customer experience.

Another main benefit of video KYC process is banks don’t have to rely on customer’s availability, customer can complete the process as per the flexible time. Which resulted in quick customer onboarding.

Say bye-bye to the maintenance of physical files and manual data entry.

Documents in physical form can be misused in many ways but thanks to Video-KYC with the help of state of art technologies like Artificial Intelligence, Machine Learning, and Deep Learning documents are checked on a real-time basis and stored in a secure place.

 

AIQOD`s Video KYC Suite:

With a vision of empowering enterprises through technological innovation AIQoD, a leading IIM platform with over 250 clienteles, has automated many complex and time-consuming processes not only in the Banking and Finance sector but also in the Insurance, Manufacturing, and Service industry. Our customer-centric approach helps us to develop state of the art IIM platform with plug n play and end to end customer onboarding process with video KYC feature.

 

What makes AIQoD KYC Suite different from others:

  •  AI-enabled Face Detection and Liveliness Checker Bot play an important role in Face Detection.
  • Fast and Trusted platform.
  • Uniquely developed OCR bot which extracts data from documents so that you can process it as per your need.
  • An intelligent report studio helps you to generate reports as per requirement.
  • Plug n Play platform.
  • User Friendly, Secure, and Complaint.

To know more about the solution you can reach us at- info@AIQoD.com

CategoriesBanking Sector KYC

KYC Suite to Play Vital Role in Banking Sector Post-Corona Period

The impacts of the current coronavirus crisis are being faced in pretty much every domain. From FMCG to the IT sector, from Entertainment to Travel sector, from Manufacturing to BFSI, every sector is getting affected in its own way and is experiencing its own challenges to overcome difficulties laid ahead.

The Banking industry is currently facing difficulties on various fronts: limitations on footfall due to Lockdown norms to social distancing which means that only a few couples of clients can be served in a physical branch, putting extra strain on other platforms like phone support, online and social media. Banks today are also feeling the squeeze to streamline expenses and improve efficiency.

Meanwhile, the Financial sector, are in the right position to manage the computerized requests and remote working necessities in such an unstable period. Many are offering their administrations to shoppers and organizations for nothing or enhancing to make new items or mechanize their present procedures that meet a particular need, while the coronavirus emergency is progressing. Different difficulties that the financial division is currently experiencing include the shortage of skilled resources, need to expand productivity in forms, and a sharp increment in workforce costs, which inside and out has offered a path to the selection of Intelligent information Management(IIM). The current situation will require consistent, cautious handling from the Banking sector as they try to reassure their consumers, react to their interests, and gain their trust during this pandemic period – and lot may depend upon, exactly, how well Banking sector can utilize digital infrastructure and services to handle this situation. Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. This declaration comes as an update to regulation under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. This will help reduce expenses by a colossal edge, yet in addition, it will empower remote on-boarding of clients that will give more prominent security.

 

You must be wondering how can Video KYC help Indian Financial Sector comprising of Banks, Fintechs, and NBFCs?

In process to save expenses and time, the RBI chose to allow video-based KYC (Know Your Customer) which will be a huge relief to track remote customer verification, rather than physically onboarding clients. The arrangement permits an official of the organization to remotely vet a client’s personality through PAN or Aadhaar and a couple of inquiries. Client onboarding in banks is a long, drawn-out procedure, basically because of several records requiring manual check. Intelligent information management can make the procedure a lot simpler by collecting the information from the KYC documents utilizing the AIQoD KYC Suite.

 

KYC Suite–(Which Includes 3 modes)

Reserve Bank of India has given its approval for video-based KYC (Know Your Customer) which has brought great relief to complete the Indian Financial Sector. We at AIQoD are glad to offer 2 ways of Video KYC, by which the Bank Customers would be able to proceed with their KYC process either by Live KYC or Self KYC. Through Live KYC, Bank personnel would have the option of connecting with their customer, remotely through Video Call and get all required details verified and authenticated, wherein through Self KYC facility the bank customer will have an option to follow the pre-defined Video KYC process at any time as per their convenience. This will help in bringing the hassle-free KYC process for the Bank customers. Also below mentioned are additional benefits for AIQoD KYC Suite-

Video KYC- Video verification to get KYC done for customers who cannot visit office premises where the customer will read a statement which comes on mobile while the customer is taking a video from the phone.

KYC Documents Scanning which can be uploaded by clicking a photo of the documents from their own mobile which will validate the documents for its contents and inform the users immediately on eligibility.

Location Verification which will certify the address submitted in the KYC documents for their authenticity using geofencing technology.

KYC Face Recognition will help authenticate in identifying or verifying a person from a digital image or a video frame from a video source.

Its simple, fast, and most cost-effective. It is very important at this phase, especially the post-corona lockdown period, that the Banking organization identifies the right vendor for end-to-end Intelligent information Management, which would be inclusive of planning, execution, and support. Choosing the accurate IIM tool and implementation partner can be instrumental in impacting the final outcomes of the project. For More information on our product you can reach here

CategoriesAutomation RPA

Intelligent Automation- Driving your competitive advantage through RPA and Beyond

A lot of people have asked me about my vision for AIQoD. Let me start by giving the basic definition of (IIM)Intelligent information Management which is the cornerstone of what we are doing today.

Any process which is definable and repeatable can be automated using a software robot and is referred to as IIM (Intelligent information management) In recent times IIM has taken a centre stage due to the demand for bringing efficiency, reducing human errors and in turn eliminating many jobs from the market. According to Harvard business review, human error costs almost $3 trillion per year in the US alone. According to NASSCOM domestic businesses can cut costs by 65% using IIM with an ROI of 30% to 200% in the first year itself. With cut-throat competition in the market, the only way is to automate and save the huge price that we are paying for human errors.

Believe it or not, we are entering into an era where machines are going to take most of our work and we will have to find ways and means to evolve and still be relevant. This itself is a big topic of discussion on its own so for this blog, I will confine myself to IIM and AIQoD vision.

IIM market is growing at a rate of 36% and it is expected to grow to $8.75 B by 2024. Slowly IIM will grow beyond automation of repeated tasks to take shape of cognitive automation where machines will be doing intelligent operations. These cognitive tasks are done through constant learning by machines using AI technology. Next stage of automation would be the combination of predictive analysis and cognitive automation which will eliminate the need of human analysis for most of the known problems we are handling, tasks that we are doing in today’s world. The best example is the recently launched google assistant by Google CEO, “Mr Sundar Pichai” machines taking over human work is a reality and as every year passes by this capability is leapfrogging us into the future, beyond what our imagination can take us today.

Although its still a long way to go but in a distant future, I believe machines are going to develop human intelligence and will start existing and expanding on its own and I too dread for that day.

Coming back to the vision, AIQoD as an organization was built to implement exactly what was described above and we are building software bots that perform specific activities. In one of the recent products which we have released for Beta testing we have used a combination of OCR, NLP and AI to read Invoices and extract the contents and make it available for accounting or compliance systems which eliminates the need of human capital being used to enter all these invoices into the system manually and we can proudly say that we are among a couple of organizations to achieve this feet and the first one in India.

We will keep exploring newer areas where automation can take shape in the form of bots and make the overall process effective and efficient.

Keep watching this space for what future has in store for all of us as we are building exactly that.

Are you using automation in your business processes today? Discover how you can make the most of the latest technology. Contact us on +91 8888500068 or info@AIQoD.com