Digital Solutions for Banking Industry

Problem Statement: Signature matching is a time-consuming and error-prone process when done manually. Organizations need a reliable and efficient method for signature extraction and matching to reduce errors and increase productivity.

Our AI-Based Solution: Signature matching is vital in digital banking onboarding, automating verification for KYC compliance, reducing errors, and enhancing efficiency. It prevents fraud, ensures data accuracy, and enables regulatory adherence. Furthermore, it empowers data analysis for fraud detection and customer insights, optimizing decision-making. Integrating signature matching strengthens digital banking operations, security, and customer trust.

Result: Our solution simplifies the process of signature extraction and matching, reducing the time and effort required to perform these tasks manually. By leveraging AI-based technology, we have increased the accuracy and reliability of signature matching, resulting in better outcomes for organizations.

Problem Statement: Traditional banking processes for account creation, access to the client area, and account handling are often lengthy, cumbersome, and prone to fraud, leading to increased costs and reduced customer satisfaction.

Our AI-Based Solution: CriticalRiver offers a streamlined and secure account creation process with digital onboarding, access to the client area with facial authentication, and account handling with authentication calls. Our technology utilizes AES256 encryption and timestamps to ensure maximum security and reduce fraud to 0. We also provide KYC/AML checks to verify the client’s identity and share it with the relevant authorities.

Problem Statement: Manual account opening process is time-consuming and prone to errors, making it difficult to extract information from scanned images of different types.

Our AI-Based Solution: CriticalRiver collaborated with its partner to create an AI-powered system that uses Optical Character Recognition (OCR) technology to validate information on KYC documents and match it with data on account opening forms to detect fraud and discrepancies.

Result: Using the AI-powered system, banks can automate their account opening process, reduce manual intervention, save up to 60% in operational expenses, and reinvest the savings into activities that improve their top line. Additionally, the solution helps detect fraudulent activities, improving overall security.

Problem Statement: The home buying process involves numerous parties and extensive documentation, making it difficult to fully automate the appraisal process. Extracting information from scanned documents with diverse content and handling the volume of data adds to the complexity.

Our AI-Based Solution: We provide the customer with AI-powered solutions that include:

1. Information Extraction: Convert scanned documents into standardized MISMO (Mortgage Industry Standards Maintenance Organization) XML format, extracting 1080 distinct data elements from various sources.
2. Data Harmonization and Normalization: Utilize AI and NLP algorithms to harmonize and normalize data from different sources for accurate record mapping and analysis.
3. AI Risk Score Prediction: Replace 700+ handcrafted rules with a neural network-based AI model to predict risk scores using appraisal data.
4. AI Loan Payment Status Prediction: Develop a deep learning model using 4.5 billion loan records to predict home loan payment statuses throughout the loan’s life.

Result: With AI, the company now offers a fully automated solution for banking and mortgage clients, reducing risks and costs.

Machine Learning Models: Camelot & PyPDF2 extract the data from pdf and ANN (Artificial Neural Network), XGB (Extreme Gradient Boosting) classifier for prediction.

Problem Statement: A certain financial institution faces the challenge of processing a significant number of handwritten banking instruments daily, which necessitates a sizable workforce, posing a challenge to automation efforts.

Our AI-Based Solution: The financial institution employs AI to automate the back-office operations, including clearing all banking instruments and reconciling with the general ledger. The solution uses Optical Character Recognition (OCR)/Intelligent Character Recognition (ICR) technology to extract information from scanned images and validate them with the core banking system, reducing manual effort by 30-40%. The financial institution also tracks the progress using data analytics and KPIs.

Result: The implementation of AI has saved banks almost 50% of their operational expenditure, allowing them to invest in improving their top line.

Problem Statement: Banks and mortgages are exposed to high risk of loan defaults and NPA’s and initial risk assessment prior to loan sanction due to changing fraud tactics.

Our Solution Based on AI: We offer AI-powered solutions that analyze various customer-related data and detect customers who are likely to fall into a debt trap. The system also has built-in algorithms for Loan Surveillance Risk Assessment for all types of Loans. The system can monitor customer behavior in real-time and flag any unusual patterns or trends indicating potential risk and provide a comprehensive risk management system for loan portfolios, including automated risk assessment and early alerts for potential issues.

Problem Statement: Existing chatbots struggle to provide accurate responses and human-like interactions. Large Language Models (LLMs) can improve customer experience and increase efficiency. Developing AI chatbots powered by LLMs is a challenging task for many businesses. The problem statement is to create a scalable framework for building effective AI chatbots to enhance business operations and user engagement.

Our Solution Based on AI: Introducing LLM-powered chatbots – the ultimate solution for businesses looking to provide exceptional customer experience and increase efficiency. With our cutting-edge framework, businesses can easily build chatbots that can effectively understand and respond to customer queries in a conversational and engaging manner, powered by the latest advancements in Large Language Models. Our LLM-powered chatbots can provide personalized recommendations, answer complex questions, and even perform transactions, all while providing a human-like experience that customers will love.