Expert Solutions

BFSI — BANKING FINANCIAL SERVICES INSURANCE

BFSI has been one of the early adopters of technology and gave rise to a thriving ‘Fintech’ sector of start-ups. The growth was further fueled by encouraging government policies supporting digitization, cashless, digital payments through ADHAAR linked platforms like UPI and BHIM, strengthening of the digital infrastructure and better penetration and connectivity of the internet. Needless to say, AI and emerging technologies, in the form of Machine Learning, NLP, Computer Vision, Block Chain and others, which are transforming the internal operations of the banking and financial organizations, helping them leveraging advanced AI-based data analytics to automate processes, combat fraudulent transactions and to improve compliance. Apart from streamlining the consumer interactions and speeding up the process for secure online transactions, this is also helping BFSI segment to optimize processes, increase revenues, reduce operational costs, and boost productivity and operational efficiency. Some of our expert solutions in the BFSI industry:

e-KYC
AUTOMATION

One of the most crucial applications of AI and Machine-learning in the field of BFSI, is for KYC compliance process, which is vital to ascertain the customer identity, screen their risk profiles, and financial status. KYC compliance help in identifying high-risk customers who need to be screened with an Enhanced Due Diligence (EDD) process. Our AI-based Algorithms are designed to help our BFSI clients build risk-free solutions to determine accurately the financial risk profile of any customer, while also helping them to cut down on the time, effort and resources involved in the traditional KYC process.

DOCUMENT
FRAUD DETECTION

It is often difficult for human eye to easily detect tampering and manipulation of data, more so, when most of this is acquired and stored digitally. Our AI-powered Fraud Detection solution is designed to identify any tampering of the original document, and it helps reduces manual intervention and the tedious document processing time due to multiple levels of internal approvals. This solution has been particularly useful to assess various important documents required to be submitted for across various use case scenarios, from securing personal or educational loans, government grants, reimbursement of expenses or financial documents submitted during recruitments.

INSURANCE CLAIM
FRAUD DETECTION

This is another area with a high risk of financial loss due to fraudulent claims. By leveraging AI and ML technologies, our solutions enable timely identification of fraudulent insurance claims, thereby helping insurance companies to prevent financial losses. Our smart ML backed algorithms analyze the structured and unstructured data sequences in the files provided by the insurance agents or clients, search for any inconsistencies in the data, and also efficiently identify duplicate or inauthentic insurance claims. Further, not only is this process simple and automated but also efficient and saves a lot of time and resources for insurance companies.

LOCKER–
ACCESS CONTROL

Bank lockers are one of the most security intensive part of banks, almost like a treasury, as they house the valuable physical assets of several of their customers. The Locker Access Control Solution is thus of significant importance here as it helps enforce a robust, tech enabled security system around the lockers. Our smart locker access control solution leverages cloud technology and video analytics, to scan the facial biometrics of the person trying to access the locker, through an electronic reader pre-installed inside the locker. The data captured is sent to the main control room where a text OTP is matched with the visual data captured. Only when the visual and text verification is processed and approved, the account holder is granted access to the locker, ensuring the complete safety and security of the owner’s belongings. 

ATM – SECURITY

One of the most cash-rich and vulnerable asset in the Banking segment is an ATM machine set up, with its high reserve of ready cash, and is most prone to robbery and break-in attempts. While human security guards manning the premise has been a common industry practice, it is turning out to be ineffective and a cost liability. As a result, a lot of BFSI enterprises are now migrating to IoT and AI-enabled solutions specifically designed for the safety and security of the ATM Machine. ThinkAi has successfully implemented AI-based solutions for detection of a helmet, face mask, weapons, crowding, and loitering within the ATM premises. With the aid of Video Analytics on the edge, ThinkAi has managed to achieve real-time risk analysis, that can be crucial in preventing an untoward incident, just in time.

ATM – PEOPLE
OVER CROWDING

One of the major risk factors in ATM machines is the overcrowding of people, which could easily escalate into a security crisis. AI powered people counting algorithms can help track how many people are present inside the ATM at a given time, and help to avoid crowding and also enforce social distancing guidelines. Our deep learning software with video analytics, supports people counting inside the ATM and its advanced features are designed with sensors to detect the number of people, an incredible 97% + accuracy. In case of the number of people inside the ATM goes beyond the permissible limit, the system is activated in real-time and an alert is sounded within the ATM premise, prompting immediate action.

CASH
VAN TRACKING

Another high-risk area for the BFSI sector is the transportation of hard cash to and from banks to ATMs and other institutions. Tracking of Cash Vans utilizes an innovative security device that integrates AI technology with a mobile app, and consists of a Dash Cam cum GPS Tracker that records everything happening inside and outside the vehicle. It is equipped with AI smart alerts that can be set to a pre-defined defined parameter for each alert within the mobile app. As a connected device, this system sends out real-time alerts to the bank’s monitoring centre or on the smartphones for:

Engine Idling: If the engine of the cash van runs idle beyond a prescribed duration.

Low Battery: If the battery of the device falls below 15% charge.

Place of Interest: When the cash van enters/exits a specified zone in a selected area in the map.

Geo Fencing: If the van goes in/outside of a designated area.

Over Speeding: If the cash van travels faster than the permitted speed limit.

Unknown Driver Detection: If an unlisted person is detected at the driver’s seat.

All of the above help in creating a foolproof and well monitored system for tracking and monitoring.