(The Gist of Science Reporter) AI-powered Online Account Opening - SBI and Hyper Verge

(GIST OF SCIENCE REPORTER) AI-powered Online Account Opening - SBI and Hyper Verge


AI-powered Online Account Opening - SBI and Hyper Verge 

  • HyperVerge announced a partnership with SBI. 
  • One of its flagship products is the Video Banking solution, which aims to increase the number of accounts opened by each agent by 10 times each day. 

Key highlights:

  • This new service will provide customers with a fast, completely paperless experience with a minimum of ID documents. HyperVerge’s video banking solution is based on an accuracy of 99.5% with the assistance of an AI engine, enabling SBI to provide convenient digital banking services to millions of Indians.
  • Last year, the Reserve Bank of India (equivalent to the Federal Reserve) allowed banks to adopt the video customer identification process (V-CIP). Given the increasing number of Covid-19 cases, this measure has proven to be predictive.
  • The technology developed by the Palo Alto-based company is critical at this time because it can help financial institutions provide uninterrupted services and save manual processing costs and time.
  • For comparison, the manual inspection performed by the agent may take up to 25 minutes, and HyperVerge’s solution will complete the entire process in 5 minutes.
  • Video banking solutions can be supported on multiple platforms.
  • In addition, the solution can also pre-qualify customer details, plan video calls with high throughput, and perform AI-driven Liveness, OCR, and Facematch checks. This technology has a long-term impact on the efficiency of the organization.



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Courtesy: Science Reporter