(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

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.

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.