The market of fraud prevention with KYC automation (Know Your Customer) identity verification system is estimated to exceed $1 billion by the end of 2026.
Global Newswire reports that the CAGR of the industry is 22% between 2019 and 2027, which proves its high demand. The technology can significantly improve customer due diligence (CDD) and help your company reduce the number of successful fraud attempts by revealing the risks associated with particular customers. And as the value of KYC is quite clear, the challenge is to integrate and automate KYC to make it work for the company’s good while it performs the main operations in the safe zone.
The Problem
One of the biggest problems current KYC systems have been facing over the past few years is the lack of automation in document verification, data entry, and customer onboarding. A typical case can take over a week and always irritates both customers and the employees who process the data. Besides the immense time demands, manual reviewers can’t guarantee 100% accuracy.
The Solution
Now that you know the KYC problem, learn the latest cost-cutting solutions:
- Image quality check AI automation – automation of this process can reduce the time needed to check whether the customer image matches a complex list of parameters. Unlike a human reviewer, AI can analyze multiple parameters simultaneously and send immediate feedback to the customer with a query to upload another image. The whole process will take minutes instead of days.
- Verification automation – verification of the accepted images is another potentially time-consuming challenge that requires a precise analysis of documentation. Using trained OCR models and object detection algorithms, you can reduce the time needed to find flaws in documentation to minutes and only work on reports if needed.
- Fraud detection automation – automated entry data verification can significantly reduce the chances of falsified information pass and achieve the right to conduct transactions. Human reviewers are, so to say, weak when it comes to the detection of digital image counterfeits, while AI can spot aspects that can’t be seen by a human eye.
- Document digitization automation – once all the images and documents are thoroughly checked and verified, they have to be entered into a piece of software for indexation and storing. Automated data extraction is called to reduce the time needed for the process.
Fortunately, a large amount of automation can be done with ready-made cloud data capture automation APIs that can do all the work without the need for company-based processing facilities. Covery.ai and similar systems already provide seamless integration, compliance, and full KYC automation.
Is It Essential?
Simplicity and reliability are what every business seeks to provide the fastest and smoothest experience to the customers. With an immense surge in the number of fraudster attacks on businesses worldwide, KYC integration appears to be one of the ways to seal the potential breaches in the security system. If a system is already on, a company’s duty is to make it as seamless as possible.
It is every parent’s wish to bring forth a baby that is healthy and free from any injury arising from whichever cause.
Before going deeper into this subject, it is crucial to define childbirth Injury for purposes of clarification. Childbirth injury refers to the damage that a child sustains before, during, or just after the birthing process. Such damage or injury might occur as a consequence of unavoidable circumstances or medical malpractice. However, there has been a significant reduction in cases revolving around childbirth injury because of improved prenatal assessment. This has been made possible through the use of the medical ultrasonography technique. Therefore, the medical practitioners and parents both have their roles cut out to prevent childbirth injury. When a pregnant mother visits the hospital as instructed by the doctor, she reduces childbirth injury chances because scenarios like wrong positioning of the fetus are detected and corrected early enough.
Several factors precipitate childbirth Injuries. As mentioned in the introduction, some causes are purely due to medical staff’s neglect. A practical example would be when the medical staff take long before attending to an expectant mother. Chances that the mother will experience fatigue, which affects her ability to push the baby, are high. Brachial plexus injury is much more likely to happen in such a case. It is for this reason that various law firms are taking the issue of childbirth lawsuits seriously. The main focus is to ensure the victims receive compensation for medical costs associated with the injury. Click here for more information.
Let us take a look at some common types of childbirth injuries;
- Bruising- Difficulty in childbirth can easily lead to bruising, especially on the head and face of the fetus. This is the result of pressure and friction on the mother’s pelvis.
- Brain damage- Brain damage may be caused by genetic mutations or physical stress during childbirth.
- Meconium aspiration syndrome- When the fetus is under pressure before or during delivery, the chance of meconium material being mixed with amniotic fluid is high. When these two substances enter the child’s lungs, meconium aspiration syndrome becomes active.
- Brachial plexus Injury- Brachial plexus refers to the nerve bundle from the neck to the hand. It is responsible for coordinating the movement of the arms and hands. During difficult childbirth, these nerves may be destroyed, paralyzing the function of the arms and hands.
Several childbirth injuries happen due to natural forces. However, this does not rule out that there are a substantial number of cases that happen due to negligence on the part of medical staff. Children are innocent beings, and they should not be made to suffer out of avoidable mistakes. Stringent measures must be adopted by relevant authorities to penalize errant medical staff. Victims, in this case, parents or guardians of children who have suffered as a result of negligence, should be encouraged to pursue justice by contacting a lawyer that is experienced in childbirth injuries, medical error, and medical negligence.
