MillenniumIT ESP launches BankVision

MillenniumIT ESP, Sri Lanka’s leading IT Solutions provider, recently launched BankVision, a web and mobile enabled digital platform designed to connect banks with new customers for remote identity verification, digital onboarding and Electronic Know Your Customer (e-KYC) processes.  

Its built-in digital technologies, including Artificial Intelligence (AI) based video analysis, image recognition and automation technologies, improve the efficiency of the processes with the added flexibility of facilitating manual overrides when required.

BankVision also provides functionalities to maintain a continuous engagement with bank customers and facilitate the otherwise tedious processes and regulatory demands of Customer Due Diligence (CDD). As an enhanced feature, the e-KYC process is optimized with an AI based OCR supported by a rating engine to ascertain risks, while CDD is augmented with a rules engine to notify customers and maintain up-to-date data, the company said in a media release.

“BankVision is designed as a real-time platform to solve the challenge of meeting new customers amidst the limitations and restrictions brought about by the COVID-19 pandemic. At times such as these, it is critical that financial organisations are able to establish and retain contact with their customers, in order to enable business growth while managing associated risks and boosting customer confidence. The use of digital technologies, such as AI and Analytics, coupled with Automation will also vastly help to reduce the overall costs both to Banks and their customers,” said Shevan Goonetilleke, Director/Chief Executive Officer, MillenniumIT ESP.

AI optimized image and video-based verification service can authenticate the identity of new customers against their digital identity. Moreover, the platform permits for seamless digital on-boarding and CDD, automating the customer screening process without human intervention.