About Our Company
SmartDocu IT Botswana is a local company that specialises in providing a KYC platform that harnesses the power of artificial intelligence, machine learning, and automation to ensure swift and accurate customer identity verification. We are committed to leveraging the latest advancements in technology to deliver state-of-the-art solutions. We boast a team of highly skilled professionals with extensive experience in delivering robust enterprise software solutions.
Our Process
Customer Registration
The customer provides basic information about themselves, such as their name, address, and contact information.
Document Verification
The customer uploads copies of their identification documents, such as identity card, passport or driver's license, along with a selfie or a live video for facial recognition.
Data Extraction
AI-based OCR technology is used to extract relevant information from the documents such as name, date of birth, address, etc.
Identity Verification
The information is then compared against various databases to verify the customer's identity.
Secondary Documents
Other documents such as confirmation of employment, proof of residence are uploaded using a specified template for easy extraction of data.
The Problem
Traditional KYC processes have long been associated with significant drawbacks and challenges for both banks and customers. The manual collection and verification of customer identification documents, proof of address, and other requisite information can be time-consuming, costly, and prone to errors. These inefficiencies often lead to delays in customer onboarding, increasing the risk of customer abandonment and negatively impacting the bank’s growth and competitiveness.
Additionally, the stringent regulatory requirements imposed on banks to combat money laundering, fraud, and terrorism financing necessitate a robust KYC framework. Ensuring compliance with these regulations, can be an arduous and resource-intensive process, requiring substantial human effort and specialized expertise.
The Solution
Digital KYC solutions offer a transformative approach to address the challenges associated with traditional KYC processes. By leveraging advanced technologies such as artificial intelligence, machine learning, and automation, banks can streamline the customer onboarding journey while maintaining compliance with regulatory standards.
Cost Reduction
Digital KYC eliminates the need for extensive manual document handling, physical storage, and repetitive administrative tasks. By digitizing and automating these processes, banks can achieve substantial cost savings and allocate resources more effectively. Furthermore, the reduction in errors and rework associated with manual processes leads to improved operational efficiency and cost reduction in the long run.
Regulatory Compliance
Digital KYC solutions offer robust features that assist banks in meeting their compliance obligations. These solutions can perform real-time checks against comprehensive databases, including watchlists and sanction lists, to identify high-risk individuals or entities. By integrating with existing anti-money laundering (AML) and know your customer (KYC) systems, digital KYC ensures a higher level of compliance, thereby mitigating the risk of penalties and reputational damage.
Enhanced Customer Experience
The digital transformation of KYC processes improves the overall customer experience. By eliminating the need for customers to visit bank branches in person and submit physical documents, digital KYC provides a convenient and seamless onboarding journey. Customers can complete the KYC process remotely, anytime and anywhere, through user-friendly interfaces and secure online platforms. This results in higher customer satisfaction and increased retention rates.
Digital KYC
Digital KYC (Know Your Customer) refers to the process of verifying the identity of a customer or client through digital means, such as electronic documents, biometric authentication, and other electronic methods. Digital KYC is increasingly used by businesses and organizations as a more efficient and secure alternative to traditional, paper-based KYC processes.
Digital KYC typically involves collecting and verifying personal information, such as name, address, date of birth, and identification documents, through digital channels. This can include online forms, mobile apps, and other digital platforms. Biometric authentication methods, such as facial recognition or fingerprint scanning, may also be used to verify the customer’s identity.
Digital KYC has a number of advantages over traditional KYC processes. It can be faster, more efficient, and more secure, as it reduces the risk of errors and fraud associated with paper-based documentation. Digital KYC also enables businesses to more easily comply with regulatory requirements related to customer identification and due diligence.
Digital KYC user experience can vary depending on the specific implementation and the platform used for the process. However, in general, the goal of digital KYC is to make the process as seamless and user-friendly as possible for customers while ensuring compliance with regulatory requirements.