Today, with the advancements of AI, bad actors are increasingly better at replicating legitimate people or fabricating new personas. While artificial intelligence debuts exciting new banking tools, there are drawbacks. Deepfakes, charming chatbots, and rapid data aggregation are just a few of the tools crafty bad actors use to deceive outdated banking workflows. Old-school identity verification tools are most at risk for falling prey to AI-savvy swindlers. Fortunately, banks can use artificial intelligence to combat fraudsters just as swiftly. ProcessMaker offers artificial intelligence (AI) identity verification services, now available as a standalone app or for banking and finance users to drop into their hyperautomation strategy and ProcessMaker automated workflows. Users can also try before they buy with ProcessMaker's ID Verification free trial.
Key features of ProcessMaker's Identity Verification
McKinsey estimates that AI can unlock $1 trillion in value for banks prioritizing the technology. The major areas they’re focusing on? AI and machine-learning tools for detecting suspicious activity, scanning personal documents, and authenticating new users. The effort cuts both ways—banks need to accelerate onboarding and lending decisions, but not at the peril of welcoming fraudsters into the fold. On the other hand, Know Your Customer (KYC) checks that are too rigorous oust legitimate users and send them into the arms of the competition. Scanning paperwork and dropping off vital documents in person are illogical for fintechs or traditional banks pushing to reach new onboarding speed records. By using ProcessMaker’s Identity Verification (IDV) tool in your financial workflows, the process is streamlined.
