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.
“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 organizations 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,” stated 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.
“The COVID-19 pandemic has transformed the entire world, creating a paradigm shift into the way we think, act and respond. The new normal has paved way for many opportunities for smart and flexible systems allowing for remote e-Solutions,” added Rahal Jayawardene, Head of Technology Alliances & Innovation, MillenniumIT ESP.
The launch of BankVision, will enable communities and businesses across the country to access their banking needs from the safe confines of their homes and workplaces, eliminating the unnecessary risk of travel. The all new BankVision app facilitates remote screening and includes a customizable self-service workflow engine. This enables organizations to be agile and meet the ever-changing customer and regulatory demands, whilst easily integrating the solution to their existing digital channels. Other solution features include video conferencing and customer profile rating.
MillenniumIT ESP is a subsidiary of Ambeon Holdings PLC, a conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate, technology and strategic investments. The company is one of Sri Lanka’s leading Information Systems solution providers delivering IT solutions to several industries; including Banks and Finance Companies, Telecommunications, Apparel and Manufacturing, Healthcare, Leisure, Construction, Transport, Agriculture, Government, Public Sector and other leading conglomerates. Solutions provided by MillenniumIT ESP include Core Infrastructure, Enterprise Applications, Cyber Security, Smart Buildings and Operations, Managed Services, Intelligent Automation and Data, and Cloud. The company has built several global partnerships with leading firms including Oracle, Microsoft, IBM, Dell, Hitachi, Cisco and Infosys. It has also received numerous excellences, innovation and performance-based awards across various markets for its services around the globe. For more information, visit www.millenniumitesp.com