Akari KYC

By using AI to enable instant onboarding and eliminating the need for human review of documents and online info, Akari can improve the conversion rates of customers trying out new fintech products.

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Inspiration

Our team's experience in the fintech industry led us to create Akari KYC. We've witnessed firsthand the negative impact that manual human reviews have on customer conversion rates. When compliance teams need to reach out to consumers for clarification on provided information, it often results in potential customers abandoning the onboarding process. We realized that being able to onboard customers instantly, even for a wider variety of edge cases, could significantly improve conversion rates and serve as an effective growth hack. This insight inspired us to develop an AI-powered solution that could streamline the Know Your Customer (KYC) process while maintaining regulatory compliance.

What it does

Akari KYC is an advanced AI-powered Know Your Customer solution designed to revolutionize the customer onboarding process in the fintech industry. Our system automates the customer information verification process, handling a wide variety of edge cases without human intervention.

A key innovation is the chatbot interface. Instead of needing a back-and-forth via email between a compliance team and a potential customer, the AI chatbot is able to request better information from the customer right away, meaning that the KYC check can be done fully automatically.

By providing instant onboarding for a larger percentage of customers, Akari KYC significantly reduces drop-off rates and improves overall customer experience. The solution seamlessly integrates with existing fintech infrastructure, allowing companies to verify customer identities quickly and accurately while adhering to regulatory requirements.

Nolita

Nolita enabled us to automate adverse media checks. Typically a human has to look online for adverse media about a potential customer to ensure there isn't any record of them committing fraud. Nolita's AI agent framework enables us to automate this, allowing for instant onboarding.

OpenAI

We used the OpenAI models (GPT-4o) for both parsing data from the ID documents, as well as processing the web data that Nolita surfaced.

Accomplishments that we're proud of

We're proud to have significantly reduced manual review time for compliance teams, freeing up valuable resources and improving operational efficiency. Our solution has demonstrably improved customer conversion rates through instant onboarding, providing a competitive edge for fintech companies using Akari KYC. We've successfully handled a wide range of edge cases automatically, expanding the scope of customers who can be onboarded without manual intervention. Throughout this process, we've maintained high accuracy in customer verification, ensuring regulatory compliance while enhancing user experience.

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