AutoKYC: Automation of Identity establishment and authentication in KYC process using Text extraction and face recognition

Abstract

AutoKYC is a system designed for the organization who wants to verify the identity of the users while doing their KYC for example, a bank. These organizations face a big concern of fake account creation and thus portrays a false image in minds of stakeholders. So, AutoKYC would be a system which would allow these organizations to establish the identity of the users not only on the basis of the proof they have submitted but the face verification as well. AutoKYC follows the set of multi-step verification in order to establish the identity of person. The closed loop of identity verification for the users enables the system to be used in Public Distribution Sectors as well, where the data of the user and the proof can be a means to ensure the fair delivery and propose clarity in the system.