LegalDesk develops AI-based digital KYC solution for banking, NBFC and FinTechs

LegalDesk.com, a Bengaluru-based legaltech start-up, has developed and launched 'scan.it' – an artificial intelligence (AI)-based digital know your customer (KYC) solution for banking, NBFC and FinTech sectors.

“scan.it provides image-based eKYC, video-based digital KYC as well as offline Aadhaar KYC. This new AI-based technology offered by SignDesk.com, the B2B arm of LegalDesk.com, requires a customer to scan a set of identity and address proof documents and match it against the original documents through assisted video conferencing,” Krupesh Bhat, the Founder of LegalDesk.com told Business Line.

“The product utilises Machine Learning (ML) & OCR techniques to match the face, verify identity and accurately extract the customer's demographics from the ID proof document,” he explained.

The system is designed to support an array of government-issued ID cards like PAN, Aadhaar, Driver's License, Voter ID and Passport.

As a young LegalTech start-up we have developed many innovative products to digitize the documentation process. Our online platform allows anyone to prepare documents, negotiate contracts, pay stamp duty and sign electronically. Now with the launch of the product scan.it, the KYC documentation process can be completely digitized using our SignDesk platform,” said Bhat.

“It has been a fascinating journey with LegalDesk.com. We have grown from a single product company to a platform enabler in less than five years with five offices and over 100 employees,” he added.

Speaking on the innovative product, Dr C.N. Ashwath Narayan, Karnataka Deputy chief minister said, “Digital India has created an ecosystem for start-ups of various kinds to sprout across the country. LegalDesk.com has been leveraging this to transform traditionally paper-based processes, especially in the banking and NBFC sectors by introducing innovative digital products to improve the ease of doing business with financial institutions.”