NNTC and Smart Engines implement digital user onboarding at OAB

By Edil Corneille

NNTC, a UAE-based software developer and solutions provider, has implemented its biometric user onboarding module with Smart Engines’s identity documents recognition technology at Oman Arab Bank (OAB). NNTC’s AI-powered module, iFalcon KYC Control, facilitates swift, frictionless and secure digital customer onboarding. With this development, any Omani citizen or resident can open an account through the OAB Online App within five minutes. The requirement of visiting the branch office of the bank is eliminated with this announcement.

“AI-driven customer onboarding ecosystems can turn users into customers in a matter of minutes. This dramatic reduction in time to onboard is why banks should rethink their processes. With the outbreak of the COVID-19 pandemic, and subsequent restrictions on mobility, this is the right time for banks to shift away from legacy paper-based customer onboarding processes,” explained Dmitry Doshaniy, General Manager at NNTC.

“We are proud to present to OAB the results of our research in machine learning and the new neural network architectures creation. Arabic language recognition support is a key requirement for delivering user onboarding solutions in the Gulf market, where the intensive digital business transformation is on the way. Entering the OAB’s technology stack is an important step for us on the way of developing new generation ID scanning solutions,” said Nikita Arlazarov, Chief Financial Officer at Smart Engines.

The facial recognition software of NNTC accelerates the user onboarding experience by allowing identity verification directly via a mobile device. Users can initiate and follow the usual registration flow with AI enhancements. They upload copies or photos of their IDs, and Smart ID Engine automatically extracts primary data from ID cards for filling an application and finds a face photo in an identity document. The user then submits a photograph in the form of a ‘selfie’, and the software compares the owner’s face in the ID card with the ‘selfie’. If the pictures match with the desired level of accuracy, a personal account is opened automatically.

“We are continuously investing in new, state-of-the-art solutions to enhance our digital services, improve overall customer experience and reinforce our position as an innovative, agile financial institution. Using biometric technology not only accelerates user onboarding, but it is also more accurate, efficient and secure. Potential customers can now open new accounts with us within a few minutes, while never navigating away from their mobile devices. We foresee that this will help us attract new customers as well as retain existing ones,” commented Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB.