Oman Arab Bank implemented Digital User Onboarding by NNTC and Smart Engines
NNTC, a UAE-based software developer and solutions provider, announced the successful implementation of its biometric user onboarding module with Smart Engines’s identity documents recognition technology at Oman Arab Bank (OAB), a pioneer in the local banking sector. NNTC’s AI-powered module, iFalcon KYC Control, facilitates swift, frictionless and secure digital customer onboarding. Any Omani citizen or resident can now open an account through the OAB Online App in under five minutes without needing to visit a branch office, fill out tedious reams of paperwork, wait in long queues or experience delayed onboarding times.
Digital alternatives to in-person onboarding can help banks circumvent substantial losses. According to recent research, banks can potentially lose USD 22.75 billion due to slow onboarding processes — more than 35% of bank customers move to competitors due to poor experiences in onboarding. Banks leveraging traditional models and manual processes can take somewhere between 2 to 34 weeks to onboard new customers, 2 to 12 weeks in cases of partial automation, and up to 6 weeks in cases of complete automation.
“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.
NNTC’s facial recognition software accelerates user onboarding 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.