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The Power Of Artificial Intelligence

AI Tools — Working Wonders for Online Businesses

Secure Customer Onboarding

Customer enrolment is an essential part of business operations since end-users are the driving force for any organization. Providing your clients with intuitive and easy-to-understand onboarding procedures draws in positive user engagement. Without taking significant measures for securing customer onboarding processes, enterprises are always at risk of cybersecurity threats. This is important to prevent unauthorized identities from stealing sensitive user data.

Reduced Business Costs

Managing operational expenses for online businesses is a big hassle without the presence of artificial intelligence. A good balance between the overall revenue and operating costs is essential. This is not possible unless customer satisfaction standards are met. Customers could be provided with effortless verification solutions which are offered by artificially intelligent systems.

Anti Money Laundering

Potential criminals are always in pursuit of laundering dirty money using illegitimate channels to carry out their illicit motives. According to Europol, a massive sum of almost 1.8 trillion Euros is accumulated in money laundering activities each year. When a business is exposed to financial crime, it is subject to various kinds of vulnerabilities since criminals gain access to the identity information of customers. This not only hurts the market reputation of the enterprise but also puts the identity information of thousands at risk.

Prevention of Insurance Fraud

The Federal Bureau of Investigation (FBI) states that there exist almost 7000 insurance organizations in the industry that accumulate more than premiums worth $1 trillion US dollars yearly. Apart from the growing revenue, the insurance industry is a huge marketplace for fraudsters to conduct scams and illegal activities. Application fraud, which is most common in the industry, comprises new account openings. These accounts are created to initiate fake insurance policies over the internet.

Enhanced Data Extraction

During onboarding, acquiring and processing customer data are the dilemmas organizations have to deal with. This includes identifying the user at the time of enrollment and saving it for future verification. Conventional manual data entry tasks are outdated and take a lot of time and effort. Even if a company employs traditional Optical Character Recognition (OCR) solutions, they have potential drawbacks such as faulty feature extraction and slower processing times. With AI-powered OCRs, end-user documents are accurately extracted, with better turnaround times, and the process becomes safe and secure.

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Emily Daniel

Emily is a tech writer, with expertise in entrepreneurship, and business marketing. She has a knack for technology, & loves to dig out the latest trends in AI.