Implementing Regula’s solution fully automated the onboarding process. To start the procedure, the user takes a picture of their national ID card or passport with a smartphone camera. If the picture is of poor quality, Regula’s solution notifies the user to retake it. Once a proper ID image is obtained, Regula Document Reader SDK instantly recognizes the document type, identifies the data zones, and verifies the information in seconds, ensuring high accuracy and fraud detection. Upon implementing Regula Document Reader SDK, the bank claims to have achieved a 65% reduction in customer acquisition costs and an increase in account opening conversion.
Source: www.newsbreak.com