Karza Technologies launches K:Discover – a one-stop automation tool for risk management using alternate data

Karza Technologies, the largest data, analytics, automation, & decisioning solution provider to financial institutions in India, has announced the launch of K:Discover. K:Discover is a one of its kind automated risk-scoring platform that aims at automating risk and fraud containment units of banking and financial institutions using alternate data.

While organizations engage in manual checks for onboarding of customers and employees, K:Discover can automate the entire risk management process by providing a tangible and definite risk score. K:Discover offers insights into customer and employee profiles by screening applicants’ information using alternate data, thereby offering an independent authentication and risk score. These can be used to alert organizations in case of suspicious applications and help avert fraud.

Here are some use cases where K:Discover can be a gamechanger for onboarding:

Pre-employment Verification

Every organization has the onusof verifying the background of its employees, as this can have serious repercussions on their reputation and numbers. Detailed background checks during onboarding are usually performed, including checking the applicant’s educational background, work experience, identity, address, and so on. The typical process for this is manual verification, involvingchecking with various sourcestocross-verify the information provided, checking whether the official email address is active, and so on.

Despite following this thorough due diligence process, organizations may arrive at an ambiguous idea of a person's genuineness. And of course, due to the overbearing number of checks and the monotony and fatigue of the entire process, some red flags may be missed, and thus fraudsters with malicious intent would be onboarded.

K:Discovercan help automate the assessment of employee informationextensively to verify the complete background of the employee. These networks can help trigger red flags regarding any criminal activity that the employee or their family/relative may be involved in.

K:Discover also leverages alternate sources for this. Such checks add a layer of credible intelligence to risk-score applicants by identifying and quantifying risk. In addition, K:Discoverreduces the extent to which manual interventions are required, supporting quick decisioning.

By leveraging Karza’s AI-powered technology, a reputed bank could reduce the entire process of pre-employment verificationto just 30-40 seconds from the 15-20 min required earlier.

Seamless Customer Onboarding

Banksand financial institutions need to perform extensive checks while onboarding customers for loans, credit cards, etc. which includes verifying the credit worthiness of applicants, their identity, address, and so on. This can add to the time and costs FSIs take to process applications. K:Discoverhelps automate the credibility of the customer or employee.

Lenders can thus make immediate credit decisions. by thoroughly verifying customers’ background and complete the entire loan process electronically in less than a minute.

Thus, Karza’sK:Discover can solve three problems simultaneously: identification, alternate contactability and address, and employment.

Speaking about the launch, CTO Alok Kumar said, “Karza’s unique APIs and start-of-the-art technology helps generate accurate risk scores for a numerical representation of the risks involved in onboarding a new applicant, whether it is an employee or customer. We are using alternate data sources as an additional layer of checks that banks and financial institutions can count on before making any credit or employment decision, thus automating their fraud containment units.”

K:Discoveris used by eminent financial organizations and hassaved a lot of costs and time for banks and financial institutions,who now extend the tool to 100% of the applications rather than random samples.From the scalability perspective, this is a huge leap without having much impact on the basic IT infrastructure for FSIs, leading to revenue optimization, operational efficiency, andbetter employee/customer experience.

Leveraging AI and graph technology, K:Discoverhas helped save crores for banksby raisingmany a red flagto prevent frauds.

More about Karza: Karza Technologies is a pioneer in data, analytics, automation, and decisioning solution provider to FIs, catering to the entire lending lifecycle from onboarding to diligence & monitoring to collections. Karza’s solutions enable systemic fraud prevention, risk management, compliance & automation through superior data engineering and deep tech applications.

(Above mentioned article is Brand Desk Content, This article is a sponsored publication and does not have journalistic/editorial involvement of IDPL)