Koodoo, the AI-powered technology provider for financial services, today announces that it is partnering with Resistant AI to supercharge its Document Checking offering with Resistant AI’s leading Document Forensics technology.
The partnership offers Koodoo’s financial services customers a “one-stop-shop” solution that checks customer documents against requirements, extracts information, and uses Resistant Documents to check for signs of fraud.
As online criminals deploy increasingly sophisticated methods using new technologies available including AI, the need for advanced solutions to counteract fraud intensifies.
A recent study by Resistant AI, which analyzed over 170 million documents, revealed that 13% of utility bills, 10.3% of bank statements, and 8.1% of income confirmations were manipulated.
These documents underpin most financial services onboarding and underwriting processes, thus making it crucial to check for signs of manipulation early in the customer journey, ultimately saving time further down the line for lenders.
Benefits of the partnership
The supercharged Document Checking technology utilizes AI's adaptability, continuously learning from new data and evolving to stay ahead of sophisticated fraudulent techniques. For example, AI can identify subtle irregularities, such as unexpected variations in document metadata that might suggest tampering. This capability enhances the accuracy and depth of fraud detection far beyond traditional methods while significantly lightening the time and effort load on financial institutions’ operational resources. Integrating AI into document processing not only streamlines the onboarding and underwriting processes but also ensures a higher level of security and compliance, pivotal in today's rapidly changing financial landscape.
“Our mission at Koodoo is to simplify and empower operational processes by leveraging the latest technology. Combining our domain expertise in mortgages and financial services with Resistant AI’s best-in-class fraud detection solutions puts our customers in the best possible position to streamline their operational processes. Together, we aim to set new standards for efficiency and right-first-time document checking in financial services.”
“We are thrilled to be working with Koodoo to strengthen the protection of their customers against document fraud. In today’s world, the threat of fraud is rapidly increasing and at Resistant we work very hard to make sure that our solution provides a “defense-in-depth” strategy. This approach involves multiple, interlocking layers of detectors that are incredibly difficult to evade even for a knowledgeable attacker.”
About Koodoo
Koodoo is reshaping the future of financial services with a market-leading platform acts as a critical bridge, connecting aspiring homeowners with their perfect mortgage. We are also pioneers in the use of developing Generative AI to support various areas across the financial services industry such as mortgage application journeys.
They partner with leading UK lenders, renowned comparison brands, and premier FinTechs, empowering their mortgage verticals with our technology. Our groundbreaking achievement of creating the first AI model to pass the CeMAP exam highlights our commitment to innovation.
Koodoo also has its own in-house brokerage, who leverage Koodoo’s innovative AI tools to streamline the mortgage application journeys, offering caring and streamlined mortgage solutions to consumers.