If it has been said once, it has been said a hundred times that data is relevant to organizational growth. Having the right data means having a golden key to KYC doors. ‘Right data’, that is, ‘accurate data’. While data collection methods vary by discipline, the emphasis on ensuring accuracy remains the same. To ensure data-driven decisions are effective and appropriate, every bit of information collated must be accurate. With bio-metrics data capture, it is easy to get a 100% accuracy, but with bio-data capture the error levels are high as a lot of information can be falsified.
An example would be the ‘name’ category.
Faking a name is as easy as saying the first word that comes to mind. So, if an accurate name is needed how can one be certain they are inputting a real name and not a name that was made up two-seconds ago?
The simple answer is — verification. To identify areas of disparity and forestall data inaccuracy, proper verification and prediction must be done. The ideal would be to predict names to be either good or bad; good meaning the name can be trusted as a real name and bad meaning it must be thoroughly investigated before it can be trusted.
With that being the proffered solution, there comes the question of how? To judge the likely accuracy of a name or to flag it off as a misspelling or word noise, one would require specialist knowledge and many years of experience.
Hence, a name verification solution like SEAMFIX NAME CLASSIFICATION ENGINE is needed. This free software allows the user to quickly input a name and does the job of predicting and rating the name as good or bad by calculating it’s probability scores respectively. This software sits on a machine learning model, that is, a computer algorithm that learns from existing datasets — in this case “names of people” — and after learning what patterns names are predicted, it can correctly calculate probability scores on any name it will receive next to know that it is similar to a good name or a bad name. What’s more, it is so flexible that it allows users change the results of predictions after doing their research which will be saved for future predictions (to allow for indigenous names).
Who can benefit from this software? The list is endless, even without going the generic route to say ‘Every company or institution using any KYC tool’. Specific examples would be: Financial institutions opening accounts and capturing people’s data in the field; Ministries, like the Ministry of Agriculture doing farmers capture will need to ensure they capture the right names to make informed decisions; Telco’s will benefit from validating names before they can proceed with registration; et cetera.
It’s not enough to just have a data capture app that collects clean data, verification of biodata, especially names of individuals, is paramount to getting started on answering relevant questions and evaluating outcomes.
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