How Intelligent Document Processing can Automate FASTag Issuance?
FASTag has emerged as one of the biggest disruptors, transforming the Indian national highways’ toll collection by adopting automation technologies at each level.
The electronic toll tax collection system ushered in a new age in India's tax collection process, marking a giant step towards realizing the dream of digital India.
The three major utilities of FASTag are:
1 Time Conserving & Efficient
It has significantly decreased the rush at various busy toll collection booths, where the average toll collection time ranged from anything between 5 to 20 minutes.
2 Remove Discrepancies in Transaction
It has neutralized any ambiguity in the toll collection procedure. The tax amount varies according to vehicle category, and the manual process gave way to many discrepancies. a FASTag incorporation makes this process more transparent, thereby decreasing errors via cashless transactions.
3 Manpower Reduction
A standard toll collection section needed a minimum of 6-7 attendants to function at an optimum level. The company had to bear a recurring cost to pay for the manpower. FASTag can eventually, in the near future, reduce this manpower requirement considerably, making it a more cost-effective option.
4 Instant Document Verification of Vehicle & Stolen Vehicle Identification
Besides saving time and resources, FASTag verifies documents’ validity, checks blacklisted vehicles in the centralised database, and identifies stolen vehicles with false papers. It provides an instant, seamless transaction experience reducing the ques of the toll plazas.
How does FASTag Function?
FASTag is a reloadable tag that is simpler than the manual toll collection system. It uses radio frequency identification linked with every vehicle’s unique ID. FASTag is linked to a prepaid account from which the amount gets deducted automatically. Thus, it is imperative to have a balance in the FASTag account before arriving at the toll plaza, to enjoy the convenience of cashless toll collection.
The most convenient way of having a FASTag account is through banks as 22 national banks are entrusted with the procedure. For the issuance of FASTags through banks, vehicle owners must submit proper documentation such as vehicle registration certificate, KYC proof, Driver’s licence and personal ID.
These details can be uploaded via the bank’s mobile application. This is precisely where the problem crawls in.
At the time of FASTag issuance, these documents uploaded by the customers are manually verified by the firm, before creating their prepaid account. It is a repetitive task where employees are dealing with countless documents, paving ways for human-prone errors, high processing time, and increased cost in case of discrepancies.
To address all these major problems, the industry has been on the lookout for solutions that can help reduce their processing time and reduce costs associated with fraudulent transactions. Intelligent Document Processing has become a powerful and effective tool to maximise efficiency and security while reducing the dependency on manpower.
Intelligent Document Processing (IDP) - Making FASTag Issuance Faster
VisionERA, AmyGB’s Intelligent Document Processing Platform offers the ability to do away with the erroneous and time-consuming manual verification process. Through an effective and systematic procedure where machines empower humans by automating unstructured data workflows to provides actionable insight that help in instant approvals with minimise risk of frau
The IDP platform follows a triple check validation mechanism using Triangulation logic, to automatically detect fraudulent cases and pass them for human intervention, while passing instant approvals for valid applications.
The typical document processing workflow follows 5 major steps of automated approval using AI, ML, NLP and Triangulation algorithms:
- The customer uploads the application form, vehicle registration certificate, Driving Licence and / or vehicle photograph (image) on the bank’s application.
- VisonERA’s intelligent IDP platform employs pre-trained machine learning algorithms that automatically classify the uploaded documents.
- The uploaded documents undergo pre-processing for noise cancellation and deskewing to enhance the results of data extraction.
- VisionERA’s in built OCR reads and extracts data from the printed / handwritten application forms, as well as scanned copies of the supporting documents
- Computer Vision technology scans the vehicle image to identify the vehicle class / category
- The IDP platform intelligently interacts with third party databases using APIs, to validate the correctness of the information extracted.
- The 3 step Triangulation logic validates information obtained from the documents using OCR, the vehicle image using Computer Vision and the third party databases using APIs.
- If the obtained information passes the triangulation logic, an instant approval is dispatched to the customer within minutes
- Upon mismatch of any piece of information detailed above, VisionERA’s intelligent fraud detection system sends an alert by pausing the approval process and pushing the application for manual intervention.
- VisionERA goes a step further to enhance the efficiency of the approval process, by sending colour coded approvals basis vehicle category, for seamless dispatch of relevant Fast Tags by the operations and dispatch teams.
VisionERA’s Intelligent Document Verification vs Manual Document Verification
This table provides a comparative analysis of VisionERA’s proprietary document processing method and the traditional verification.
Fraud Protection to Ensure an Automated FASTag Issuance
Data-driven AI Automation in FASTag issuance appropriates a step closer towards the dream of ‘Digital India’. VisionERA’s refined machine-learned document processing model is accelerating the process of transforming unstructured information into structured and actionable data while reducing the handling and processing time from days to minutes.
Automation is not limited to chatbots or communication. It also includes fraud protection to provide customer security- an absolute need in the financial ecosystem.
Empowering banks to do more with less by providing beyond Bot solutions, VisionERA is transforming banking into an agile business.
With increased accuracy, banks no longer need to worry about fraudulent FASTag issuance as the machine-human synergy validates information with zero errors and minimum human intervention.
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