Services
The client was a global bank, and it mainly operated in the investment banking line of business. The company wanted to ease up the account opening process and give a boost to digital adoption along with optimizing existing operations.
The client needed a two-pronged approach for account opening to encourage digital adoption and optimize existing operations. This need was catalyzed by challenges such as high turnaround times, manual processes prone to errors, delays, and failed attempts; and exorbitant cost of account opening.
We automated the client’s know your customer (KYC) process by leveraging our proprietary DeepInsightsTM framework and technologies such as artificial intelligence (AI) and robotic process automation (RPA). The solution was structured as follows:
• Used DeepInsights™ cognitive computing
• Automated indexing of documents
• Enabled exception management through business process management (BPM)
• Automated data extraction through intelligent character recognition (ICR)
• Automated data validation
• Enabled straight through processing
After implementing our automation solution, the client’s business benefited as follows:
• Reduction of 45 percent in full time equivalents (FTEs) resulted in significant cost savings
• Savings of US$14 million in costs
• Improvements in KYC process accuracy by 97 percent
• Reduction in cycle time from eight days to one day
• Enhanced customer experience
• Higher straight through processing (STP)