Challenge
Know Your Customer (KYC) due diligence has been a long-standing manual process in the banking sector.
The client wanted to automate a large portion of this process, in order to reduce the repetitive objective tasks involved in the process.
Solution
Bot was developed to capture key data from KYC documents submitted by the customer.
Once data is captured, the bot was trained to perform due diligence activities by accessing browser-based applications as well databases.
Post validation, the bot sends an email to the respective teams informing them of the result of due diligence.
Benefits
KYC due diligence process automation brought the process time by 5 mins or 30% per candidate.
On a monthly basis, this translated to a savings of ~400 hours or 50-man days.