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