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KYC process automation for a banking client

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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.

For more details on Robotic Process Automation(RPA), contact us today at info@finessedirect.com

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