Use Case
Largest Private Sector Bank is one of the leading financial institutions in India. It is renowned for its extensive range of banking and financial services, catering to the diverse needs of individuals, businesses, and corporates. The bank has branches around 3800+ cities and utilizes technological advancements to the fullest to provide efficient Service to its customers. With customers in different banking categories such as savings and current accounts, loans, credit cards, insurance, and investment solutions all over India, the bank uses multiple channels like Phone Banking, Net Banking, Mobile Banking, and SMS-based banking to serve their customers. In order to improve the customer experience and service efficiency across all its channels, the bank needed an automated system for KYC verification, extracting data from customer documents, and validating data.
Largest Private Sector Bank
Problem
One of the leading financial institutions in India, needs to automate the data extraction from documents, improve customer onboarding process, and also needed a stringent verification system to identify fraudulent activities.
Solution
KYCsense is an intelligent AI system that can accurately extract data from a document and also takes care of compliance management. Therefore, the bank can verify customer applications and onboard them in a short span of time.
Result
With 97% accuracy and a 100% success rate in the automation process, Largest Private Sector Bank was able to accelerate customer onboarding by 70% and reduced operational costs by 40%.
As the Largest Private Sector Bank provides customer support/service on multiple channels, they need to collect information and populate them into the internal system. Without an automation system to extract proper data and a unified repository, the bank faces issues like:
- Not able to verify documents and identify fraudulent activities with a proper document verification system
- Not able to auto-classify transaction and customer data points that define SOPs for loan processing
- Difficult to onboard customers and basic details have to be collected repeatedly at different stages, which impacts the customer experience negatively.
The Largest Private Sector Bank needs an intelligent AI Powered platform that makes customer onboarding smooth with ZERO manual intervention. Plus the AI system also needs to verify KYC on the go and all the extracted/collected data needs to be maintained in the unified data repository for quick retrieval.
As the Largest Private Sector Bank provides customer support/service on multiple channels, they need to collect information and populate them into the internal system. Without an automation system to extract proper data and a unified repository, the bank faces issues like:
- Govt IDs – Aadhaar, Driving License, Voter ID, Pan Card, etc.
- Bank Statement, Pay Slips, Tax Statements
- Financial Statements, Analyst Reports, Legal Reports
- News Feeds, Journals, Industry Guidelines, etc
For example, when a PDF bank statement is provided. The AI system, auto-extracts information like Account no, Bank name, Customer Address, Customer name, Document type, IFSC Code, Email id, and MICR Code using the advanced optical character recognition and image recognition engine. The defined data points are extracted from bank statements & categorized in less than a second. Once the data are extracted, they will be automatically fed into various systems and data repositories that are mapped.
The KYCSensce provides 97% accuracy and a 100% success rate in the automation process. Therefore the Largest Private Sector Bank was able to achieve-
- Accelerated customer onboarding with 70% faster processing time
- Reduce operational costs by 40%
The KYC sense can not only automate the onboarding process and makes data retrieval easier with the unified data repository. With the smart AI-powered system you can-
- Streamline the process by managing applicant details, automating compliance, and enabling auto-audit functionalities.
- Accelerate the decision-making process by harnessing the power of data insights.
- Automate actions with our system-enabled triggers, saving you time and ensuring consistency.
- Increase accuracy, even with large volumes of documents, for reliable data management.
The KYCsense is flexible to deploy and easy to scale. Easy-to- use API and SDK integrations will help you employ AI in almost all stages of customer onboarding, thereby making KYCsense one of the best end-to-end customer onboarding solutions. Data security and global encryption are at the core of the AI system so it is compliant with GDPR standards and other security standards.