Here is how RPA can be used in KYC Automation.
Know Your Customer (KYC) is a process used by institutions, especially banking, financial services and insurance (BFSI) sectors, to verify the authenticity of their customers. This is an essential part of these institutions working as the survival and growth of it depend on these clients. In our experience, the use of electronic KYC (eKYC) has increased efficiency levels and reduce error levels saving the institutions the time, effort and cost.
Our client was a BFSI institution is of a large scale and their KYC process were cumbersome due to the sheer volume of these KYC applications and supporting documents per each applicant. And, when there is a requirement for these to be verified in a short period would require exercising larger-scale human resources which would be expensive, even then there might be issues on account of efficiency & accuracy of the process.
Some highlights of the implementations are as follows:
- 90% Efficiency
- 95% Turnaround time improvement
- 90% Automation Coverage
- 200000 Documents processed