KYC, Financial reconciliation, Digitization of structured paper forms
Technology used
RPA Bot, OCR integrated with RPA
Challenges
To enhance the KYC compliance and reduce time , cost that banks are spending annually on KYC. Reduce the work load on account team. To reduce unstructured data formats or paper work.
Solutions
While dedicated KYC solutions , an alternative is using RPA bots to automate portions of the KYC process. For regular cases, RPA bots can speed up processing times, improve security and compliance, and reduce error rates for these customer-facing processes.
RPA can compare data from multiple systems to ensure accuracy and identify discrepancies, thereby streamlining financial reconciliation. Reliance on accurate data and automating the process.
Many bank processes involve unstructured data formats (invoice PDFs, bank statements images, etc.) which machines are incapable of understanding. Businesses can benefit from document capture technologies, such as OCR, that are integrated with RPA, to automate the processing of paper-based forms.
Top Benefits Achieved (for KYC)
50%
Reduction in human work
60%
Improvement in productivity (for financial reconciliation)
