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Eliminate data entry, reduce errors, and improve reporting around KYC

No more chair-swiveling between systems.


Financial institutions of all shapes and sizes must perform KYC and due diligence checks. Both help to verify the identity of new clients and any risks involved with doing business with them. Both processes can involve a long, tedious exchange of documents. The question is: how to make that exchange shorter and less time-consuming?

The answer often depends on how savvy a finance company has been at using automation. One survey found that automating the KYC process inside a large global bank reduced onboarding costs by 70%. That same survey, by Harvard Business Review Analytic Services and EXL Service, found that automation reduced turnaround time on customer requests by as much as 90%.

Here’s why KYC and CDD (Customer Due Diligence) processes are still so painfully manual and involve so much “chair-swiveling” between systems.

What’s involved in a typical KYC process:

  • communication with a customer to request documentation and confirmation of receipt
  • assessment of the type of document provided and determination of validity
  • searching various websites/services for Watchlist violations or Negative News
  • navigation of CRM to particular customer
  • manual entry of specifics of the document
  • update of the customer record and/or workflow
  • uploading the document to a file management system

The end user, an employee inside a financial services company, fintech or bank, must interact with numerous systems to complete the process. That person is also responsible for outbound communication with the customer. Likewise, the process does not always take into account Ongoing Due Diligence (ODD). This is the periodic reassessing of customer documents, including when certain types of documents expire.

The manual nature of the data entry, apart from being tedious, is also prone to human error. Plus: the potential lack of oversight for ongoing validation of documents and reassessment opens the institution to regulatory auditing risk.

Automation Hero can rapidly schedule, automate, and enrich the process of accepting KYC documentation. For example: We can create an automation that looks at both an email server and a shared network location (for manually scanned documents), and then processes the record through an AI classification model to determine the document type. We can also process the record through an intelligent OCR (optical character recognition) model to extract the key data fields. After that, our platform might perform ETL (extract, transform, load) on the key information to normalize the data, or look up the account or ID number of the customer in the CRM or other centralized database.
Automation Hero can automate a number of other steps in the KYC/CDD process, which makes the process more accurate and expedient, while still keeping the human (both customer and account manager) in the loop.


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