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Business Process Outsourcing Customer Experience & Governance Data Management &
Analytics Finance & Accounting Global Business Services (GBS) HR / Future of
Work Intelligent Automation Process Automation & Digitalization
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Business Process Outsourcing Customer Experience & Governance Data Management &
Analytics Finance & Accounting Global Business Services (GBS) HR / Future of
Work Intelligent Automation Process Automation & Digitalization


CASE STUDY: HOW ONE GLOBAL BANK IS PROCESSING AN ESTIMATED 40 MILLION KYC
DOCUMENTS


REDUCING KYC TURNAROUND TIME FROM WEEKS TO DAYS

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Tags: Document AI Intelligent Document Processing KYC

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SSON Editor
11/15/2022
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KNOW YOUR CUSTOMER (KYC) STANDARDS PROTECT YOUR BUSINESS AND YOUR CUSTOMERS FROM
FRAUD, BUT PAPER PROCESSES, MANUAL ENTRY AND INTERNATIONAL REGULATION CAN SLOW
DOWN DOCUMENT PROCESSING.

--------------------------------------------------------------------------------

Edgeverve's client, a leading global bank headquartered in New York with
operations across consumer banking, commercial banking, wealth management, and
capital markets, was faced with the following challenges:

 * Documents were varied, spanning 60+ document types, multiple structural
   formats, and regions
 * Multiple channels of KYC document receipt and often disjoint sources of KYC
   document tracking
 * 70% of existing customers were due for a periodic refresh
 * Compliance requirements with the regulatory norms and KYC guidelines of
   different regions and geographies

In this comprehensive case study learn how the Document AI platform, XtractEdge,
helped to reduce costs, increase turnaround time, improve compliance and correct
manual entry errors for an estimate 40 million KYC documents. 

 

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