Large universal bank achieves regulatory compliance, reduces KYC lifecycle by up to 50% by rolling out Wipro HOLMESTM enterprise-KYC solution
Client Background
Challenge
The bar has been raised on Know Your Customer (KYC) compliance norms and Anti-Money Laundering (AML) standards since the credit crisis of 2008, requiring large banks and financial institutions to spend close to $1 billion on compliance and KYC procedures.
The client, too, had to invest heavily in people and technologies. Their processes for information identification, collation, periodic reviews and verification were manual in nature. As a result, it took about 1.5 days to complete a profiling. The bank’s content management tools and source tracking processes needed automation. Their maker function was time consuming and error prone, resulting in a weak audit trail.
The bank was, thus, looking for a partner who could help implement a solution that ensured quick compliance and expedited regulatory reporting, while also making the customer experience seamless.
Solution
Wipro deployed the HOLMES enterprise-Know Your Customer (E-KYC) solution for the bank. Wipro HOLMESTM – our Artificial Intelligence (AI) platform - brought cognitive search, aggregation and automation capabilities to the enterprise KYC processes.
The solution digitized the process value chain while ensuring regulatory adherence. The solution rollout helped the bank improve content management and accelerate processing time by leveraging machine learning, semantic Web technology tools and natural language processing-based cognitive search.
Here’s how the Wipro E-KYC solution solved the bank’s multiple challenges:
Our HOLMES E-KYC solution is designed to cohabit with banks’ existing KYC operations. The solution streamlines manual workflows and provides deeper insights.
Benefits
Wipro HOLMESTM E-KYC solution ensured regulatory compliance and improved customer experience for the bank.
© 2021 Wipro Limited |
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© 2021 Wipro Limited |
Pharmaceutical & Life Sciences