Implementing Automated E-KYC Solutions

Large universal bank achieves regulatory compliance, reduces KYC lifecycle by up to 50% by rolling out Wipro HOLMES^TM enterprise-KYC solution

Client Background

Client: Large universal bank
Industry: Banking & financial services
Services: Asset management, commercial banking, investment banking, private wealth management
Customers: Government, top corporate houses, small businesses
Operates in: Over 58 countries

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 HOLMES^TM – 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:

Deployed bots for investigation, aggregation, extraction and verification that could mimic agent tasks
Used cognitive assistance in KYC due diligence to contextualize search for customer information, analysis and investigation
Enabled audit trail of analysis and decision support, automated preparation and generation of case reports according to defined policy
Assigned levels of trust and relevance based on the source and trust score of documents. Facilitated processing of diverse document types (such as DOC, PDF, Web pages, emails, news sites and databases)

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 HOLMES^TM E-KYC solution ensured regulatory compliance and improved customer experience for the bank.

30-50% reduction in KYC lifecycle
Up to 40% cost reduction in processing KYC applications
40% reduction in cycle time via automation of checks and processes
30% reduction in client outreach, thereby Increasing customer satisfaction levels

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