4 Highlights from ‘Faster KYC By Automating ID Verification’ Webinar | WorkFusion
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4 Highlights from ‘Faster KYC By Automating ID Verification’ Webinar

In a recent webinar on the effect of automation in the banking industry, “Faster KYC By Automating ID Verification,” featuring Forrester, two experts shared key insights into how automation tools are improving the customer experience for financial institutions.

Jost Hoppermann, VP and Principal Analyst at Forrester Research, was joined by Pooja Gupta, Director of RPA Product Management at WorkFusion, with both speakers discussing how time-consuming and expensive manual processes can be eliminated through automation. Specifically, they focused on how technology that automates ID verification allows banks to speed up “Know Your Customer” (KYC) onboarding.

During the webinar, available on-demand, a number of critical insights were raised, as well as a customer use case where automating ID verification reduced a WorkFusion customer’s processing time from 48 hours to just 3. We’ve recapped several important points for you to remember (and share with colleagues!).

1. Improving customer experience is major motivator

Forrester’s research drilled into the key factors driving the digital transformation needs of financial services firms. While “increasing market share,” “reducing time-to-market” and “innovating products and services” were all popular drivers, they paled in comparison to technology and customer experience. In fact, the ability to provide better customer service and customer experiences was far and away the most important consideration (61%).

2. Faster, automated ID checks improve customer satisfaction

Most bank customers don’t realize how long it can take to open an account – not to mention how many steps there are in the process. Yet they expect a fast experience and are happy to look elsewhere if their needs aren’t met. In fact, Forrester research found they are 5X more likely to take their business to another bank if the process doesn’t meet their time demands. That’s where intelligent automation in banking can help, especially for ID verification and KYC.

By automating ID verification for account opening, banks can reduce their process time from two days to less than half a day.

(Note: WorkFusion is the only SAP-certified software vendor of intelligent automation tools, which can significantly reduce time-to-value and automation costs for financial services firms.)

3. ‘Zero back-office’ is a digital transformation goal

Time-consuming and expensive manual processes are hampering banks’ ability to service their customers’ needs – as is a reliance on back-office staff and printed materials. However, for financial institutions to come through their digital transformation successfully, they must focus on creating a “zero back-office” environment, one that integrates technologies and architectures to streamline – and ultimately automate – back-office operations. This is beyond STP (straight-through processing) for individual tasks; it encompasses the full approach to process management.

While new banks can simply adopt a digital greenfield design from the start, established firms must recognize the benefits of automation in banking – and adopt the necessary tools to support their digital transformation.

(Learn more about viable business applications for the banking industry in this complimentary Gartner report: Real-World Use Cases Are Key to Successful RPA Implementations in Banking.”

4. OCR is the beating heart of faster ID verification

In the Q&A session following the webinar, Pooja shared how machine learning OCR is used in WorkFusion software to parse large amounts of sensitive paperwork into a digital format. This eliminates the need for humans to spend hours or more on ID documentation, speeding up KYC and providing customers with a much more streamlined experience.

She also pointed out that WorkFusion’s Abbyy OCR can even help banks digitize documents (through image-to-text) that are more than a decade old by using pre-processing techniques to heighten the accuracy of the OCR.

Like all industries, banking needs to increase efficiencies and productivity through technology, while continuously improving customer experiences — and it’s clear that automation can play a major role as banks continue their digital transformation journey.

To learn more about WorkFusion and the benefits of automation in banking, contact us at learn@workfusion.com.