Automating a Process of Account Opening | WorkFusion

Document Verification Automation Improves KYC Productivity

Large private sector, full-service bank
Problem

As part of the bank’s Know Your Customer (KYC) process, the bank receives a daily average of 8,000 requests to open new accounts, which can spike to 40,000 during peaks. The bank’s operations team receives supporting documents in a variety of formats and must provide customers omni-channel access, including tablets and mobile devices. It was critical to continue to allow device and format flexibility for customers, but achieve internal standardization and consistency.

Solution

The customer’s operations personnel used WorkFusion’s Intelligent Automation Cloud Enterprise to transform its KYC operation. The team leveraged Learning Bots to classify and extract customer data for new account openings from 10 document types, all in varying layouts. Because of Automation Cloud’s unified platform, document data is able to be validated against more than 100 rules and regulations, then be entered into the final system of record.

Benefit

This streamlined automation choice relies less on people, yet offers traceability and auditability for data-first companies. Instead of operations personnel performing manual scrutiny checks, the automated process includes end-to-end compliance checks and documentation of validations, requiring only final confirmation from the user — which improves accuracy.

Timeline

The customer designed and configured the full process, including custom-trained AI, in 6 weeks.

Impact
90%
Speed
70%
Productivity
Find out more about the AI-driven RPA capabilities in WorkFusion’s Intelligent Automation Cloud and how we automate work that’s too complex for rules by turning high-volume data into smarter automation.
News & Press
Case Studies
Resources
Blog

WorkFusion Brings Intelligent Automation Mainstream with Intelligent Automation Cloud and High-Speed Go-Live Program

Next-generation platform and 1–6–12 program fulfill the promise of AI-powered automation at scale, enabling mainstream adoption across enterprise and business spectrum.

WorkFusion Named a Leader in Everest Group 2019 PEAK Matrix™ Assessment for Intelligent Document Processing

A pioneer of AI-driven automation, WorkFusion recognized as the top vendor on the axis evaluating Vision & Capability in Everest Group’s IDP PEAK Matrix.

WorkFusion and NEC Partner to Bring AI-driven Robotic Process Automation to Global Markets

Partnership will accelerate the adoption and deployment of AI-driven RPA throughout the world

Improving the Healthcare Appeals

This health care administrator used Intelligent Automation Cloud to automate 85 percent of this workflow, which improves the customer experience, saves time and money, prevents misdirection and reduces human error.

Automating a Process of Account Opening

By using Intelligent Automation Cloud to automate a segment of its KYC process, a large full-service bank cut its customers’ account opening time from an average of 48 hours to about 3 hours.

Automation of Trade Finance

This operations team used Intelligent Automation Cloud to fully automate a process, using RPA and Cognitive Automation to accept, classify and extract data, plus update systems with greater efficiency.

Demo: See our bots in action

Learn how you can get more out of AI-powered RPA in this demo, which walks you through how our software works in real time.

The Intelligent Automation Tech Radar

Our forecast of enterprise AI advancements maps out how future capabilities will benefit your Intelligent Automation program.

The 4 Phases of Digital Transformation: The Intelligent Automation Maturity Model

In this 10-page eBook, WorkFusion’s Advisory team shares best practices for scaling automation to shape your digital transformation plan.

An RPA Growth Story: Why R-Path Partnered With WorkFusion to Grow Their Business

There’s an emerging, even more compelling growth story to be told around process automation: Entirely new businesses can ...

3 AI Use Cases in Banking With On-Premise Tech

By Kyle Hoback, Director, Market Enablement, WorkFusion Banks and other financial institutions around the world may be reconsidering their data se...

How to Choose the Right Intelligent Automation Vendor

By James Lawson, Director, Strategic Markets, WorkFusion You want to transform your business through automation. You hope to improve service, cut ...