Axis Bank opens 300,000 new accounts each month. The conventional approach required a team to review 5 essential documents for each new account, each review taking 6-10 minutes. The bank needed 200 employees to perform this mundane work.
Through automating the account opening process, the bank aimed to achieve several critical goals, including:
- Decreasing reliance on manual work
- Improving the morale of employees
- Reducing account opening times
- Ensuring regulatory compliance
Using WorkFusion’s automation platform, within only 8 weeks, Axis Bank was able to automate and streamline the around-the-clock onboarding process that conducts compliance checks with greater efficiency and fewer errors.
The bank is expanding automation to other areas and new functions, such as check processing: WorkFusion’s platform is now handling 170,000 checks per day.