Account Opening Automation Improves Data & Productivity for KYC
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.
The customer’s operations personnel used Smart Process Automation (SPA), a WorkFusion product that combines RPA, cognitive automation and OCR capabilities with human-in-the-loop exception handling. The team developed an automated workflow designed to receive, validate, and extract customer data for new account openings from up to 10 document types; verify its accuracy; and check it against more than 100 rules and regulations.
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.