Account Opening Automation Improves Data & Productivity for KYC

Customer: Large private sector, full-service bank in Asia
Problem

As part of the bank’s Know Your Customer (KYC) process, the business needed to allow customers to open new accounts across channels, including tablets and mobile devices, without compromising the bank's standards for assessing applications — despite a high volume of daily requests (average daily volume is 8,000 but can spike to 40,000) made via documents in multiple formats.

Solution

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.

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.

Impact
90%
Increased speed
70%
Increased productivity
60d
Implementation time
$5M
Projected total savings
Hoe did we do it?
Find out more about the AI-driven RPA capabilities in WorkFusion’s Smart Process Automation and how we automate work that’s too complex for rules by turning high-volume data into smarter automation.
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