Customer Spotlight

Axis Bank

Automating Account Opening and KYC operations generate cost savings and operational excellence.
Read how the third-largest private sector bank in India automates Account Opening and KYC operations, reducing onboarding times and labor costs.
Axis-bank-workfusion
Instant Account Opening and KYC operations

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.

Read more about Axis Bank’s automation journey here.

80%+
reduction in account opening time
70%
reduction in errors
30%
reduction in labor costs
6%
improvement in customer satisfaction
You can achieve great results, too.