CUSTOMER SUCCESS

Axis Bank

Automating KYC for cost savings and operational excellence

The third-largest private sector bank in India automates Account Opening and KYC operations, dramatically reducing onboarding times and labor costs.

axis bank customer story
axis bank logo

Key automated processes:

  • KYC screening for Customer Onboarding
  • Check Processing

Results:

  • 80% reduction in account opening time
  • 70% reduction in errors
  • 30% reduction in labor costs
  • 6% improvement in customer satisfaction scores
  • 170K checks processed daily

Instant Account Opening and Know-Your-Customer 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 processes, 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.

axis bank in the news
How Axis Bank is shaping its digital journey

Axis Bank Ltd, which embarked on its digital journey about six years ago, is now implementing a series of measures that include self-service kiosks, Aadhaar-based customer services, and automation—all aimed at increasing the momentum of its digital transformation journey. 

axis bank in the news
axis bank in the news
axis bank in the news
How Axis Bank is shaping its digital journey

Axis Bank Ltd, which embarked on its digital journey about six years ago, is now implementing a series of measures that include self-service kiosks, Aadhaar-based customer services, and automation—all aimed at increasing the momentum of its digital transformation journey.