KYC is an individual’s gateway to the banking system. From opening an account to downstream activities like taking a loan requires a mandatory KYC. Not a onetime activity, RBI mandates KYC to be updated annually. Banks receive thousands of submissions from customers for creating KYC followed by subsequent annual updates. This high volume, iterative activity is a textbook candidate for automated data processing.
Since KYC starts with a customer identification process, a number of documents are submitted by the customer to initiate the process. A variety of documents could be submitted including a Voter ID Card, Passport. Driving License, NREGA Job Card, Letter issued by National Population Register containing details of name, address or the commonly used UID (AADHAAR) card. Since the KYC became a mandatory document in 2002, banks have urgently needed a tool to create a KYC profile
The AutomationEdge bot has been successfully used to create KYCs by some of the largest banks in the nation. Using AI and ML, the AE bot differentiates between documents. In the first step, it identifies an AADHAAR card from a driver’s license or a voter id card. Using OCR, it then extracts the data to generate a text based output file, which when parsed using RPA creates a KYC profile. The annual RBI mandated updation, also becomes a simple process of comparing the previous year’s data with any changes. This utility has become an indispensable part of a bank’s data processing toolkit.
KYC is an individual’s gateway to the banking system. From opening an account to downstream activities like taking a loan requires a mandatory KYC. Not a onetime activity, RBI mandates KYC to be updated annually. Banks receive thousands of submissions from customers for creating KYC followed by subsequent annual updates. This high volume, iterative activity is a textbook candidate for automated data processing.
Since KYC starts with a customer identification process, a number of documents are submitted by the customer to initiate the process. A variety of documents could be submitted including a Voter ID Card, Passport. Driving License, NREGA Job Card, Letter issued by National Population Register containing details of name, address or the commonly used UID (AADHAAR) card. Since the KYC became a mandatory document in 2002, banks have urgently needed a tool to create a KYC profile
The AutomationEdge bot has been successfully used to create KYCs by some of the largest banks in the nation. Using AI and ML, the AE bot differentiates between documents. In the first step, it identifies an AADHAAR card from a driver’s license or a voter id card. Using OCR, it then extracts the data to generate a text based output file, which when parsed using RPA creates a KYC profile. The annual RBI mandated updation, also becomes a simple process of comparing the previous year’s data with any changes. This utility has become an indispensable part of a bank’s data processing toolkit.
