Case Study: How One Global Bank is Processing an Estimated 40 million KYC Documents
Reducing KYC Turnaround Time From Weeks To Days
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Know Your Customer (KYC) standards protect your business and your customers from fraud, but paper processes, manual entry and international regulation can slow down document processing.
Edgeverve's client, a leading global bank headquartered in New York with operations across consumer banking, commercial banking, wealth management, and capital markets, was faced with the following challenges:
- Documents were varied, spanning 60+ document types, multiple structural formats, and regions
- Multiple channels of KYC document receipt and often disjoint sources of KYC document tracking
- 70% of existing customers were due for a periodic refresh
- Compliance requirements with the regulatory norms and KYC guidelines of different regions and geographies
In this comprehensive case study learn how the Document AI platform, XtractEdge, helped to reduce costs, increase turnaround time, improve compliance and correct manual entry errors for an estimate 40 million KYC documents.
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