Our client, one of the largest banks, was seeking an optimized solution to handle the large-scale KYC process seamlessly. Due to the government regularization, all nationalize banks need to do KYC for all their customers once every two years. The client wanted to lessen the overburden of efforts that officials face at the time of collecting a high volume of KYC documents uploaded through various channels such as web Portal, Email, Scanned copy, etc.
PureSoftware collaborated with the Bank officials and analyzed the entire situation. The team discovered that the Bank wants to address the spike of efforts that can be caused by performing the KYC process of every customer once in every two years. A detailed study of the client’s situation helped the team to decide on implementing an optimized solution to automate the KYC process by leveraging RPA.
PureSoftware RPA team bifurcated the KYC process based on each channel and implemented the RPA bots using various trigger mechanisms. As the input mechanism differs from channel to channel, the team designed and developed tailored bots to handle the same. The Straight-through update is the most common among all the channels, and it requires only one type of Bot to perform detailed work-load management.
- The RPA bots developed by the team can handle overall 70% of all the transactions, and result in a 90% effort reduction in the entire process within a month of the implementation.
- Our solution helped the Bank to witness considerable improvements and achieve profitable results.
PureSoftware designed and developed RPA bots that helped the Bank in the following:
- Download KYC PDF from a mail server and save it in a folder as PAN number as file name
- Login to the KYC application and traverse through the KYC menu
- Search for required PAN and update details of the customer from KYC PDF
- Submit the KYC form and logout from KYC Application
Monthly Effort Saved
RPA solution reduces 9 out of 10 FTE (Full Time Employee) which leads to 90% of overall effort saved.
Overall process execution time is reduced to 2 min from 36 min of original execution time.
10,000 USD saved per Year as of total execution/maintenance cost