One of our prominent clients, a leading Singapore bank wanted an optimized solution to handle large-scale KYC processes seamlessly. Due to the latest government regularization, all nationalized banks are required to do KYC verification of their customers once in every two years. The bank wanted to lessen the burden that officials face at the time of manual KYC document collection and uploading them through various channels such as web portals, emails, and scanned copies.
PureSoftware collaborated with the bank officials and analyzed the entire situation. Our team identified that the bank needs to address the high workload caused due to the mandate to perform the KYC verification process more often. We suggested the client to implement an optimized solution for KYC process automation.
PureSoftware RPA team bifurcated the KYC process based on each channel and implemented the RPA bots using various trigger mechanisms. The input mechanism differs from channel to channel due to which we designed and developed tailored bots to meet different requirements. We found that the straight-through update was the most common channel, and it required only one type of bot to perform detailed work-load management easily.
PureSoftware designed and developed RPA bots that helped the bank in the following ways:
Reduced effort significantly
Reduced overall process execution time of 36 mins to 2 mins
10,000 USD saved per year as of total execution/maintenance cost.