Our client, a leading global bank headquartered in New York, wanted to standardize the Know Your Customer (KYC) process to handle growing volumes and bring speed, scale, and accuracy to the process.
They required KYC processing for new customers and periodic KYC update for existing customers as per regulatory guidelines. The client faced many challenges, from a historic load of 25 million KYC documents to 70% of existing customers due for a periodic refresh, which added to the overall volume of document processing and the days in turnover.
They were thus looking for a solution to extract, process, and validate data hidden in KYC documents.
With XtractEdge, our Document AI platform, the client will be able to process an estimated 40 million KYC documents across 60+ document types at speed, leading to enhanced efficiency in operations.
Download the case study to learn how the leading US bank reduced KYC turnaround time from weeks to days!