Know Your Customer (KYC) process is 10 times faster using automation

Know Your Customer (KYC) process is a resource and time consuming legal requirement for banks. Automating the process makes sense if it can be done. A global bank used Jiffy.ai Automate business automation solution to:

  • Extract client data from various systems
  • Use OCR (Optical Character Recognition) technology to read the data which can be in many forms including: images, scans, tables, handwritten text, PDF files, etc..
  • Flag documents which have missing information & automatically request it from customers
  • Flag data that requires a human intervention
  • Create an audit trail for each customer
  • Use Machine Learning to learn exceptions and continually improve their handling 

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