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