Financial Institutions

Industry

Finance

Sector

Consumer Finance

Solution

Digital Account Opening

Problem

Customers expect immediate service, the
pandemic caused a huge shift to online banking, creating a “new normal” for financial services.
Opening accounts is complex, involves manual work that can create high costs and risks.

Solution

Utilize the capture/ normalize function to receive all required documentation in various formats from various channels.
Program utilizes Classify/ extract with
AI technology to classify and determine the document type.
Validate/ verify function is then used to ensure dossier has all required documents, confirming extracted information is accurate and complete.
Review/ formalize is then used to ensure
the bank’s business rules are being followed.
Transact/ execute then takes place, with all
documents and data being seamlessly handed over into the bank’s existing system.

Outcome

Improved customer experience with faster
service.
Return on tangible equity, getting more value from the existing system.
Reduced risk, better compliance, improved
visibility and control.
100s of hours of manual work being eliminated.