Solving the KYC puzzle with Botminds AI

Knowing your customer and enacting protocols to prevent financial crimes are ongoing challenges for the financial institution.

Client onboarding has increasing become intricate with the ever-evolving regulatory landscape, and financial institutions end up spending enormous amounts of time and money manually processing KYC documents.

2016 Thomson Reuters survey reports that some banks spend up to $500 million each year on KYC. Traditionally, KYC is a process by which financial entities obtain information about their clients and verify the validity of that information by checking it against the public record databases.

With an ever-evolving regulatory landscape, ensuring compliance in customer onboarding can be a cumbersome process for financial institutions. Some of the challenges institutions face while implementing manual KYC include high costs, spending hours on manual data entry, customer frustration, security, inconsistency and a fast-changing regulatory environment.

So how can your Botminds KYC automation benefit your business streamline operations without adding extra weight to your team’s workload? Let’s discuss.

Reduced Cost

Enhancing KYC processes with the Botminds solution can reduce onboarding costs by 80%. By doing away with data-entry error and rectification, evading hefty non-compliance fines and increasing the onboarding cycle, banks can mitigate costs significantly.

Increased efficiency

Botminds AI not only automates identity verification enabling clients to create a verified digital identity that can be checked instantaneously but also takes the burden of repetitive, manual tasks off your team’s hands. Furthermore, the automated solution also has the added privilege of running seamlessly with no lapse.

This trims down 90% of onboarding time, allowing financial institutions to increase the number of onboarded clients.

Minimised risk

Botminds minimises the risk of errors caused by manual data entry by automating the process end-to-end. Limiting manual intervention also significantly mitigates and keeps data breaches and security threats at bay, ensuring customer data safety.

Scalability

Botminds KYC automation makes it feasible to scale without large costs by reducing manual practices. Manual practices are impossible to scale without large costs and do not easily alter to the frequent changes in KYC regulations, external threats, or internal changes.

Botminds AI can be quickly configured to bring all the news and publicly available documents about an entity, completely automating the document discovery process. Moreover, the platform adapts to external requirements faster and can be integrated into your business’ infrastructure with little to no intrusion or downtime.

Improved customer experience

Customer delight is the key to success. At Botminds, we leverage the power of AI to automate the Know Your Customer process by doing all the heavy lifting - monitoring sources, loading KYC documents, reading documents, and structuring the reports.

Botminds KYC automation provides clients with a frictionless experience by Grouping KYC documents of a customer and managing them as a single entity, capturing data from handwritten texts and image files, shielding sensitive personal information through integrated PII masking and eliminating the frequent back-and-forths between customer and bank when new information is required.