Best practices for banks using intelligent document processing
EdgeVerve leader explains how FIs can automate know-your-customer processes
Use cases for intelligent document processing (IDP) include automating the know your customer (KYC) process.
The KYC process previously was performed by humans, which led to plenty of effort and errors, says Sateesh Seetharamiah, director at artificial intelligence and automation company EdgeVerve. Using IDP, one “very large U.S. financial bank” is now able to process 20 million documents through automation, he tells Bank Automation News, without naming the bank.
Use cases for intelligent document processing (IDP) include automating the know your customer (KYC) process.
The KYC process previously was performed by humans, which led to plenty of effort and errors, says Sateesh Seetharamiah, director at artificial intelligence and automation company EdgeVerve. Using IDP, one “very large U.S. financial bank” is now able to process 20 million documents through automation, he tells Bank Automation News, without naming the bank.
The bank “during COVID times faced tremendous challenge, and now this has become the way of the business where we are helping them in the KYC process,” Seetharamiah told BAN. “There was a lot of human effort on this and historically, they felt there were errors, and all of that has been eliminated significantly.”
IDP leverages a multitude of technologies to automate document processing, including machine learning, natural language processing and, on the back end, robotic process automation for integration.
Here, Seetharamiah shares how the technology can automate and add value for financial institutions with:
- Customer onboarding;
- Loan processing;
- Loan dispersal;
- Customer profile changes;
- Regulatory compliance, including KYC; and
- Risk mitigation.
Listen as Seetharamiah also offers advice for how financial institutions can get started and successfully implement IDP solutions.