Reducing the New Account opening process from 8 days to 1 day: an Antworks Case Study

February 21, 2018

Executive Summary AntWorks was engaged by a large Indian bank to explore opportunities in improving efficiency and productivity of its operations. After carefully reviewing several of the bank's processes, AntWorks selected the automation of the Know Your Customer (KYC) process which was data intensive and had a mix of data inputs into the KYC process.

With the purpose of reducing cost, improving effectiveness and re-purposing transactional work that was repetitive and tedious when done manually, this compliance led automation was to be done under the pressure of an imminent government mandated deadline that brought in hundreds of thousands of applications into the bank.

The Solution The solution required a technology which could read and extract multiple data formats like, signatures, photographs, hand written forms and printed text from New Account opening forms. It also required ability to transform the data using business rules and transport it into a government system for customers KYC approval request. ANTstein provided a comprehensive solution by using its multiformat data ingestion platform for cognitive machine reading and its RPA module for querying and procuring approvals from the government site.

Backed by a content based object retrieval framework, the AntWorks’ AntStein Platform could recognize any pattern, be it in a flamboyant signature or an austere identification proof. Once the inputs were scanned and photographs were cropped to the government stipulated sizes, the inputs could be uploaded to the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) portal at a single touch of the load button. Address changes, nomination changes could be uploaded just as easily. Process commenced with the bulk data import of pre-existing customer information from the bank’s core banking system. This versatile data import is platform agnostic and is configurable to any bank’s core system. Detailed customer-related information could be managed in AntWorks’ AntStein platform including customer’s photographs, customer’s signatures, customer’s support documents and customer’s Personal Identification Data (PID).

After formatting each varied input, including cropped photographs, cropped signatures, scanned support documents and PID in text and images files in the specified CERSAI format i.e. zip files, the information could then be uploaded into the CERSEI database in batches or individually.

A handy SFTP feature was also made available for batch upload of files. Post submission, Advanced API search functions enabled banks to download the cKYC information from the CERSAI database either individually or in a batch process to accommodate millions of banks customers who needed to be addressed. The AntWorks’ AntStein platform has a built-in scanning capability for scanning physical support documents. For new applicants, the account opening cognitive machine reading application could process handwritten forms that could then be converted to the CERSAI prescribed format.

For reporting purposes, the AntWorks AntStein platform comes equipped with reports that flag entries that show insufficient information or lack of supporting documents. Customized reports can also be generated as required. The Results The AntWorks AntStein cKYC platform was deployed in 4 weeks including integration with the bank’s core systems. The process was automated to facilitate KYC for existing customers in the core banking system and to accommodate new customer applications.