City Union Bank Reduces Onboarding Time From 8 Days To 1 Hour

Industry

Banking

Product

CMR

Process Automated

KYC

100%

Compliance

0

Errors

-90%

FTEs

+97%

Productivity

Client Profile

Since 1904, City Union Bank (CUB) is one of the largest financial services company headquartered in Kumbakonam, India. CUB has over 700 branches and they provide their customers with broad financial services delivered locally by bankers who are known and trusted in their communities.

Challenges

As part of the bank’s Know Your Customer (KYC) process, the business needed to allow customers to open new accounts across channels, without compromising the bank’s standards for assessing applications. CUB was adding 200 new customers each month and its operations team had to manually verify around 100,000 pages of supporting documents in a variety of formats.

Solution

CUB uses Cognitive Machine Reading (CMR), a combination of AI, cognitive technology, Machine Learning and pattern recognition. CMR accelerated the process of document verification by extracting pertinent data from documents such as passports, drivers licenses, handwritten text, photographs and signatures. CMR retrieves the data from internal and external systems and reconciles automatically to uncover any discrepancies.

Results

CMR delivered a cost-effective, end-to-end customer onboarding and KYC process solution. By choosing this streamlined and automated option CUB was able to achieve a 97% increase in productivity while ensuring 100% regulatory compliance. CMR has cut onboarding time from 8 days to 1 hour and has saved tens of thousands of staff hours which, in turn, has allowed for redeployment of those resources to other functions and has generated significant and measurable cost savings.