How Wipro Helps a Top US Bank Unleash the Power of Cognitive Computing for KYC Automation

Wipro offers best-in-class technology support skills around various third-party tools through its Wipro HOLMES offerings. The AI-based platform is focused on the technical capabilities that can assist clients in realizing the value of automation and run efficiently as an overall program to enhance the customer experience.

The platform equips clients with the right skills and talent-mix on tools implementation expertise.

Background of the Company

Being a machine learning and artificial intelligence-powered platform – Wipro HOMES offers cognitive services that enhance business processes through automation. Companies can expect to discover new solutions to their unique problems through Wipro HOLMES services. It enables them to thrive beyond their boundaries in the future.

Business Challenge

Since the credit crisis of 2008, the level has been increased on KYC compliance guidelines and Anti-Money Laundering standards. The raised standards require big banks and financial institutions to spend around $1 billion on compliance and KYC procedures.

Also, the client (a large universal bank) had to invest majorly in people and technologies. Till now its procedures were manual for information identification, collation, periodic reviews, and verification. Therefore, it used to take about one and a half-day to complete a single profile. The content management tools and source tracking processes of the bank required automation. The prevailing functions were time-consuming and error-prone leading to a weak audit trail.

Hence the bank was seeking for a partner who could assist implementation of a solution that ensures quick compliance and expedited regulatory reporting.

WIPRO's Deployment

Wipro leveraged the HOLMES Enterprise-Know Your Customer (E-KYC) solution for the client bank. Wipro HOLMES which is an Artificial Intelligence platform introduced cognitive search, aggregation, and automation to the enterprise KYC processes.

The AI-powered solution digitized the process value chain. It ensured regulatory adherence and also helped the bank improve content management and enhance processing time by deploying machine learning, semantic Web technology tools, and NLP-based cognitive search.

Solution

Wipro used bots for investigation, aggregation, extraction, and verification capable of mimicking agent tasks. It also deployed cognitive assistance in KYC due diligence to parse search for customer information, analysis, and investigation.

The Wipro's helping hand enabled an audit trail of analysis and decision support, automated preparation of case reports as per the defined policy. The technology also assigned levels of faith and relevance relying on the source and trust score of documents.

The AI-powered platform facilitated the processing of diverse document types including DOC, PDF, Web pages, emails, news sites, and databases.
Wipro's HOLMES E-KYC solution is developed to cohabit with banks' existing KYC operations and thus streamlines manual workflows and presents with deeper insights.

Benefits

Wipro's technology ensured regulatory compliance and improved customer experience for the bank. It reduced the KYC lifecycle by 30 to 50 percent. The bank noticed around 40 percent cost reduction in KYC application processing.

The AI-powered automation of checks and processes introduced a 40 percent reduction in cycle time. Additionally, the bank witnessed 30 percent declination in client outreach hence, increasing customer satisfaction levels.