Account Opening & KYC Automation with RPA

Account Opening & KYC Automation
with RPA

In certain periods, there is a significant increase in new account opening requests from the customers of financial services. These requests come from different channels such as email, WhatsApp, or webform and require the team to monitor all these channels.

Both the monitoring of these channels and the opening of the accounts are done manually by the employees. The data processed from these sources are also collected and processed manually.

Collecting requests, processing data, tracking the application, and reporting processes take too much time, which negatively affects customer acquisition and retention.

Automation Goals

  • Reducing the time required for account opening processes and increasing customer satisfaction
  • Reducing the KYC process times of incoming requests and minimizing data processing error
  • Staying competitive in the market by increasing the overall customer experience
  • Eliminating human error while processing sensitive customer data 

Automated Account Opening & KYC

Robusta RPA deploys RPA software robots to automate the entire account opening & KYC process which is received through several communication channels. The following processes can be automated using Robusta RPA’s software robots: 

  • Omnichannel monitoring: Integration of all communication channels, including WhatsApp, Email, Chatbot, and Webforms to receive the necessary documents for new accounts.
  • Identity Verification: Reading KYC documents using the Optical Character Recognition (OCR) function of the software robots and verification of the identity of the customer with the government site.
  • Bank System Validation: Checking the banking system if the customer has a record in the system and updating the system with the details from KYC documents.
  • CRM Entry: Extracting relevant information from documents and setting up a new account within CRM. 
  • Account Opening: Initiating and assigning all required tasks so that the operations team can open accounts within minutes.

Automation Benefits

Customer satisfaction of clients can be increased significantly, as the new account opening time is dramatically reduced and errors are eliminated.

  • Reduction in new account opening time.
  • Increase in the number of new accounts opened in a day.
  • increase in productivity of the customer operations team.
  • Reduction in resources required to perform operations.

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