Our client, a global BSFI player with more than 90 million customers around the world, wanted to perform a Customer Identification Program (CIP) review for their trust account holders. This involved a comprehensive review of several unformatted documents for over 150,000 clients with trust accounts. This required a very comprehensive review process involving a huge volume of documents. Manual verification would have taken years and had to employ hundreds of personnel.
With Jiffy.ai, the client saved time, reduced errors, saved costs and improved customer satisfaction by ensuring least inconvenience to them.
Heavy volume of documents:
CIP/KYC verification for over 150,000 customers necessitated a review of as many documents or more. Manual verification will not only be time-consuming, but also error-prone.
Our client was under a tight schedule to complete the CIP/KYC process. This meant that manual processing was unviable, requiring significant investment in cost, time and effort.
The client had tried alternate automation solutions for processing documents using open source tools and other methods, which added to the complexity, giving rise to additional challenges.
Increased cost to customer:
Eventually, the customer had to bear overhead costs of maintaining these KYC documents.
As a ‘gamechanger’ in the BFSI space (as listed by IDC), Jiffy.ai had an industry-specific solution suited perfectly to the needs of our client.
Jiffy.ai's intelligent document processing capabilities scanned documents with OCR, extracted relevant details, flagged documents which did not have the required information, and created reports and audit trail across all touchpoints.
Jiffy.ai automated complex processes, bringing together its cognitive capabilities, machine learning and natural language processing features. With a combination of rule-based and intelligent automation, Jiffy.ai processed hundreds of thousands of documents in record time. With each exception, Jiffy learned to interpret complex data formats, minimizing manual intervention with long-term use.
Efficiency and TAT improvement:
90% improvement in efficiency and 95% reduction in turnaround time
90% automation coverage, resulting in 12X reduction in effort required to process a new document
High volumes handled with ease:
200,000 documents processed
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