e-kyc for improved compliance, better customer experience and
TRANSCRIPT
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ARTIFICIAL INTELLIGENCE PLATFORM
TM
Hello humans. Welcome to Intelligent Banking
E-KYCFor improved compliance, better customer experience and greater efficiency
Post the global financial crisis, regulators have raised the bar on Know Your Customer (KYC) obligations, which has become integral to a robust financial services ecosystem. Regulators have mandated more rigorous KYC processes to ensure prudent risk management as well as prevention of financial crimes.
With over US$ 40 billion of fines imposed by regulators and over 30,000 employees utilized by financial institutions globally, they are struggling to achieve their three KYC transformation objectives – better compliance, improved customer experience and higher operational efficiency.
This has forced Financial Institutions to launch comprehensive KYC transformation programs.
Navigating changewith the times
REGULATORS ARE MANDATINGTIGHTER KYC NORMSPost the global financial crisis, around 2008 regulators have raised the bar on Know Your Customer (KYC) obligations, which has become integral to a robust financial services ecosystem. This has been done to ensure prudent risk management as well as prevention of financial crimes.
With over $40 billion of fines imposed by regulators and over 30,000 employees utilized by Financial Institutions (FIs) globally, FIs are struggling to achieve their three KYC transformation objectives – better compliance, improved customer experience and higher operational efficiency.
NAVIGATING CHANGEWITH THE TIMES
Regulators are mandatingtighter KYC norms
Financial Institutions are focused on meeting immediate KYC remediation pressures with more efficient models. While financial institutions are keen to implement KYC programs, they are limited by their existing IT functionality and fragmentation.
The current process is extensively manual for information identification, extraction, aggregation and verification. The maker function is time consuming, results in a weaker audit trail and is prone to errors. The current technology capabilities at most Financial Institutions is not able to effectively address this challenge. Thus, FIs are exploring a sustainable solution that:
• Establishes compliance audit trail
• Is accurate and evolving with compliance requirement
• Automates
• Is context sensitive and complement skill requirements
CURRENT CHALLENGESIN EFFECTIVE KYC COMPLIANCE
Before thepressure mounts
FIs are focused on meeting immediate KYC remediation pressure with more efficient models. Though they are keen to implement KYC programs, they are limited by their existing IT functionality and fragmentation. The current technology at most FIs is not able to effectively address this challenge. Thus, FIs are exploring a sustainable solution that:
• Establishes compliance audit trail
• Is accurate and evolves with compliance requirement
• Automates
• Is context sensitive and complements skill requirements
Current challengesin effective KYC compliance
BEFORE THEPRESSURE MOUNTS
Hello Humans I AM COGNITIVE COMPUTING.I AM HOLMES.
ARTIFICIAL INTELLIGENCE PLATFORM
TM
The WIPRO HOLMES – Artificial Intelligence (AI) Platform is a rich set of cognitive computing services that enables development of AI applications. It is built from loosely coupled stacks and is built on open source technologies. The platform can learn about the process from observing agent behavior and data, is able to intelligently participate in the process and perform tasks, assist in decision-making, recommend solutions and prevent failures.
Wipro has developed an E-KYC solution on the WIPRO HOLMES AI Platform to deliver an automated, compliant, efficient, and cost-effective KYC process. It creates cognitive automation with the ability to learn continuously, interact naturally and make decisions through intelligent reasoning.
IntroducingWIPRO HOLMES E-KYC
Enterprise KYCBefore WIPRO HOLMES
Manual Data Entry
Aggregate
Analyze
Verify
Investigate
6-7Hours
Initiate WIPRO HOLMES
Enterprise KYCAfter WIPRO HOLMES
1-2Hours
Review Override
Aggregate
Analyze
Cognitive Assist
Automated DataEntry & Capture
Verify
Investigate
SIT BACK TO REAP THE BENEFITS
The WIPRO HOLMES E-KYC workbench creates investigation, aggregation, extraction and verification bots with abilities to mimic and enhance human activities. This enables an analyst to make decisions and deliver a superior experience leading to significant productivity improvements.
• Integrates, Aggregates and Synthesizes – Dynamically reaches out to internal and external sources and ensures completeness of information and creating an audit trail.
• Assigning Trust and Relevance – Assigns levels of trust and relevance based on the source and the trust scores of the document.
• Contextual Understanding –Algorithms for processing diverse document types including word and pdf, web pages, emails, news and databases. WIPRO HOLMES E-KYC ontology is built to understand the information in the context of KYC process.
• Continuous Learning – becomes smarter and quicker over time, as it learns from the decisions made and the results.
WIPRO HOLMES E-KYC SHIFTS PROCESS AUTOMATION TO THE NEXT LEVEL. IT PROVIDES COGNITIVE ASSISTANCE TO ANALYSTS, HELPS IN SLASHING PROCESSING EFFORT AND TIME, PREVENTS FAILURES AND ENABLES RETENTION OF LEARNING AND EXPERTISE.
WIPRO HOLMESE-KYC SOLUTION FEATURES
Sit back to reap the benefits
The WIPRO HOLMES E-KYC solution creates investigation, aggregation, extraction and verification bots with the ability to mimic and enhance human activities. This enables an analyst to make decisions and deliver a superior experience leading to significant productivity improvement
• Integrates, Aggregates and Synthesizes: Dynamically reaches out to internal and external sources and ensures completeness of information and creates an audit trail
• Assigning Trust and Relevance: Assigns levels of trust and relevancebased on the source and the trust scores of the document
• Contextual Understanding: Algorithms for processing diverse document types including DOC and PDF, web pages, emails, news sites and databases. The ontology is built to understand the information in the context of KYC processes
• Continuous Learning: Becomes smarter and quicker over time, as it learns from the decisions made and the results
WIPRO HOLMES E-KYC shifts process automation to the next level. It provides cognitive assistance to analysts, helps in slashing processing effort and time, prevents failures and enables retention of learning and expertise.
WIPRO HOLMESE-KYC solution features
Once in place, there’sno looking back
The solution co-exists with the financial institutions existing KYC solution and it moves the KYC effort from being a manual document-driven process to cognitive process automation. Key benefits include substantial increase in customer experience and regulatory compliance.
WIPRO HOLMESE-KYC solution benefits
Reduction in Client Document Collection
Reduction in Processing Effort
Reduction in Cost
Reduction in KYCCycle Time
30%upto
40%upto
40%upto
30%upto
Differentiators
Cognitive Assist, Accelerate and
Automate
Cognitive Capabilities Information Integration
Document Indexing and Automation
Business Process Execution
Success Stories
Enabled completion of more than 7,000 reviews year on year
Enabled cleaning up of backlog entities
Quicker turnaround supported by the onshore approval team
Risk coverage of reputation, AML and the regulatory side
Benefits:
A Global Investment BankKYC / AML Process Assist
A risk-based solution that adheres to the requirements of AML compliance
Increased frequency of sanction checks leading to greater assurance
Benefits:
A Leading Financial InstitutionSimplifying Due Diligence and Sanction Sweep
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ABOUT WIPRO LTD.Wipro Ltd. (NYSE:WIT) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology.” By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 160,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com