Adopt New technology of verification
KYC is an important element in the bank. Without the KYC of the customers banks are not allowed to open the accounts of any person. There are many guidelines provided by the RBI to banks in regards with the KYC. KYC automated solutions are being used instead of manual KYC these days.
The banks are making use of robotic process automation and artificial intelligence to verify their customer’s identity. The RPA and AI can prove you to be the best investment for the future.
Benefits of RPA and AI:
Customer data compilation
It helps you in the smart compilation of the data. This eliminates the chances of errors which are usually done by the humans while storing the data. This compilation gives a clear picture of the customer’s accounts to the banks.
Monitoring regulation laws
The continuous monitoring of the data is a tedious task. The clerks cannot give such a concentration for noticing the small details of clients account background. This is the drawback of human work which is over come by the artificial intelligence and the robotic process automation. This newly developed technology is basically works to find out the perils in opening the account of your various customers
Helps in account opening
The RPA and AI help in finding out the credibility limits of the customer before opening the account. They efficiently screen the transaction of every customer and let you know your potential customers. They can even reject the opening of account of any person if they find any error in the verification.
The RPA and AI prove to very cost effective as compared to the manual workers. It is not possible for any single man to handle large amount of data and keep monitoring it regularly. You will need a number of employees for doing such a tiring task. Humans usually commit error but machine is errorless. Paying a number of employees and still bearing the risk of error is a bad idea. The RPA and AI reduces both the cost and eliminates the risk associated.
Enhance the customer trust
Basic motive of the bank is to enhance the trust of the customer through better service. The RPA and AI help in increasing the manner of your customers by making them assured that their funds kept in the banks. These technologies helps in reducing the frauds and increase the customer satisfaction that can help you in better goodwill and you can make your bank grow.