Gone are those days when customers would visit their bank branch for any large transactions! With the advancement of mobile and net banking and UPI payment systems, digital transactions have become the norm of the day for most people. While this has made life easier for everyone, it has also given a rise to banking scams and identity theft cases. To avoid such negative situations, banks ask customers to regularly update their KYC documentation.
KYC, or Know Your Customer, is a set of identification documents that every customer has to mandatorily submit to the bank while opening a new account. This includes information like PAN card, Aadhar card, address proof, visual ID proof, and so on. To follow the best practices in banking, it is advised that the KYC process should be updated at least once a year to avoid any false data.
Traditionally, the KYC process has always required customers to visit their respective branches. In most cases, this means half of your day is gone due to this. Most people view it as a hassle and waste of time, which is why a majority of customers choose not to update their KYC regularly.
With digital banking gaining popularity, banks have now switched to eKYC process. Customers can use a government-approved link or API to upload their documents to a secure server and update their KYC information. The eKYC process is done using advanced technology like Robotic Process Automation (RPA) and other AI tools.
Below, we look at some key advantages of integrating the KYC process with an RPA software.
- Reduces error
Automation in the KYC process cuts down on human intervention and minimizes the chances of manual errors. eKYC brings down the error rate significantly, increasing the efficiency of the system.
- Reduces backlog
With the traditional method of doing KYC, bank employees had to manually validate all the submitted documents for each customer. This often caused a backlog in the system. With an automated KYC process, the documents can be updated within minutes. There is zero backlogs created.
- Transparency in data
In the traditional KYC process, the documents were validated and entered into the system by one person only. Managers or supervisors didn’t get a chance to check the data. With KYC automation, managers and other heads can view all customer data easily in a systematic way. This increases transparency in the system.
- Increased speed
With the traditional method of KYC filing, employees would get tired and take breaks. But with robotic process automation, bots neither get tired nor do they need tea and coffee breaks. This makes the process go much faster, allowing more customers to update their KYC information quickly and efficiently.
How does FusionEzee ESB help with the eKYC process?
Fz DigiParse is a RPA (Robotic Process Automation) Solution where any document (like ID, Passport, Co Registration papers) can be scanned and parsed and the content of the document will be filled to the respective forms automatically. During this process organization using Fz Digiparse do not require to disturb their legacy system. It is can be easily installed in your browser extension.
The same process can be used to scan and parse Invoices, Purchase Orders, Goods Receipt Notes, Delivery notes and update any Supply Management System or ERP, etc.
Thanks to the RPA feature, completing the KYC process using Fz DigiParse is just a one-click solution now!