Banking in the Era of Instant Gratification


How RPA can Help Banks and Financial Institutions Engage Gen Z and Others to Come

A couple of decades ago, customers queued up at banks to avail of their services. They spoke to a banker, who knew them by person and banking was performed on personal faith the banker’s whim. The IT generation — Gen X — not only used banks in greater numbers but also expected any time money, Internet access, and a 24×7 hotline. Banks grudgingly adopted the technology, even if late.

Even before all banks have been able to completely digitize to meet the needs of Gen X, the time has come to serve a much more challenging and demanding Gen Z. Customers of today expect instant access to their information at the press of a button yet hold privacy as paramount. They want to perform a wide range of services with minimal inconvenience yet want all those transactions to be secure. They want to be served immediately, without compromising on experience. They want a highly personalized service but would do anything not to talk to a real human being!

In a highly fragmented and constantly disrupted world of financial services, banks need to change quickly and intelligently to accommodate this attitudinal shift. To enable immediacy, privacy, security, optimum experience and personalization, banks need to embrace automation with both hands and then some!

Yet automating internal or backend processes alone don’t cut it. To truly transform customer experience banks needs to boldly bring robotic process automation to the customer. Onboarding and KYC are prime candidates.

Anti Money Laundering (AML) and Know Your Customer (KYC) measures are becoming mandatory across the globe; a small misstep in KYC would mean huge fines for the institution. In fact, fines for US and EU banks ran into billions for lack of KYC programs and AML compliance.

How Can You Use RPA to Automate KYC Procedures?

Firstly, a KYC program should look at both new customers and periodic checks and information refresh of existing customers. RPA can help reach Gen Z customers in an obstructive manner and remind them of their periodic need to complete KYC procedures. It can also give them self-service options to upload their information in the recommended format.

With a collection of data made self-service, the true value of RPA can be realized. RPA can perform the monotonous process of verifying the information quickly, efficiently and without errors. If there are no concerns, the customer can be informed immediately, closing the loop. In case of issues, they can be flagged for an officer to look into.

Since the rules are unambiguous, RPA can scale the KYC programs quickly and, in a cost-efficiently, handling any number of customers without glitches. This is what we did for a global BFSI major: automated the customer identification program for over 90 million customers with JiffyRPA.

Their major challenges in this were that:

  1. The volume of data was huge and indifferent.
  2. Their turnaround time for CIP processes was sub-optimal.
  3. The program needs to extend to existing customers, which means running through their document database and identify missing pieces of data to enable compliance.
  4. They did not have a dashboard of reports about the CIP.

KYC in a Jiffy

With JiffyRPA, we reduced the processing time by 90%. We reduced time spent in correction by over 67%. We enabled clear visibility into the 200,000 documents that were processed.

Read more about how this global BFSI institution evolved to meet the demands of Gen Z in our case study here.