The solution seamlessly and securely onboards customer with swift and accurate KYC processes powered by AI with custom-trained bank digital database, computer vision capability for object detection, intelligence character recognition (ICR), biometrics capability for facial recognition and application program interface (API) capability.

1. KYC automation using AI
Ensuring accuracy
and reliability of
KYC documentation
Reducing manpower
overhead cost
Enabling fully
automated central
KYC processes
Leading-edge tech capabilities
Challenges faced by central bank branch Case study
Unifying data from
multiple sources
into a single data
lake
AI
Big data
optimization
Context:
A banking client was looking for solutions
to seamlessly integrate central KYC
banking operations as part of their digital
automation initiative. With over 13,000
bank branches operating globally, their
manual and multi-step KYC process
provides an intriguing opportunity for
banks to automate their KYC services.
Recommended configuration:
• The AI-powered KYC engine allows the
bank to integrate the KYC processes
into a four-step process by automating
the uploading process, as well as the
classification and scoring of KYC
documents.
• Scanning all the customer’s
documents, such as proof of identity
(POI), proof of address (POA), account
opening form (AOF) and client
information sheet (CIS), collectively in
a single go ensures all documents are
correctly tagged to a specific individual
so as to ensure the overall accuracy of
the KYC documentation results.
Client impact:
• Bank can facilitate a seamless customer
onboarding process with fast and accurate
KYC processes.
• The time to process a client’s KYC
document had been reduced from an
average of 18 minutes to less than an
average of 1 minute.
• It increased the KYC processing scale to
over 0.8 million documents a day.
• Automation of processes reduced over
6,000 manual-resources across the
organization.
Cryptography
Minimizing labor
intensive processes
Maximizing banking
operations utility and
efficiency
Fully automated KYC solution powered by AI
AI engine
sorts and
tags the
different
documents.
Only a single
scanning is
required for
all
documents.
Output is
generated in
central KYC
format.
All documents
of customer
are
collectively
scanned in a
single go.
Features of fully automated KYC solution
• Visual recognition of ID
• Face biometrics
• Data extraction from
documents
• Storage of sensitive
documents
• Executed transactions
audit trail
• Secure sharing
• Fast querying across
large datasets
• Efficient mapping for
faster lookups
► In less than a minute
Final output is
completely KYC
compliant and
stored securely
Core AI engine custom-trained on the
basis of bank’s own data
Computer vision capability for object
detection, OCR, intelligence
character recognition (ICR) and so
on.
Biometrics capability for face
recognition
API capability for handling different
applications at massive scale
Varun Mittal
Global Emerging Markets
FinTech lead
varun.mittal@sg.ey.com
Contact us
FinTech Hub
www.ey.com/sg/FinTechHub