Knowing Your Customer (KYC) is the process of understanding and validating the authenticity of the business’ potential clients and risk that it might impose onto the relationship. KYC solutions enable access to detailed information ensuring the credibility of clients and expediting the client onboarding. KYC solution also automate previously manual processes and reduce repetition, saving time and money for the firm. The KYC solution streamlines the KYC process by automating the processing of customer data, sorting the data by type and storing it in a data lake. The solution reduces clutter and maintains lean operations by centralizing KYC data for any branch to query from. The solution increases operational efficiency and reduces overhead manpower cost incurred in processing consumer data manually. The time to process a client’s information is reduced from 18 minutes to 1 minute by leveraging on automation. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. KYC automation using artificial intelligence
(AI)
Case study
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.
Contact us
Challenges faced by central bank branch
Enabling fully automated central
KYC processes
Ensuring accuracy and reliability of
KYC documentation
Unifying data from multiple sources
into a single data lake
Maximizing banking operations
utility and efficiency
Reducing manpower overhead cost
Minimizing labor intensive
processes
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Leading-edge tech capabilities
• 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
AI Cryptography Big data optimization
Features of fully automated KYC solution
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
Final output is
completely KYC
compliant and stored
securely
Fully automated KYC solution powered by AI
All documents
of customer
are collectively
scanned in a
single go
Only a single
scanning is
required for all
documents
AI engine sorts
and tags the
different
documents
Output is
generated in
central KYC
format
In less than a minute
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction and advisory
services. The insights and quality services we deliver help build
trust and confidence in the capital markets and in economies the
world over. We develop outstanding leaders who team to deliver
on our promises to all of our stakeholders. In so doing, we play a
critical role in building a better working world for our people, for
our clients and for our communities.
EY refers to the global organization, and may refer to one or
more, of the member firms of Ernst & Young Global Limited, each
of which is a separate legal entity. Ernst & Young Global Limited,
a UK company limited by guarantee, does not provide services to
clients. For more information about our organization, please visit
ey.com.
© 2018 EYGM Limited.
All Rights Reserved.
EYG no. 011378-18Gbl
ED None.
This material has been prepared for general informational purposes only and is not
intended to be relied upon as accounting, tax or other professional advice. Please
refer to your advisors for specific advice.
ey.com