Onboarding a customer onto a bank is the very first impression that the bank can give to the customer and which gives a customer, an idea of the quality of service that they would be receiving once they’re on- boarded. Recently, Aspire Systems started working with one of Canada’s credit unions in order to onboard customers with Document Automation through RPA, where the entire verification and authentication of the customer’s various documents would be completed within minutes.

The Necessity & The Opportunity

In a world where experts predict 96% of millennials to involve themselves with a financial event in the form of a loan or savings plan in the next 36 months, it’s highly imperative that banks provide quick onboarding of the customer coupled with excellent financial advises for the customer’s wealth management program.

The Current Situation & the Process

Document Automation at banks is an extremely tiresome process and generally requires the customers to fill in particular details regarding themselves, followed by providing the various documents required for KYC verification. This process can take from one hour to much more, and since data entry is performed by the bank employee into the core banking system – this process is susceptible to errors, which can trigger the customer to change loyalties.

Also, errors could go undetected, or even if they were detected, emails or notifications had to manually go to the support team, which could be time-consuming and since, the volume of account creations are high, a particular customer could go undetected. Following all of this, only would the account be created and the account details be sent to the customer.

Aspire’s Document Automation Solution was a hit

Processes which generally took an hour, got done under 5 minutes – How did this happen?

Initially the customer fills in his details and provides the necessary documents for verification processes. The bot initially checks whether the necessary documents (also known as packets) are present for verification purposes. In case, the necessary packets are not available, the bot will send a notification to the support team, stating the same.

Once the documents are all available, the bot extracts the data from the different documents onto a sheet, present in its core banking system. The remaining data entry tabs are automatically entered in, by the bot and once the account is created (within 3 minutes), the support team and the customer is notified about the same. In case of ineligibility of a particular savings plan, due to the customer’s incorrect or invalid entry, the support team and the customer will be notified, making it highly efficient, time and cost savings in the long run.


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