City Union Bank Reduces Onboarding Time from 8 days to 1 hour
City Union Bank Reduces Onboarding Time from 8 days to 1 hour
2 Pages0% Errors 100% compliance 97% increase in productivity Challenges As part of the bank’s Know Your Customer (KYC) process, the business needed to allow customers to open new accounts across channels, without compromising the bank’s standards for assessing applications. CUB was adding 200 new customers each month and its operations team had to manually verify around 100,000 pages of supporting documents in a variety of formats. City Union Bank Reduces Onboarding Time from 8 days to 1 hour Product Cognitive Machine Reading Process Automated Know Your Customer (KYC) Industry Banking 90% decrease in FTEs Client Profile Since 1904, City Union Bank (CUB) is one of the largest financial services company headquartered in Kumbakonam, India. CUB has over 700 branches and they provide their cus
