Evolution AI uses its machine reading technologies to automate the KYC process for financial services firms
All new account applications for either businesses or individuals require due diligence to address financial crime risk and to satisfy internal compliance requirements.
As part of this process, case handlers must review an extensive Know-your-Customer (KYC) application form. It can take up to a week to assess an application, with frequent back-and-forth between the bank and clients. This lengthy process can result in low customer satisfaction and loss of business.
Our automated KYC system crawls the web for data and flags inconsistencies between different sections of the application form. Based on these inconsistencies, it returns a recommendation, along with an explanation behind the recommendation.
Combined with the high-volume processing capabilities of the API, our solution cuts down time and costs involved in assessing an application. The accuracy of our system exceeds the accuracy of human case-handlers by a large margin.