Streamlining KYC Compliance with Intelligent Document Processing

Client Profile

A prominent financial service company dedicated to delivering secure, reliable, and efficient financial services to its customers is transforming India's lending ecosystem. They provide diverse financial solutions, including Home Loans, Loans Against Property, and Business Loans. With a presence in over 30 cities nationwide, they are committed to making their services accessible wherever needed.

Key requirements and challenges

As part of its growth strategy, the company has prioritized regulatory compliance, focusing on strengthening Know Your Customer (KYC) processes. However, the traditional, manual KYC approach posed several challenges:

Time-consuming and error-prone: Manual processes were slowing operations and increasing the likelihood of mistakes.

Compliance risks: Human errors elevated non-compliance risk, impacting regulatory standards.

Scalability issues: The manual approach struggled to keep pace with growing customer numbers, limiting scalability.

Solution

Flentas implemented an intelligent document processing (IDP) solution to address these challenges, leveraging several AWS services. The solution was designed to automate the KYC document processing workflow, ensuring speed, accuracy, and seamless integration with their existing systems:

1. Document Ingestion : Documents were securely uploaded to the system, where Amazon Rekognition applied its optical character recognition (OCR) technology to extract text from the Documents.

2. Generative AI Processing : The extracted text was then processed using a generative AI model on AWS Bedrock, which intelligently identified and extracted critical information, such as customer name, address, date of birth, and document identification numbers.

3. Data Validation : The extracted data was validated against multiple data sources, ensuring accuracy and compliance with regulatory standards.

4. Seamless Integration : The structured KYC data was automatically integrated into their existing systems, streamlining the customer onboarding process and ensuring efficient customer due diligence.

Components and Services

Amazon Rekognition
For advanced OCR capabilities, enabling accurate text extraction from various KYC documents.

Amazon Bedrock
Hosted generative AI models responsible for intelligent information extraction and classification.

Amazon S3
Secured storage and management of KYC documents and the extracted data.

AWS Lambda
Facilitated serverless computing to trigger various automated tasks such as data validation and integration.

Amazon DynamoDB
A NoSQL database used for storing structured KYC data, providing fast and flexible access to the information.

Business Impact

The intelligent document processing solution delivered significant improvements to the KYC operations, including:

Efficiency Gains

The automated solution reduced KYC processing time by over 80%, significantly speeding up customer onboarding and operational workflows.

Cost Savings

Automation of previously manual tasks led to notable reductions in operational costs, allowing them to reallocate resources to higher-value activities.

Improved Accuracy

By eliminating human error, the use of generative AI-enhanced the accuracy of data extraction, ensuring full compliance with KYC regulations.

Enhanced Customer Experience

Faster and more reliable KYC processing improved the overall customer experience, leading to higher customer satisfaction and loyalty.