An 'enterprise-Know Your Customer' e-KYC solution for financial institutions

Wipro announced the first rollout of ‘enterprise-Know Your Customer (e-KYC)’, an automation solution for global financial institutions, built on the company’s Artificial Intelligence platform ‘Wipro HOLMES’ that is built on open source technologies. The solution, being offered as Business-Process-as-a-Service (BPaaS), will address the requirements of banks, insurance companies, brokerage firms and non-banking financial institutions, in a ‘services and outcome based’ business model.

Wipro’s e-KYC solution uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification. Software bots built on Wipro HOLMES platform can be used to automate industry specific business processes. Wipro HOLMES leverages semantics, machine learning, pattern recognition and knowledge modeling technologies to enable solutions that add valuable context, intelligence and automation to enterprises.

Know Your Customer (KYC) is a business process to verify the identity of customers. Evolving regulatory reforms require financial institutions to significantly strengthen their KYC and customer on-boarding processes and practices. As a result, the processes around the collation, validation, safeguarding and monitoring of potential customers’ identification and financial information have become crucial.

The solution will help clients achieve cost savings upto 35%. It will also enable greater accuracy, improved customer experience and assurance of better quality KYC, in line with regulatory requirements. This solution has been designed around key aspects such as natural interaction, multi-structured information processing, machine learning and reasoning.