KYC (Know Your Customer)

Applica can process documents quicker, cheaper, and with more accuracy than human lawyers.

The SItuation

A multi-national bank runs a KYC process that requires manual scrutiny of 1,200 complex documents per month.

The Problem

The manual process is expensive as it’s executed by qualified attorneys. It is also time consuming as each document takes 48 hours to process. Finally, it is fallible as it relies on numerous external factors to work properly.

The Solution

Applica was trained with an extremely small number of examples and achieved a 1:1 replacement of human lawyers.

The Results

Automation accuracy levels are 98% and the platform learned from the 2% of corner cases for future use. The document turnover time decreased from two days to just five minutes, elevating the bank’s level of customer service.

More Use cases

Financial Services
Mortgage Origination
Comprehend and extract information from nearly all document types involved in the mortgage life cycle–resulting in greater speed, scalability, and profitability.
Loss Runs
Applica eliminates the need for data labeling and requires less time, effort, and fewer document samples than other solutions, giving you more control over loss run reports and data lake analysis.
Lab Reports
Applica can automatically process thousands of forms in minutes, regardless of complexity or variability.

Curious how Applica can support your business?

Schedule a Demo