A multi-national bank runs a KYC process that requires manual scrutiny of 1,200 complex documents per month.
A multi-national bank runs a KYC process that requires manual scrutiny of 1,200 complex documents per month.
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.
Applica was trained with an extremely small number of examples and achieved a 1:1 replacement of human lawyers.
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.
