Enhanced Due Diligence with Automation - Avo Automation

Enhanced Due Diligence with Automation

CASE STUDY

KEY HIGHLIGHTS

The Industry

Banking

The Challenge

The bank’s IT team was looking to automate the Enhanced Due Diligence (EDD) process – a verification procedure for qualifying higher-risk customers

The Solution

Avo AssistTM a powerful robotic process automation solution, automated all tasks within the Enhanced Due Diligence (EDD) process, shortening the process from days to minutes

Benefits

  • Increased process speed from days to minutes
  • Increased approval time
  • Improved quality of data created

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BUSINESS OBJECTIVES

Financial institutions depend on speed and quality of service to keep customers satisfied and attract new business. A smooth and pleasant customer experience is critical to their success and ability to compete.

The bank’s IT team was looking to automate the Enhanced Due Diligence (EDD) process – a verification procedure for qualifying higher-risk customers. Through the EDD process, the bank is able to understand customer activity and mitigate associated risks. The faster they perform this process, the faster they can qualify a customer for a new bank service.

The EDD process was very inefficient for them due to manual steps. All applicant checks were performed manually for loan approval, which took 3 to 4 days to complete, slowing the time it took to activate a new loan.

The complete loan approval process comprised of:

Searching and collating the data from pre-defined sources including websites and 3rd party forums

Organizing gathered data as per the defined template

Determining background information of the applicant

Highlighting the risk, and categorizing the applicant into a high, medium or low risk band based on the data analyzed

Documenting findings and risk factors into a defined template

Sending the documented details to a supervisor and archiving them along with the raw data used to determine risk level

AVO AUTOMATION SOLUTION

Avo AssistTM a powerful robotic process automation solution, automated all tasks within the Enhanced Due Diligence (EDD) process. Combining automation with AI capabilites, Avo Assist:

  • Minimized the manual processing of process tasks
  • Reduced the completion time from days to 10 minutes
  • Analyzed documents using NLP (Natural Language Processing) and came up with a risk band for each customer
  • Ensured that in minutes all documents for a dossier of information could be sent to a supervisor for final verification.

BUSINESS BENEFITS

Increased process speed from days to minutes:
The EDD process was manual and used to take days to complete. This required extracting the data from the defined sources, organizing it and sending it for approval. With Avo Assist, the IT team was able to increase the speed of the EDD process from days to minutes.

Increased approval time:
Since EDD is an important part of the loan approval process, reduction in time can result in huge overall impact. With Avo Assist, the overall loan approval time was reduced by 3-4 days because the dossiers were available in minutes.

Improved quality of data created:
With less human intervention and more automated steps there were less errors in the final reports.

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