The Challenge
Axis Bank faced significant challenges with its manual KYC processes, which needed to be faster, more efficient, and prone to errors. The verification of critical documents such as Aadhar, PAN Card, and Voter ID was time-consuming and required extensive manual effort.
- Slow Verification
The manual process resulted in delays, frustrating customers who expected quicker service.
- High Error Rate
Errors in document verification were common, leading to potential data discrepancies and customer dissatisfaction.
- Cross-Verification Complexity
The need to cross-verify information across multiple document categories added to the complexity and created inconsistencies.
- Operational Bottlenecks
These issues led to operational inefficiencies, limiting the bank’s ability to scale and deliver a smooth, timely KYC process to its growing customer base.
60-65%
reduction in operational costs
''Using Arya APIs, we have automated the process of data extraction from KYC submissions as well as Transaction documents along with translation of certain ID proof(s) originally provided in foreign languages, which has greatly eased the operational workload on our team & also saved us on processing time which in turn enhances our overall customer experience."
Vice President Technology
Axis Bank
Solution
To address these challenges, Axis Bank partnered with Arya AI to implement an intelligent KYC solution that streamlined document verification and reduced manual errors. Arya AI’s solution combined advanced classification and information extraction into a single, powerful AI API, transforming Axis Bank’s KYC process.
Key highlights of the Arya AI solution include:
- Automated Document Classification and Extraction
The AI API automatically identified and processed unlabelled documents such as Aadhar, PAN, and Voter IDs, significantly improving accuracy and efficiency.
- Seamless Integration
The modular and open design of Arya AI’s solution allowed for quick and easy integration with Axis Bank’s existing systems, ensuring minimal disruption to ongoing operations.
- Reduced Manual Intervention
By automating key steps in the verification process, the solution reduced the need for manual checks, speeding up KYC completion and minimizing human errors.
Results
The implementation of Arya AI’s solution delivered impressive results for Axis Bank:
- Faster KYC Verification
The AI-powered automation accelerated the verification process, enabling quicker onboarding for customers.
- Significant Cost Reduction
Operational costs were reduced by 60-65%, as manual intervention and time-consuming verification tasks were minimized.
- Enhanced Customer Experience
The streamlined process improved the overall customer onboarding experience, leading to higher satisfaction rates.
- Industry Benchmarking
The solution set new standards for operational efficiency, positioning Axis Bank as a leader in adopting AI-powered technologies within the banking sector.
.png)
.png)
.png)
.svg)
