Intelligent Onboarding Solutions

intelligent digital onboarding

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Unitek's Solution: Know Your Customer (KYC)

Unitek’s Intelligent Onboarding and Identity Verification accelerates the onboarding process for banks, insurers, and fin techs. The document verification technology makes it easy for users to scan the required photo ID from any device and then checks that it is genuine. The technology will ensure the person uploading the photo ID and other documents is the same person in the photo ID by asking the user to record their voice and themselves following simple actions. By doing so, fraud is avoided while also reducing lead times and processing costs.

Too Many Touch Points in a Document Heavy Process

Problem 1: Too Many Touch Points

When banks or other organisations are onboarding a new customer, the customer will have to interact with various departments each with their own set of rules and requirements creating lead times of up to 6 weeks. Customers often find that different departments may require the same documents as previous departments leading to confusion and repetitive steps. These challenges lead to bigger problems when the customer gets frustrated by the time the process takes and abandons the onboarding process altogether.

 

It costs companies £10/€11 to process each paper document. Now consider how that cost builds in document heavy processes like intelligent onboarding. 

Besides cost, document heavy processes often result in high human error.

 

 

Solution 1:  OCR and Intelligent Data Extraction

In such document-heavy processes, automation has helped reduce costs by 75% and cut processing times down from weeks to minutes, but how? 

 

Intelligent data extraction can read unstructured, semi-structured, or structured documents that are handwritten or otherwise. The intelligent technology cuts processing time down from weeks to minutes leaving employees free to focus on more important responsibilities and saving costs.

Human Error Increasing Lead Times

Problem 2: Manual Intervention and Errors

These document heavy processes require manual intervention by personnel. Not only does this take time away from employees that could be used to make an impact, but it also results in errors. In data processing, 70% of data incidents are caused by humans. Errors in onboarding result in increased lead times and consequential costs. When riddled with errors, the process requires quality assurance checks to ensure the error did not cause any other repercussions.

 

Solution 2:  Accurate Data Entry and Extraction

As mentioned previously, intelligent data entry and extraction can read and process documents that vary in structure and quality. The technology knows what information is important and digitises the data without error.

Maintaining Regulatory Compliance

Problem 3: Changing Regulations

In industries where regulatory compliance is crucial, the reality that regulations constantly change can lead to challenges. Typically banks and other financial institutions need to maintain a steady review process to make sure they are up to date on regulatory changes. But to do so, these organizations need to ensure that all organizational systems and communications reflect the changes. The sheer volume of changes create a chain reaction through organizations and what needs to be updated does not always get updated.

 

As a result, companies end up running into trouble when certain onboarding processes do not meet regulatory requirements. They then have to work backwards and spend money to find out what went wrong and where. To put it into numbers, since 2018, 70% of the globe’s spending in financial crime enforcement was associated with discrepancies in onboarding regulatory compliance adding up to €4.5 billion. 

 

Solution 3: Staying Compliant

Automation technology definitively outlines regulatory compliance necessities that are relevant to a company’s operations to ensure requirements are upheld. 


With that being said, it is crucial that the changes in regulatory compliance requirements are communicated across entire organisations. Automation provides the infrastructure to keep everyone in an organization up to date by automating compliance checks and resulting communication. It can be as simple as an automated workflow that sends an email highlighting the changes in regulations as soon as the change happens. 

Integrating New Tech with Legacy Systems

Problem 4: Legacy Systems

Legacy systems make it difficult to provide a seamless experience to customers. At the same time, it causes internal issues in maintaining up-to-date data across the organization. Prior to automation, legacy systems that were not initially designed to work together created data silos. These silos house data that can be accessed by cannot move across systems.

 

Solution 4: Integration with No-Code Automation

Unitek’s automation solutions do not require any code and can integrate seamlessly with virtually every legacy system. The platform helps to digitise physical legacy systems and implement automation without disrupting workflow.

More To Explore

Latest News

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