Wipro helps BFSIs cut costs with automated KYC

BANGALORE, INDIA: Wipro Ltd. today rolled out enterprise-Know Your Customer (e-KYC), an automation solution for global financial institutions, built on the company's Artificial Intelligence platform Wipro HOLMES.

Know Your Customer (KYC) is a business process to verify the identity of customers. Evolving regulatory reforms require financial institutions to significantly strengthen their KYC and customer on-boarding processes and practices.

The solution, being offered as Business-Process-as-a-Service (BPaaS), will address the requirements of banks, insurance companies, brokerage firms and non-banking financial institutions, in a services and outcome based business model.

The solution will help clients achieve cost savings upto 35 per cent. It will also enable greater accuracy, improved customer experience and assurance of better quality KYC, in line with regulatory requirements. This solution has been designed around key aspects such as natural interaction, multi-structured information processing, machine learning and reasoning.

Wipro HOLMES leverages semantics, machine learning, pattern recognition and knowledge modeling technologies to enable solutions that add valuable context, intelligence and automation to enterprises.

Wipro's e-KYC solution uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification.

Nagendra P Bandaru, Senior Vice President and Global head, Business Process Services, Wipro Ltd, said, "Post the last global financial downturn, regulators have raised the bar on KYC obligations. We are confident that our enterprise-KYC solution will help our customers in the financial services industry fulfill their regulatory obligations in a significantly more effective and efficient manner."