Accelerating KYC and customer onboarding in BFSI with Zoho RPA

KYC processing

RPA bots are transforming the landscape of KYC and customer onboarding in the BFSI sector. These bots can gather and verify customer information from various sources swiftly and accurately, and also ensure compliance with regulatory requirements, ultimately minimizing the risk of errors and fraud.

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Delegate massive volumes of KYC processing to Zoho RPA 

 KYC isn't a one-time process; banks are required to continuously monitor customer transactions for suspicious activities that may indicate money laundering, fraud, or other illicit activities. This involves setting up automated systems and manual checks to flag unusual transactions for further investigation. 

Zoho RPA can be configured to a set of predefined compliance rules and regulations, and can emulate these human actions across digital applications, ensuring that KYC processes adhere to legal and regulatory requirements. This can free up human resources to focus on strategic activities, integrate seamlessly with existing systems, and ultimately achieve a more efficient KYC processing workflow. 

How Zoho RPA can help automate the manual steps in KYC processing

Let's dive in to the end-to-end processing of bank loans, which involves several stages:

Stage

Without Zoho RPA

With Zoho RPA

Application Submission

Bank employees manually input customer information from physical documents into digital systems, which can be time-consuming and error-prone.

RPA bots can automatically extract customer information from digital forms, identity documents, and databases, reducing manual data entry and errors.

Customer due diligence (CDD)

Bank employees manually verify customer identity by conducting checks through various databases and documents, which is labor-intensive and may lead to delays.

RPA bots can cross-reference customer information with external databases and perform background checks automatically, speeding up the verification process.

Compliance checks

Bank employees compare customer info against rules and policies manually.

Compliance checks are conducted by RPA bots, which ensure that all necessary checks are completed accurately and promptly, reducing the risk of non-compliance and penalties.

KYC refresh

Bank employees manually review customer information periodically and initiate KYC refresh processes, which may lead to delays in updating outdated information.

RPA bots can initiate KYC refresh processes based on predefined schedules or triggers, updating customer information automatically.

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Frequently asked questions

  • What is Zoho RPA?

    Zoho RPA is a cutting-edge solution that automates manual, tedious, and repetitive tasks to streamline processes and operations. By connecting a vast array of modern and legacy applications, it's designed to redefine how you approach automation.

  • What are the benefits of Zoho RPA?

    Strategic automation: Let bots handle manual, repetitive tasks, allowing your team to focus on other, more important initiatives.

    Seamless integration: Connect with a vast array of 900+ modern and legacy applications.

    Scalability: Grow your automation capabilities in line with your business needs.

  • What are the key features of Zoho RPA?

    • Web automation
    • Windows automation
    • Excel automation
    • Files & Folders automation
    • API cloud services integration
    • Deluge custom functions
    • Powerful Windows and web-based recorder

  • What primary target processes are suitable for RPA automation?

    Zoho RPA can automate four types of primary target processes:

    • Manual
    • Repetitive
    • Rule-based
    • Processes with low-exception-rate