AI & RPA-powered Streamlined KYC Framework

Problem Statement

Organizations today face numerous challenges when it comes to customer onboarding and KYC processes. Lengthy questionnaires, manual data entry, and lack of flexibility in capturing customer information can result in inefficiencies, poor customer experiences, and increased operational costs. It's time to revolutionize your KYC process with Coforge's Streamlined KYC Framework.

Solution Description

Our Streamlined KYC Framework offers a flexible and configurable solution that addresses the pain points of traditional KYC processes. With this framework, organizations can create, reuse, and customize application journeys for various products such as mortgage loans, auto loans, new bank accounts, and credit cards. The framework supports pre-qualification stages, captures essential customer data, and streamlines the entire application process.

Solution Features

AI Prediction: By harnessing the power of AI prediction, we can accurately foresee whether an application is bound to be a defaulter loan. Through the seamless integration of the Credit system with Salesforce, coupled with scrutiny of credit specifics and historical data, our AI-driven solution precisely predicts a defaulter status.

MuleSoft RPA Integration: Seamlessly integrate MuleSoft RPA with Salesforce to automate document validation, data capture, and update processes, ensuring accuracy and efficiency.

Sequencing and Error Handling: Manage the sequencing of questions and sections through simple configuration. Specify error types (hard stop or warning) for precise validation.

Data Types and Formats: Define question formats for text, number, currency, date, boolean, picklist, multi-picklist, radio options, checkbox groups, and output fields.

Dynamic Configuration: Effortlessly add, remove, or update questions, sections, and process tab locks using a point-and-click interface, eliminating the need for code changes.

Flexible Application Journeys: Easily configure pre-qualification stages before transitioning to specific product-related questions, ensuring a tailored customer experience.

Solution Application in Various Business Use Cases

Our Streamlined KYC Framework caters to diverse business scenarios, including:

• Flexible framework which can be customized to work across any BFSI product such as mortgages, auto loans, bank accounts, credit cards, personal loans, insurance policies, etc.
• Creating a knowledge base of frequently asked questions for easy problem solving.
• Providing customer support through chatbots.
• Training employees on new products or services.
• Collecting feedback from customers.
• Conducting market research.

Solution Benefits to Businesses

• Improved Customer Experience: Offer a user-friendly and intuitive interface that simplifies the onboarding process, reducing customer frustration and increasing satisfaction.
• Enhanced Efficiency: Reduce manual efforts and eliminate redundant data entry by automating key stages of the KYC process. This leads to faster turnaround times and increased productivity.
• Scalability and Customization: Easily adapt the framework to meet the specific needs of your organization, ensuring scalability as your business grows and evolves.
• Security and Compliance: Ensure compliance with industry standards and regulations, safeguarding customer data and maintaining data privacy.
• Time and Cost Savings: Streamline your KYC processes, reduce errors, and eliminate redundant tasks, resulting in significant time and cost savings.

Have a question? Write to us salesforce@coforge.com