During the customer onboarding process, collating data from disparate internal systems and external sources is a challenging task.
Bots can be used to collect and retrieve data from regulatory agencies (such as the Securities and Exchange Commission) and law enforcement agencies (the Federal Bureau of Investigation and Interpol) to speed up the onboarding process. Typically, banks are implementing RPA solutions for Know Your Customer (KYC) document gather and validation processes.
Going forward, banks are looking to leverage cognitive technologies like machine learning (ML) for document validation to quickly identify prospects with suspicious records and reject their applications. This will help banks avoid opening accounts of undesirable customers.