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Customer Story

Xebia Digitizes KYC for Leading UAE Bank Onboarding

Through Xebia's assistance,  a leading UAE financial institution achieved a 300% growth and significant cost reductions by digitizing our KYC process.
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Related Services
OCR Technology

Industry
Finance

Company
Xebia

One of the UAE’s best-performing banks for over five decades, and a leading financial institution with an expanding footprint across the Middle East and North Africa with a strong presence in the financial capitals of the world with international offices in Europe, Asia, Africa, and the US.
Why
The KYC (Know your customer) process was very slow and required manual intervention and a lot of paperwork.
What
Digitize the processes and go paperless.
How
Improved processes with OCR data extraction and CI/CD pipeline for seamless updates.

Transforming KYC

In collaboration with Xebia, a leading UAE financial institution has successfully modernized its KYC process by developing a user-friendly application for customers to update their KYC information, integrating OCR technology to automate data extraction and verification, which has resulted in reduced manual intervention and improved accuracy. Manual processes and reliance on paperwork for customer onboarding were major challenges that the bank faced. The KYC process was very slow and required manual intervention and a lot of paperwork. The entire process was distributed among many teams leading to a slow turnaround time. A small change to go live had to pass through multiple steps and checkpoints.

The successful implementation of the modernized KYC process, in collaboration with Xebia, has led to a 300% growth and improved customer experience, demonstrating the power of leveraging advanced technology and streamlining processes.

Modernizing KYC Processes

Implementing the modernized KYC process involved leveraging advanced technology and streamlining processes in collaboration with Xebia. This included developing a digitized KYC application, integrating OCR technology for automated data extraction and verification, and implementing a CI/CD pipeline for seamless updates. Consolidating individual and enterprise KYC processes under one unified team required strategic realignment of resources and processes to streamline operations and enhance accuracy. The successful implementation of the modernized KYC process resulted in improved customer experience, reduced operational costs, and strengthened compliance measures across the organization.

Cost Reduction and Digitization

The digitization of the entire KYC process for both individuals and enterprises, consolidated under one team, has significantly minimized the need for manual intervention. Redundant steps in the business processes have been eliminated, allowing for the seamless upload of information such as identity cards and personal details directly to the app. Leveraging OCR technology, data is extracted from the uploaded documents and cross-verified against bank records. Furthermore, implementing a CI/CD pipeline ensures that business changes on the application can be deployed live on demand. With Xebia's support, the financial institution has achieved 300% growth and substantial cost reductions, which can be attributed to the successful digitization of the KYC process. 

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