Across the board companies are toying with digital transformation with financial services firms at the forefront of it. However, the benefits aren’t accruing much as yet, according to business intelligence supplied by the Harvard Business Review Analytic Services and the EXL Service. However, on closer scrutiny, this is because most of these transformations are only seeking to work on functional aspects. It is not always about the availability of some technology, but also about using the right set. The EXL Service itself worked with HSBC on its KYC (Know Your Customers) processes. It was here realized that the use of natural language processing and Artificial Intelligence (AI) can help reduce turnaround and employee onboarding time by up to 90% and 70% respectively.

Source:https://www.forbes.com/sites/tomgroenfeldt/2018/12/03/reducing-kyc-costs-with-digital-and-artificial-intelligence/#2e168e3d240b

Uploaded Date:31st December 2018