Banking Modernization By Digital Transformation
Challenge
The client wanted to partner with an experienced digital transformation service provider to position itself for rapid growth, but it had never trusted a third party on such a large scale before. From signature identification to document management system, the aim was to transform every function in the operations. The client, on the other hand, lacked the necessary workforce to effectively handle and organize the various needed tasks while still overseeing existing operations. For support, the business turned to cloudloom's highly regarded team of experts.
Solution
cloudloom rose to the occasion, paying close attention to every detail, keeping the bank fully on schedule. We conducted a thorough baseline analysis and figured out what worked and what didn't. We identified roadblocks and places where best practices had failed, and prioritized fixes and improvements to transform the following:
- Data pre-population, document identification, and data matching
- Integration of Android & iOS SDK into customer’s mobile applications
- Digitize greater part of the form filling process to save time and manual effort of data entry
- Image compression up to 90% can also be used in the future to perform OCR again
- Signature identification & verification from documents
- Search extracted keywords and fetch documents from DMS (document management system)
- Digi-Match replaces the manual eye-ball matching process
- Mask sensitive information on archived scanned documents in compliance with regulations on handling PII (personally identifiable information) and data privacy
- Automate the verification process and eliminate the unintentional submission of bogus documents
- Face identification and verification with documents & face mask
Benefits
- Customers benefited from a balance of personal in-branch relationships and easy mobile and online access because the client operated with reliable data and a common source of reality.
- Predictive analytics and complex workflow assisted them in seeing the big picture and providing consumers with more appealing options.
- Employee engagement and retention are boosted by effective, rational system design
- Enforcement and monitoring could be completed more quickly and accurately as the information was readily available
Domain
BFSI
Technology
Micronaut, PyTorch, AWS (EKS, DJL, SageMaker) Aurora, Android, Angular
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