Banking, Know-Your-Customer Compliance

Case Study

Automating manual input of customer data using OCR to create electronic records for watchlist screening

Industry Vertical and Application Type:

Banking, Know-Your-Customer compliance

Workflow Steps Accelerated:

Automating manual input of customer data using OCR to create electronic records for watchlist screening

Problem: The compliance staff of this financial institution was required by the U.S. government to monitor cross-border transactions to detect illegal and criminal patterns. The input data was from physical documents, such as licenses, contracts, and passports. The staff then manually connected these OCR’d documents to records within Salesforce. This time-consuming process was unsustainable for the scale they were dealing with: over 10 million records. The inadequacy of the existing monitoring system put the institution at high risk for regulatory penalties.

Solution: Data input was automated by KonaSearch’s built-in OCR processor. Viewing information on one person became possible with KonaSearch’s ability to search millions of records in milliseconds, and then quickly narrow the data to the person of interest through facets and filters. Filters let the user narrow the information based on a value in a text box, a list of items, radio buttons, a check box, or a hierarchy tree. Facets reveal the number of search results for each value to avoid narrowing the search on a parameter with no results.

Impact: The financial institution greatly reduced its risk of financial penalties, and largely automated a previously manual process to allow the staff to work on higher value investigations.