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Hello humans. Welcome to Intelligent Banking

E-KYCFor improved compliance, better customer experience and greater efficiency

Post the global financial crisis, regulators have raised the bar on Know Your Customer (KYC) obligations, which has become integral to a robust financial services ecosystem. Regulators have mandated more rigorous KYC processes to ensure prudent risk management as well as prevention of financial crimes.

With over US$ 40 billion of fines imposed by regulators and over 30,000 employees utilized by financial institutions globally, they are struggling to achieve their three KYC transformation objectives – better compliance, improved customer experience and higher operational efficiency.

This has forced Financial Institutions to launch comprehensive KYC transformation programs.

Navigating changewith the times

REGULATORS ARE MANDATINGTIGHTER KYC NORMSPost the global financial crisis, around 2008 regulators have raised the bar on Know Your Customer (KYC) obligations, which has become integral to a robust financial services ecosystem. This has been done to ensure prudent risk management as well as prevention of financial crimes.

With over $40 billion of fines imposed by regulators and over 30,000 employees utilized by Financial Institutions (FIs) globally, FIs are struggling to achieve their three KYC transformation objectives – better compliance, improved customer experience and higher operational efficiency.

NAVIGATING CHANGEWITH THE TIMES

Regulators are mandatingtighter KYC norms

Financial Institutions are focused on meeting immediate KYC remediation pressures with more efficient models. While financial institutions are keen to implement KYC programs, they are limited by their existing IT functionality and fragmentation.

The current process is extensively manual for information identification, extraction, aggregation and verification. The maker function is time consuming, results in a weaker audit trail and is prone to errors. The current technology capabilities at most Financial Institutions is not able to effectively address this challenge. Thus, FIs are exploring a sustainable solution that:

• Establishes compliance audit trail

• Is accurate and evolving with compliance requirement

• Automates

• Is context sensitive and complement skill requirements

CURRENT CHALLENGESIN EFFECTIVE KYC COMPLIANCE

Before thepressure mounts

FIs are focused on meeting immediate KYC remediation pressure with more efficient models. Though they are keen to implement KYC programs, they are limited by their existing IT functionality and fragmentation. The current technology at most FIs is not able to effectively address this challenge. Thus, FIs are exploring a sustainable solution that:

• Establishes compliance audit trail

• Is accurate and evolves with compliance requirement

• Automates

• Is context sensitive and complements skill requirements

Current challengesin effective KYC compliance

BEFORE THEPRESSURE MOUNTS

Hello Humans I AM COGNITIVE COMPUTING.I AM HOLMES.

ARTIFICIAL INTELLIGENCE PLATFORM

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The WIPRO HOLMES – Artificial Intelligence (AI) Platform is a rich set of cognitive computing services that enables development of AI applications. It is built from loosely coupled stacks and is built on open source technologies. The platform can learn about the process from observing agent behavior and data, is able to intelligently participate in the process and perform tasks, assist in decision-making, recommend solutions and prevent failures.

Wipro has developed an E-KYC solution on the WIPRO HOLMES AI Platform to deliver an automated, compliant, efficient, and cost-effective KYC process. It creates cognitive automation with the ability to learn continuously, interact naturally and make decisions through intelligent reasoning.

IntroducingWIPRO HOLMES E-KYC

Enterprise KYCBefore WIPRO HOLMES

Manual Data Entry

Aggregate

Analyze

Verify

Investigate

6-7Hours

Initiate WIPRO HOLMES

Enterprise KYCAfter WIPRO HOLMES

1-2Hours

Review Override

Aggregate

Analyze

Cognitive Assist

Automated DataEntry & Capture

Verify

Investigate

SIT BACK TO REAP THE BENEFITS

The WIPRO HOLMES E-KYC workbench creates investigation, aggregation, extraction and verification bots with abilities to mimic and enhance human activities. This enables an analyst to make decisions and deliver a superior experience leading to significant productivity improvements.

• Integrates, Aggregates and Synthesizes – Dynamically reaches out to internal and external sources and ensures completeness of information and creating an audit trail.

• Assigning Trust and Relevance – Assigns levels of trust and relevance based on the source and the trust scores of the document.

• Contextual Understanding –Algorithms for processing diverse document types including word and pdf, web pages, emails, news and databases. WIPRO HOLMES E-KYC ontology is built to understand the information in the context of KYC process.

• Continuous Learning – becomes smarter and quicker over time, as it learns from the decisions made and the results.

WIPRO HOLMES E-KYC SHIFTS PROCESS AUTOMATION TO THE NEXT LEVEL. IT PROVIDES COGNITIVE ASSISTANCE TO ANALYSTS, HELPS IN SLASHING PROCESSING EFFORT AND TIME, PREVENTS FAILURES AND ENABLES RETENTION OF LEARNING AND EXPERTISE.

WIPRO HOLMESE-KYC SOLUTION FEATURES

Sit back to reap the benefits

The WIPRO HOLMES E-KYC solution creates investigation, aggregation, extraction and verification bots with the ability to mimic and enhance human activities. This enables an analyst to make decisions and deliver a superior experience leading to significant productivity improvement

• Integrates, Aggregates and Synthesizes: Dynamically reaches out to internal and external sources and ensures completeness of information and creates an audit trail

• Assigning Trust and Relevance: Assigns levels of trust and relevancebased on the source and the trust scores of the document

• Contextual Understanding: Algorithms for processing diverse document types including DOC and PDF, web pages, emails, news sites and databases. The ontology is built to understand the information in the context of KYC processes

• Continuous Learning: Becomes smarter and quicker over time, as it learns from the decisions made and the results

WIPRO HOLMES E-KYC shifts process automation to the next level. It provides cognitive assistance to analysts, helps in slashing processing effort and time, prevents failures and enables retention of learning and expertise.

WIPRO HOLMESE-KYC solution features

Once in place, there’sno looking back

The solution co-exists with the financial institutions existing KYC solution and it moves the KYC effort from being a manual document-driven process to cognitive process automation. Key benefits include substantial increase in customer experience and regulatory compliance.

WIPRO HOLMESE-KYC solution benefits

Reduction in Client Document Collection

Reduction in Processing Effort

Reduction in Cost

Reduction in KYCCycle Time

30%upto

40%upto

40%upto

30%upto

Differentiators

Cognitive Assist, Accelerate and

Automate

Cognitive Capabilities Information Integration

Document Indexing and Automation

Business Process Execution

Success Stories

Enabled completion of more than 7,000 reviews year on year

Enabled cleaning up of backlog entities

Quicker turnaround supported by the onshore approval team

Risk coverage of reputation, AML and the regulatory side

Benefits:

A Global Investment BankKYC / AML Process Assist

A risk-based solution that adheres to the requirements of AML compliance

Increased frequency of sanction checks leading to greater assurance

Benefits:

A Leading Financial InstitutionSimplifying Due Diligence and Sanction Sweep

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ABOUT WIPRO LTD.Wipro Ltd. (NYSE:WIT) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology.” By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 160,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com