CannyCkyc- CKYC Automation

CannyCKYC

CKYC process Automation

In the era of technological development, we see the influential changes in all around. These alterations can be experienced in all sectors because today the role of technology is growing rapidly in all sectors. When it comes to the banking sector, where people do easily rely upon, there also the massive use of technology can be seen. The banking or financial institutions are implementing the enormous forms of technology to acclaim and ensure the safety of their customers so that they can enjoy the banking assurance. People deposit their hard earned money with banks for the sake of firm security and for gaining interest. It is the tendency of human economic nature to make multiple profits from single unit and banks and other financial institutions work in this direction.



Examining the role of KYC in money security perspective


KYC, which is the acronym for ‘KNOW YOUR CUSTOMER’ profile, organised and implemented by these financial institutions to cure the threats to their money standards. KYC is the genial process through which banks and other financial entities collect possessive information about their customers. This also includes the finding of the validation of their information by conducting the critical analyses. This ensures the secure monitoring over the public record databases. KYC or ‘Know Your customer’ is also used to evaluate the possible risk of illegal activities as this also acts as critical process to eliminate Anti-Money Laundering and Customer Due Diligence by administering regular checks.




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CKYC- Improved version of KYC

Before CKYC, clients had to deposit their KYC separately to the financial entities in order to enrol for various activities, such as KYC for Mutual Funds, KYC for Bank Account, KYC for pension Scheme and KYC for Insurance. On the other hand, CKYC (Central Know Your Customer) if registered for once, a person can formulate his financial activities with different kinds of financial entities. This simply means one need not to deposit his KYC while making deals with any of the financial entity. This is why, CKYC has been introduced.




There are several other reasons CKYC is approved over traditional KYC, these are mentioned below

  • It urges for onerous efforts as to feed the information and requires an encyclopaedic type mind labouring. Due to manual Data Entry, clients find it difficult and tend to make errors and waste on remediation cost for no reasons.
  • It is high in cost as to fill it many times.
  • It is time consuming and has inconsistency.
  • It lacks in security and total wastage of human resource.

CannyCKYC- solution for the financial glitches

CannyCKYC is aggressively working in the move of conducting clients’ CKYC automation process which is leveraging by advanced AI and machine learning technologies. It provides the surety to the clients that make them highly dependent on your working progress in the direction of the safety of their money.

Although, automatic CKYC has reduced the legwork and work with maximum comprehensive Process Automation. The comprehensive or intelligent process Automation is comprised RPA, IDP and AI.



RPA or Robotic Process Automation

    As like Robots are used for act and mimic like humans, CannyCKYC provides the robotic process automation that can imitate the human character and provide assistance to clients and handling large volume tasks.

IDP or Intelligent Document Processing

    CannyCKYC uses technologies such as Natural Language Processing and Intelligent character Recombination. They help in processing the data by extracting it from a bulky collection of documents.

AI or Artificial Intelligence

    CannyCKYC uses today’s powerful technological experiment- Artificial Intelligence. AI enables the person to prevent theft or copying of his personal or confidential data as it recognises the patters that is out of human reach.

Benefits of CannyCKYC

  • With CannyCKYC, financial entities or companies can regulate their clients        upholding in minimum cost and increasing efficiency.
  • It also minimise the risk and provides scalability.
  • It can help them in improving customer satisfactory experience
  • It demands less labour as there is no need for employees to perform the same       task for multiple times.



Current Challenges vs Our Solutions





WorkFlow





Features


CERSAI - Compliant Solution


Application has been built as per CERSAI’s guidelines, following the file type & dimensions for customer Photo, POI, POA and format for flat file




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Automation & Integration


Application has semi-automated segments that require minimal manual efforts, thus reducing the TAT. Capable of integrating Financial Institution’s database with CERSAI database to maintain customer information & digital copies of POI & POA documents

De-Duplication


Application is capable of automatically screening records in Financial Institution’s database as well as CERSAI’s portal to identify duplicate/already existing customer records.








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Web-Based Solution


Web-based application that can be accessed anytime anywhere; thus bringing all stakeholders on a common platform and promoting real-time monitoring

Scalable & Affordable Model


Application is a scalable model that can suit the growing needs of diverse financial entities. It is a cost effective solution that brings all parts of the CKYC process on a single platform




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Conclusion

CannyMinds is possessive for the satisfaction of its clients and this move motivates it to work for several sectored institutions. With CannyCKYC, it is trying to improve the work efficiency and productivity of the financial institutions and relieving the customer from the possible threats.