Case Study: a major global bank reduces KYC processing costs with SparkCognition DeepNLP

KYC Process Automation for Banking

A major global bank faced significant challenges with its costly and time-intensive anti-money laundering (AML) and know your customer (KYC) compliance processes. The bank, which processes approximately $3 trillion in daily transactions, required over 1,000 human touches per client and roughly 72 hours to process each one, leading to high operating expenses and a considerable risk of human error. To address this, the bank partnered with SparkCognition to seek a more efficient solution.

SparkCognition implemented its DeepNLP product, a machine learning-powered natural language processing platform, to automate the bank's KYC workflow. The solution analyzed complex legal documents, extracted key information, and automatically sorted contracts into categories with over 95% accuracy. This automation reduced the number of required human touches per transaction by 50% for the client. As a result, SparkCognition's technology significantly lowered the bank's operating expenses, reduced processing time, and minimized the risk of errors across its portfolio of nearly one million contracts.