Case Study: Axis Bank achieves faster, error-free account opening with WorkFusion

Automating KYC for cost savings and operational excellence

Axis Bank was opening 300,000 new accounts each month using a largely manual KYC review process, with 200 employees reviewing five key documents per account. To improve efficiency, reduce errors, and speed up onboarding, the bank turned to WorkFusion and its automation platform.

WorkFusion implemented an automated solution that extracts key data from customer documents and enables around-the-clock account opening with compliance checks. Within 8 weeks, Axis Bank achieved an 80%+ reduction in account-opening turnaround time, a 70% reduction in errors, a 30% reduction in labor costs, and a 6% improvement in customer satisfaction scores.

Axis Bank