Overview
HCLTech implemented GenAI-powered real-time compliance checks for a leading retail bank to streamline ID verification and ensure regulatory adherence. By integrating advanced AI algorithms, the solution enables the bank to instantly validate customer identities and cross-check them against various regulatory requirements, such as anti-money laundering (AML) and Know Your Customer (KYC) guidelines. With real-time data analysis and automated alerts for potential discrepancies, the solution ensures continuous regulatory adherence, allowing the bank to meet industry standards while improving overall customer experience and operational efficiency.
The Challenge
Overcoming operational and regulatory barriers in real-time compliance checks
The challenge of overcoming operational and regulatory barriers in real-time compliance checks was multifaceted, leading to insufficient customer satisfaction scores and decreased productivity. The key challenges that were addressed are as follows:
- Inefficiencies in manual ID verification processes.
- Risk of compliance breaches due to human errors.
The Objective
Strengthening the bank's regulatory compliance
Our goal was to ensure continuous monitoring of transactions, mitigate risks and proactively address potential compliance issues. By integrating advanced compliance tools and automating key processes, we aimed to enhance the bank's ability to meet evolving regulatory requirements, improve operational efficiency and minimize non-compliance risk.
The Solution
Technology-led GenAI revolution
The solution helped move the data processing infrastructure from Amazon EC2 to Amazon EMR for various data types. It aimed to solve the client's problems using Amazon EMR's scalability and cost-effectiveness. Thereby optimizing key business functions like drug discovery, clinical trials and genomics research.
- Integration of a GenAI system to monitor customer interactions in real-time, flagging verification gaps and compliance issues.
- Enhanced agent performance by providing guided prompts for additional questions as required.
The Impact
Delivering value across risk areas for enhanced financial security
The business impact of our implementation consisted of a range of achievements, which are as follows:
- Improved compliance accuracy by ensuring all verification steps were completed.
- Reduced average handling time by 20%, directly improving customer satisfaction by reducing service delays.
- Enhanced fraud prevention through real-time monitoring and alerts.
