Wipro Bus. Process Services Launches ‘enterprise-Know Your Customer (e-KYC)’ Automation Solution for Financial Institutions
15 June 2015 - 11:00PM
Business Wire
The BPaaS solution leverages company’s Artificial Intelligence
platform ‘Wipro HOLMES’
Wipro Ltd. (NYSE:WIT), a leading global information technology,
consulting and business process services company, today announced
the first rollout of ‘enterprise-Know Your Customer (e-KYC),’ an
automation solution for global financial institutions, built on the
company’s Artificial Intelligence platform ‘Wipro HOLMES.’ The
solution, being offered as Business-Process-as-a-Service (BPaaS),
will address the requirements of banks, insurance companies,
brokerage firms and non-banking financial institutions, in a
‘services and outcome based’ business model.
Know Your Customer (KYC) is a business process to verify the
identity of customers. Evolving regulatory reforms require
financial institutions to significantly strengthen their KYC and
customer on-boarding processes and practices. As a result, the
processes around the collation, validation, safeguarding and
monitoring of potential customers’ identification and financial
information have become crucial.
Wipro HOLMES, an outcome of four years of research and
development, and built on open source technologies, addresses key
domains in cognitive computing. Software bots built on the Wipro
HOLMES platform can be used to automate industry specific business
processes. Wipro HOLMES leverages semantics, machine learning,
pattern recognition and knowledge modeling technologies to enable
solutions that add valuable context, intelligence and automation to
enterprises.
Wipro’s e-KYC solution uses a library of Wipro HOLMES bots to
automate the manual processes of KYC, such as information
aggregation, extraction and verification.
The solution will help clients achieve cost savings up to 35%.
It will also enable greater accuracy, improved customer experience
and assurance of better quality KYC, in line with regulatory
requirements. This solution has been designed around key aspects
such as natural interaction, multi-structured information
processing, machine learning and reasoning.
Nagendra P Bandaru, Senior Vice President and Global Head,
Business Process Services, Wipro Ltd., said, “Post the last
global financial downturn, regulators have raised the bar on KYC
obligations, because a sound KYC process is integral to a robust
financial services ecosystem. We are confident that our
enterprise-KYC solution will help our customers in the financial
services industry fulfill their regulatory obligations in a
significantly more effective and efficient manner.”
Wipro BPS is a global leader in providing next generation
technology-led business process services to global enterprises. Its
industry focus spreads across banking and financial services,
telecom, insurance, healthcare, manufacturing, retail,
transportation, energy and utilities value chains.
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 to do business better. Wipro
delivers winning business outcomes through its deep industry
experience and a 360-degree view of “Business through Technology” -
helping clients create successful and adaptive businesses. A
company recognized globally for its comprehensive portfolio of
services, a practitioner’s approach to delivering innovation, and
an organization-wide commitment to sustainability, Wipro has a
workforce of over 150,000, serving clients in 175+ cities across 6
continents. For more information, please visit www.wipro.com.
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Wipro Media contact:Prathibha Das, +91 80
39918073prathibha.das@wipro.com
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