Axis Bank, one of the largest private sector banks in India, has launched a new set of AI based compliance transformation solutions for its current account customers. The bank says that the objective of these new services is to make complex and time-consuming regulatory processes easier, faster and completely digital.
The bank has introduced two key services, which include AI based Re-KYC solution and Digital Business Profile Update Service. Both these services are designed to provide customers with faster compliance without branch visits and paper work.
The new digital business profile update service will enable current account customers to update their business information, such as nature of business and other details, completely online. This system uses generative AI and real-time GST filing data. Through this, the correct business code is automatically selected from more than 3,000 options. This eliminates the need for manual data entry, lengthy processes and branch visits.
According to the bank, this new service will not only provide an easier digital experience to the customers but will also reduce the work of the operational teams. This will reduce errors in data entry and processing will be faster. The bank said that this is the initial use of Large Language Model (LLM) on a large scale with GST data, the objective of which is to strengthen compliance controls and increase efficiency.
Axis Bank has also launched an AI based re-KYC solution for non-individual current account customers. Earlier this process was completely manual, in which many documents had to be submitted and the chances of errors were high. Now the new system automatically extracts and verifies multiple KYC documents by identifying them in a single PDF. If any document is incomplete or missing data, the system gives instant alerts. This significantly reduces the need for subsequent testing and follow-up.
According to preliminary data from the bank, the new system has reduced the need for rework and reduced the time to complete the process. Besides, there has also been improvement in the productivity of branch and operation teams. The bank believes that this will improve first time write performance and create a strong compliance system across the network.
Sameer Shetty said that the bank has been working on simplifying regulatory processes through intelligent automation for a long time. He said that with the combination of generative AI, document intelligence and real-time GST data, complex processes can be simplified on a large scale. This will provide customers with a fast, paperless and convenient banking experience, while also strengthening compliance and operational efficiencies for the bank.
