Automating Financial Onboarding with AI

We revolutionized the financial onboarding process for institutions using generative AI, automating the generation of initial legal reports. This led to quicker approvals, reduced back-and-forth communication, and a smoother client experience.

Table of contents

Meet Our Client

Our client is a prominent bank offering comprehensive services to businesses in South America. This financial institution plays a key role in promoting financial inclusion and local economic growth in the region.

It offers a wide range of banking services to individuals, SMEs, and micro-entrepreneurs, enabling robust support and secure financial transactions for their corporate clients.

Strong presence in Ecuador.
International subsidiaries across Peru, Colombia, and Spain.
Serves over 4.9 million clients.
With more than 200 branches and over 1,400 ATMs (Automated Teller Machines).
Manages assets of over $15 billion.

Understanding Challenges

Our client faced significant bottlenecks during the onboarding process due to the manual validation of corporate contracts. The legal department, responsible for generating and validating these contracts, often became overwhelmed, leading to delays and reduced client satisfaction.

This manual process slowed down the approval times and increased the back-and-forth communication between the bank and new corporate clients.

The client approached us seeking a solution to streamline this process, improve client experience, and expedite the onboarding of new clients.

Illustration of a person at a laptop placing a chess piece on the screen and holding a connected-nodes icon, representing strategy and thoughtful decision-making.

Solutions and Activities

Our team harnessed the power of Generative AI to automate the initial generation of legal reports, seamlessly integrating this capability into the client’s onboarding system.

This provided clients with a prompt preliminary legal report upon requesting to open a new account, streamlining the final report creation by the legal department.

We designed the system to facilitate accurate and secure data processing and to allow for easy updates and adjustments to adapt to regulatory changes and client requirements.

Results and Achievements

Our collaboration led to significant improvements in the client onboarding process, delivering numerous benefits:

Accelerated client approval times, reducing the waiting period from weeks to days.
Decreased the workload on the legal team, enabling them to focus on more complex tasks.
Enhanced client experience by minimizing delays and reducing back-and-forth communication.
Lowered operational costs associated with the onboarding process by implementing a cost-effective automated solution.
Increased sales opportunities, as new clients could be onboarded and serviced more swiftly.

Our partnership fostered efficiency, innovation, and a client-centric approach, empowering the financial institution to strengthen its market position and improve client relationships.