Standard Chartered has partnered with San Francisco-based startup Instabase to streamline client on-boarding process and improve operational efficiency.
The move, which aims to optimise credit documentation and KYC processes, is a part of the bank’s strategy to make banking simpler and convenient for the customers.
Under the initiative, both the companies will work together to implement a new solution powered by multiple Instabase’s technologies.
It will identify and procure data from various sources and convert them into structured data points. Subsequently, these data points will be used in the bank’s data processing systems.
Standard Chartered group chief information officer Michael Gorriz said: “We are always looking to deliver superior client experiences and improve our efficiency.
“We first met Instabase in Silicon Valley and saw tremendous potential in how their sophisticated ML and Natural Language Processing capabilities could automate highly manual operations across the bank, from client due diligence, to Retail Bank statements, to vendor invoice processing.”
Currently, the bank is deploying Instabase’s machine learning document processing capabilities to automate various data operations across business segments.
Following the deployment, the average client on-boarding times are expected to reduce significantly. It will also reduce the scope of manual errors.
The new client on-boarding process is already live in various markets including Singapore, India, and the UK. Soon it will be rolled-out in the European markets and the UAE.
Furthermore, the solution is expected to facilitate lending to small and medium enterprises (SME). All document processing works and financial calculations will get automated resulting into faster turnaround times.
Currently, Standard Chartered and Instabase are engaged in improving the solution to enable its implementation in other business segments.