Kotak Bank goes paperless with emSigner and accelerates customer onboarding time by 72%
INDUSTRY
Banking & Financial
LOCATION
India
CHALLENGES
Delays in the customer onboarding process due to physical document submission and verification which resulted in huge paperwork and data inconsistencies.
SOLUTION
Able to eliminate paper-based account opening, manual verification and movement of physical papers internally for routine activities between the customers and bank.
BENEFITS
- Seamless onboarding process. The entire process ensured authenticity and legal non-repudiation
- Anywhere, anytime filing of forms for customer onboarding
- Real-time verification and faster approval process resulted in operational efficiency
Case summary
Kotak Bank is an Indian private sector bank founded in 2003 and headquartered in Mumbai, India. The bank offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.
Kotak Bank was dealing with delays in the customer onboarding process due to physical document submission, verification, etc. This resulted in huge paper usage and traversal of tons of files to and fro from the respective teams. This movement also delayed the approvals on each of them and resulted in inconsistencies in customer data during the information gathering phase itself.
Why Kotak Bank chose emSigner
Kotak Bank therefore wanted to leverage eSignatures based on National ID to allow customers and approving authorities to initiate, sign, and approve documents as part of a predefined workflow. Our experts were called in and after a few discussions, authorities at Kotak found the solution to their existing challenges in emSigner- AI-enabled document processing automation platform. Post integration, the authorities were able to eliminate paper-based account opening, manual verification and movement of physical papers internally for routine activities between the customers and bank.