Industry: Financial Services
Capability: automated document verification system - OCR
Prior to establishing a partnership with Samsaar, a leading financial institution was facing a significant challenge with prolonged wait times for opening new accounts. The outdated manual document verification process led to frustrated customers and negative reviews, tarnishing the bank's reputation. Many customers didn't proceed with opening an account and ended up going elsewhere. Seeking a solution, the financial institution partnered with Samsaar to streamline their account opening procedures.
THE QUESTION
How can we provide a solution to expedite account openings without compromising on security and accuracy.
THE SOLUTION
Samsaar closely collaborated with the bank's team to grasp their unique needs and hurdles. Introducing an innovative approach leveraging Optical Character Recognition (OCR) technology, we transformed document processing. OCR automatically converts scanned documents into editable and searchable data, streamlining analysis and verification of customer information. By embracing OCR, the financial institution digitized and processed documents swiftly, significantly reducing delays in opening accounts.
This streamlined approach not only accelerated account openings but also simplified tasks for managers, CEOs, and teams within the bank. Managers could monitor operations more efficiently, CEOs observed tangible improvements in customer satisfaction metrics, and teams could divert their focus to strategic initiatives rather than mundane paperwork.
Furthermore, OCR facilitated the digitization and secure storage of documents, aligning with regulatory requirements and security standards. Digital documents enhanced compliance and mitigated risks associated with physical storage, such as loss or unauthorized access.
With faster document processing times, customers experienced expedited turnaround for their requests and transactions. This led to heightened customer satisfaction and loyalty, as customers perceived the organization as efficient, responsive, and customer-centric.
THE RESULT
account opening times reduced from 8-15 days to less than 24 hours
Account Open Rates witnessed a 26% lift
32% increase in customer referrals.
For more details, please contact us at brand@samsaar.com