Standard Chartered teams with Instabase for clever KYC
Standard Chartered has partnered with Instabase to automate and optimise client onboarding, credit documentation, and know your customer (KYC) processes.
The new solution uses Instabase’s technologies like programme synthesis, natural language processing (NLP), optical character recognition (OCR) and machine learning (ML) capabilities, to identify and extract data from multiple sources.
Instabase is a San Francisco-based start-up specialising in data processing and analytics. It just spent two months at the bank’s innovation lab eXellerator.
The new tech aims to accelerate client onboarding in corporate and institutional banking, and client offering in retail banking is now able to accelerate lending to small and medium enterprises (SME), as risk calculations from SME client bank statements can be done automatically.
The solution is now live in Bangladesh and soon in Singapore, and will be implemented in other unspecified markets in the near future.
In the future, the bank will also work with Instabase to enhance retail onboarding, CIB legal documents reconciliation, corporate loan processing, trade Swift messages, loan syndicate workflow automation and more.
Commenting on the partnership, Michael Gorriz, group chief information officer says: “We first met Instabase in Silicon Valley and saw tremendous potential in how their sophisticated ML and NLP capabilities could automate highly manual operations across the bank, from client due diligence, to retail bank statements, to vendor invoice processing. We worked on several proof-of-concepts and within months, we are ‘live’ in a few of our key markets and looking to roll it out in more markets and new applications.”
Earlier this year, Standard Chartered set up SC Ventures, a business innovation unit to invest in fintechs, and set up disruptive ventures.