Financial institutions were struggling with KYC processes requiring manual review of Power of Attorney documents, IDs, letters, and supporting materials. The process was slow, inconsistent, and heavily dependent on human verification, leading to customer dissatisfaction and high operational costs. Sphere IT implemented an AI-driven KYC Automation solution that streamlined document intake, automated identity verification, and accelerated cross-document validation. The solution combined a KYC Agent, advanced Document AI, and an AI Evaluation layer, along with targeted human verification as the final checkpoint.
Incoming KYC requests were processed through a unified flow: documents were collected, classified, and analyzed using AI models trained to detect discrepancies, match identities, flag anomalies, and validate supporting details. What previously took 10 minutes per request was reduced to just 30 seconds.
The results were substantial.
- 95% reduction in processing time
- 66% decrease in operating cost
- 4% improvement in customer satisfaction
(Driven by faster onboarding and fewer errors.)
The automation also eliminated bottlenecks during peak volumes and improved compliance consistency across branches and jurisdictions. Human teams could focus on exceptions rather than routine validation, improving accuracy and audit readiness.
This AI-led operating model has become a blueprint for scaling KYC modernization across the institution. The bank continues to build additional features on top of the solution, expanding into AML checks, risk scoring, and end-to-end onboarding automation.