Standard Chartered has partnered with Instabase to automate and optimise client onboarding, credit documentation and know your client processes.
Its new solution will utilise Instabase’s solutions which include programme synthesis, natural language processing, optical character recognition and machine learning.
Through these Standard Chartered will be able to identify and extract data from multiple sources and unstructured forms, and transform them into meaningful and structured data points to support the banks processing systems.
Instabase is a San Francisco-based startup which builds data-driven tools which can perform a selection of processes including data processing, integration, discovery, query, analytics, visualisation, clustering, prediction, and ML.
It is providing Standard Chartered with client onboarding tools which will automate client due diligence and extracting information from external public and private registries.
The two enterprises are co-innovating to bolster the KYC solution and to implement the service in other markets. Standard Chartered is also looking to work with Instabase on other use cases such as retail onboarding, CIB legal documents reconciliation, corporate loan processing, trade swift messages, loan syndicate workflow automation, among others.
Standard Chartered group CIO 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.
“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.”
Standard Chartered completed the partnership as part of its aim of making banking simpler, faster and easier. Earlier in the year, Standard Chartered set up SC Ventures to invest and support FinTech solutions.
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