Industry: NBFC
Department: AUDIT
Process: KYC AUDIT
292,000
hours saved annually
83%
faster processing
Adherence
to regulatory compliance standards
The Client
Muthoot Finance is one of the leading non-banking financial companies (NBFCs) in India. With an extensive branch network spanning 29 regions, the company processes thousands of KYC submissions daily as part of its regulatory compliance requirements.
The Challenge
With a daily volume of 7,000–8,000 KYC submissions, Muthoot Finance’s audit team relied on 15-17 employees to manually cross-check customer information provided on ID and address proofs against the data entered by branches in the Muthoot CRM. This manual approach took approximately 2-3 minutes per submission, making the process highly time-consuming and resource-intensive. The daily workload consumed 300-400 hours of manual effort, limiting the company’s ability to scale operations effectively with business growth.
Challenges faced
- Time-intensive manual cross-verification process
- High resource requirement with 15-17 dedicated employees
- 300-400 hours of daily processing time
- Scalability limitations with growing KYC volumes
- Risk of human error in compliance-critical processes
The Solution
RPATech implemented an intelligent automation solution by deploying 3 unattended bots to handle the systematic cross-verification of KYC submissions. These bots were programmed to automatically extract and verify customer information from ID and address proofs against the data in Muthoot’s CRM system. The bots run at specified times daily and can process each KYC audit in just 35 seconds across all 29 regions. The automated system maintains full audit trails and flags discrepancies for human review, ensuring regulatory compliance while significantly reducing manual effort.
Key aspects of the solution
- Automation of the KYC data cross-verification process
- Scheduled daily execution across 29 regions
- Integration with the existing Muthoot CRM system
- Automated audit trail generation for compliance
Results
KPI | Pre-Automation | Post-Automation |
Average Processing Time | 2-3 minutes per submission | 35 seconds per submission |
Human Involvement | 15-17 employees manually reviewing | 3 unattended bots |
Daily Processing Hours | 300-400 hours | Approximately 70-80 hours |
Regional Coverage | Manual coordination across 29 regions | Automated processing for all regions |
Accuracy | Risk of manual oversight | Consistent automated verification |
Adopting automation for Muthoot Finance is more related to the changing trend in technology. We're growing exponentially and automation is most important to match with that scale of growth... The advantages we've seen with automation is more related to compliance. We're also trying to create a mindset of automation within the organization.
Piyush Srivastava
Head of IT- North, Muthoot Finance
The Outcomes
- 292,000 hours saved annually
- 83% reduction in processing time per KYC submission
- Consistent compliance with regulatory requirements
- Improved operational efficiency and better resource utilisation
