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Case study
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Royal Bank of Scotland

Evolution AI automates data extraction for KYC for the Royal Bank of Scotland

About the project

Year:

2018 - Present

Services:

Evolution Catalyze

Results

The data extraction was completed with a higher accuracy and consistency than human-based manual data capture

Automated KYC checks took a few seconds compared to the many hours of the existing manual process

Evolution AI saved RBS hundreds of thousands of work-hours

RBS (now NatWest) partnered with Evolution AI partly because of our experience working with financial institutions in highly regulated environments. We have embarked on a number of projects to automate key business-processes for the bank.

Evolution AI really 'get' working in the banking environment. This is a long-term relationship for us—Mark St John Qualter, Head of AI at RBS

Banks need to identify suspicious activity at the point of onboarding new customers to prevent financial crime. Therefore, all bank account applications face mandatory screening involving time-consuming Know Your Customer (KYC) checks. Evolution AI was able to automate critical data extraction tasks for RBS, saving several hundreds of thousands of work-hours each year.

Data extraction from documents held at the Land Registry, Companies House and other websites was previously done completely manually. These time consuming tasks were automated in their entirety using the Evolution Catalyze managed service, saving the bank between 100 and 200 thousands hours of manual work every year.

Evolution AI CEO, Martin Goodson and Head of AI at RBS Natwest, Mark St John Qualter presenting at Futureland Milan

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