Standard Chartered teams up with Instabase to automate and optimise client onboarding

Maria Nikolova

The new solution uses Instabase’s technologies to identify and extract data from multiple sources and various unstructured forms, and turns them into meaningful data points that can be used in the bank’s data processing systems.

Standard Chartered is aiming to enhance the client onboarding process via a partnership with San Francisco-based startup Instabase. The aim is to automate and optimise client onboarding, credit documentation, and Know Your Client (KYC) processes.

The new solution uses Instabase’s technologies like program synthesis, natural language processing (NLP), optical character recognition (OCR) and machine learning (ML) capabilities. It identifies and extracts data from multiple sources and various unstructured forms, and turns them into meaningful and structured data points that can be used in the bank’s data processing systems.

Standard Chartered is now applying Instabase’s machine learning document processing capabilities to automate complex data operations for the Bank across various business segments:

  • Client Onboarding: In Corporate & Institutional Banking (CIB), average client onboarding times have dramatically reduced from 41 to 8 days since 2015, and will continue to fall with the use of Instabase to digitise the bank.
  • Client Offering: Retail Banking is now able to accelerate lending to Small and Medium Enterprises (SME) as bank statements provided by clients can be processed and financial calculations can be performed automatically. The solution is live in Bangladesh and will be launched in Singapore soon.

The Bank is currently co-operating with Instabase to enhance the solution and to implement it in other markets. Moving forward, the Bank will also work with Instabase on other use cases to improve and transform the client experience in areas such as Retail Onboarding, CIB Legal Documents Reconciliation, Corporate Loan Processing, Trade Swift Messages, and Loan Syndicate Workflow Automation.

Standard Chartered has been actively working with fintechs to co-develop solutions to improve client experience and increase efficiency. In October this year, for instance, Standard Chartered and Huawei unveiled a partnership involving the development of an Internet of Things (IoT) powered solution that aims to revolutionize the way corporates communicate with banks for financing or payments.

Instead of having to manually initiate transactions through paper-based or emailed instructions, corporates’ and banks systems will be able to ‘speak’ to each other in real-time, triggering financing or payment instructions through Application Programming Interfaces (APIs). The solution combines IoT and cloud capabilities so the bank will be able to track the movement of goods on a real-time basis, reducing operational risks and providing reliable data that can be used in financing decisions.

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