Banks and Financial institutions including Mutual Funds, Insurance companies have to deal with a plethora of documents. These documents are vital as they are mandated by regulations and compliance with regulations is a must.

As an example, banks have to comply with KYC (Know Your Customer) norms. KYC is a process by which banks obtain information about the identity and address of the customers. This process helps ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details. A bank needs to collect proof of identity and proof of address apart from the photograph of every customer. The Reserve Bank of India has specified 6 documents which can be produced for either or both of the above needs. Banks are required to periodically update KYC records. This is a part of their ongoing due diligence on bank accounts. The periodicity of such updation varies from account to account depending on its risk categorisation by the bank. Periodic updation of records also helps prevent frauds in customer accounts. Let us take State Bank of India with 31 crore savings accounts or in other words 310 million accounts. If each account has to produce 1 page as a KYC proof, there are 310 million pages to manage.

And it is not just the KYC documents that have to be managed. There are other documents pertaining to Trade, Foreign Exchange and other departments.

Managing such a large volume of documents manually is a tall order and retrieving a particular document is akin to finding a needle in a hay stack.

It goes without saying that privacy and safety of this information is crucial.

This is the reason why Banks and Financial institutions opt for automation solutions based on Spielberg and other software provided by Rincon.

Rincon helps customers in automating documents every step of the way. Right from scanning paper documents, converting them into electronic images, building document workflows, to quick retrieval all of these from a central repository. Not only does Rincon help in automation but also helps in restricting access to documents. Thus users from Department A need not view documents from another department or whatever other rules that may be needed by the business process.

Being a centralised repository of electronic documents, the distance between people no longer matters. Whether the person is sitting in the remotest corner of Arunachal Pradesh in the East or maybe in the Andaman and Nicobar islands, as long as he / she has access to the internet, he can access the system using a web browser. The user can view the documents he /she is authorised to and can even upload documents if he is allowed to upload. Thus the entire system is now centralised and everyone can finish off their work without having to depend on the efficiency of the courier system or postal services.

Apart from all the above benefits, some of the other benefits:

Save on expensive real estate: When you have to store physical papers, it calls for a lot of real estate which in today’s times is definitely not cheap. With an automation solution in place, you could move the physical documents to an offsite (less expensive) place and store it there.

Retention policy: You can define the life cycle of the documents so say if the KYC documents are to be collected every 2 years, you could set the life cycle of the documents for 3 years so that the older records would be purged after 3 years. Thus your data size also remains manageable.

Integration with LoB (Line of Business) Applications: The automation solution can also be integrated with the LoB applications thus streamlining a lot of processes.

Rincon helps organisations of all sizes to handle their documents right from delivery to destruction. Contact us on sales@rincon.co.in for a free consultation on how we could assist you in your existing processes.