Axis Bank launches smart compliance tool for AI in banking

Axis Bank, one of India's largest private sector banks, has launched a new set of AI-based compliance transformation solutions for its current account customers. 

The bank says these new services aim to simplify, speed up, and completely digitize complex and time-consuming regulatory processes.

AI based Re-KYC

The bank has introduced two key services, including an AI-based re-KYC solution and a digital business profile update service. Both services are designed to provide customers with faster compliance without branch visits and paperwork.

Business profile will be updated

The new Digital Business Profile Update service allows current account customers to update their business information, such as business nature and other details, completely online. 

The system uses generative AI and real-time GST filing data to automatically select the correct business code from over 3,000 options. This eliminates manual data entry, lengthy processes, and the need to visit a branch.

The work of bank employees will also be easier

According to the bank, this new service will provide a seamless digital experience for customers while also reducing workload for operational teams. It will reduce data entry errors and speed up processing. 

The bank explained that this is the first use of a large language model (LLM) on a large scale with GST data, with the aim of strengthening compliance controls and increasing efficiency.

AI based Re-KYC solution

Axis Bank has also launched an AI-based re-KYC solution for non-individual current account customers. Previously, this process was completely manual, requiring multiple document submissions and high error risk. 

The new system now identifies, automatically extracts, and verifies multiple KYC documents within a single PDF. 

If any document is incomplete or missing data, the system immediately alerts. This significantly reduces the need for subsequent verification and follow-up.

Focus on the Right Process the First Time

According to the bank's initial data, the new system has reduced rework and reduced process completion times. 

It has also improved the productivity of branch and operations teams. The bank believes this will improve first-time-right performance and build a robust compliance system across the network.

What did Sameer Shetty say?

Sameer Shetty said the bank has long been working to simplify regulatory processes through intelligent automation. 

He added that the combination of generative AI, document intelligence, and real-time GST data can significantly simplify complex processes. 

This will provide customers with a fast, paperless, and convenient banking experience, while also strengthening compliance and operational efficiencies for the bank.