Banco Galicia, has deployed Red Hat technologies to build an AI-based platform. The aim is to improve data analysis and processing and reduce the verification time for new corporate clients. Working with Red Hat Consulting, the bank leveraged Red Hat OpenShift, Red Hat Integration and other Red Hat hybrid cloud technologies. According to the bank, it built a natural language processing (NLP) platform that has transformed its customer onboarding process to be fully digital, transparent and self-managed.

Banco Galicia serves 3 million personal banking customers and 150,000 businesses of all sizes and across all sectors.

Before opening an account, new clients have to go through the bank’s Official Acceptance of Credentials (OAC) process. This determine whether they can perform financial transactions with the bank. This process required the client to physically submit a series of legal documents. This containing corporate and accounting information at a branch where it is digitised and subsequently evaluated by the bank’s legal and anti-money laundering department.

Reducing account opening from 20 days to minutes

It took approximately 20 days to authorise the registration of a new account or update an existing client’s account information. Red Hat Consulting helped the bank create a platform that reduces the time OAC required for analysis, validation and verification.

By automating its verification process, Banco Galicia has not only cut verification times from days to minutes with 90% accuracy. The bank says it has also decreased application downtime by 40% and improved agility fourfold.

According to the bank, the platform gives it the freedom and potential for future growth. It now owns the knowledge and data for training algorithms. Banco Galicia plans to extend the capabilities of the NLP platform to improve other processes areas of the bank. These include opening international accounts, foreign trade and customer support.

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Richard Harmon, VP, Global Financial Services Industry, Red Hat, said: “The value of artificial intelligence in banking continues to grow. Addressing regulatory requirements remains a top priority. Using Red Hat technologies to build artificial intelligence solutions enables banks to more efficiently and accurately provide digital services for its customers while helping them identify threats and detect fraud.”

Erico Behmer, CIO, Banco Galicia, added: “Red Hat has enabled us to provide a faster and simpler customer experience. With the NLP platform analysing documents practically in real-time, customers can open and start using their account in just a few minutes instead of having to wait weeks.”