92%
faster customer onboarding process
112+
customers onboarded using new AI tool
11%
reduction in customer drop-off rates
OWNING CHANGE IN FINANCIAL SERVICES
Our client is a leading multinational banking, investment, and financial services institution, serving over 70 million customers worldwide.
The challenge:Onboarding Obstacles
Our client faced significant challenges in their customer onboarding process. Fragmented workflows and manually intensive steps meant that onboarding new customers, primarily banking, investment, and insurance firms, could take up to 15 days. This prolonged turnaround hindered business operations and resulted in a high drop‑off rate, with many potential customers abandoning the process due to its complexity and duration.
Manual document verification created additional inconsistencies, requiring a dedicated team to review financial and identity documents. This approach was time consuming, difficult to scale, and prone to human errors and data discrepancies. Recognising the need for a modern, scalable, and more reliable approach, our client wanted to explore an automated, AI‑focused solution and engaged TEKsystems to bring this transformation to life.
Our proposal:Platform Precision
To address these technical bottlenecks and operational challenges, TEKsystems partnered with our client to build a next‑generation customer onboarding platform powered by Python, AI, and LLM technologies. A high‑calibre team of three AI Engineers and five Python Developers was rapidly onboarded within a month, enabling accelerated delivery from ideation to full-scale implementation.
Working in conjunction with our client’s technical leadership, TEKsystems’ team combined modern engineering, cloud‑native tooling, and AI‑driven automation to deliver a scalable, secure, and future‑ready platform. Highlights of our solution included:
- Modern, Scalable Architecture: Built using FastAPI, Django, ReactJS, Kubernetes, and Docker to support high‑volume, low‑latency onboarding workflows.
- Event‑Driven Processing: Kafka enabled asynchronous, high‑throughput data flows, reducing delays and improving responsiveness across onboarding steps.
- Enterprise‑Grade Security: OIDC and SSO strengthened access controls, while PostgreSQL and Redis ensured reliable data storage and caching at scale.
- AI‑Powered Verification: Advanced AI models integrated via cloud services automated document validation, removed manual inconsistencies, and reduced risk of human error.
- Seamless, Phased Rollout: The AI platform was introduced incrementally across insurance, investment, and banking lines of business to maintain service continuity and ensure a seamless, scalable launch.
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Real-world Results
Leveraging TEKsystems’ deep engineering expertise and a transformation approach grounded in AI, automation, and modern platform design, our client unlocked a step change in the speed, accuracy, and scalability of their customer onboarding operations. What began as a fragmented, manually intensive process evolved into a streamlined, intelligence‑driven system that drastically reduced effort, strengthened compliance, and delivered measurable impact across the customer onboarding lifecycle.
- Onboarding Time Reduced: The onboarding process was streamlined from 15 days to just 1.2 days for insurance and investment customers and further reduced to less than one day (often four to six hours) for banking customers. This was achieved by automating document verification and streamlining workflows with AI.
- Lower Drop-Off Rate: The customer drop-off rate fell from 18% to just 7%, demonstrating a smoother onboarding experience and higher customer satisfaction.
- Automated Document Verification: With AI now handling 100% of document checks, including financial reports, audit trails, and identity documents, verification teams can now focus on more strategic, value‑adding activities.
- Robust Security: Advanced security frameworks ensured sensitive customer data was protected throughout the onboarding process.
- Scalable Rollout and Expansion: Since the implementation of the AI platform, 112+ customers have been successfully onboarded, including several prominent Fortune 500 financial institutions. With ongoing enhancements and a buffer period for bug fixes, the AI platform is set to expand further, supporting new customer segments, and maintaining high performance as business needs evolve.