<aside> 💡 “Fintech is a UX driven business, and every improvement in user experience from onboarding speed to personalized offers improves margin efficiency in the business. We have a strategic roadmap to invest in AI to continuously improve our customer experience”
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Today, our new merchant onboarding process is dependent on a manual human team to validate documents and conduct quality checks on the place of business. This is a problem because it creates friction, and second is not scalable for our hyper growth phase. But the problem was complex because it involved building a real time vision generative AI solution, which would require significant resource investment and experience in house. We are glad we met Awen, and they have delivered an exception transformation with their superior vision LLM product. We are now achieving a 75% auto processing for all new customers onboarded. It is a game changer”
Our customer, one of the world’s largest payment companies, had an onboarding nightmare. Their core target segment is fast growing merchants and the onboarding process is largely assisted journeys. Naturally in a heavily regulated industry like payments, the onboarding process requires an auditable trail of quality checks conducted on:
The process today is highly human dependent with a backend human operations team that manually validates 20+ parameters for over 20,000 merchants onboarded every single day! That is over 800 man hours of work that goes in for an extremely repetitive, mundane task. The implication? Merchants do not get onboarded easily, and the ground field sales agent has to wait 30+ minutes before receiving status on the application for the merchant they have acquired.