Transforming the KYC Process in Banking: Using Hyperautomation to Enhance Efficiency and Security

Advancements in AI, RPA, and Machine Learning, as applied by NLP and OCR, are opening up diverse automation opportunities. One of the critical key processes of financial services, the Know Your Customer (KYC) process, is mainly manual due to the risk. This review paper examines the significance of Robotic Process Automation (RPA) in optimizing the KYC process as a crucial process of background checks, verified documents, and compliance. The focus is to address the challenges of manual efforts, mistakes, and fraudsensitive issues and call for adopting RPA with AI/ML. It highlights advantages and paints the picture of an ideal humanfree system with high performance achieved by eliminating the drawbacks of the existing hand-operated system. The research covers areas of interest, reasons for using automation, general findings about RPA, and possible disruption of the KYC sector in the banking industry.