Banco Galicia Streamlines Digital Onboarding with AI Platform Built on Red Hat Technologies

  • Artificial Intelligence
  • 23.05.2023 03:35 pm

Red Hat, Inc., the world's leading provider of open source solutions, today announced that Banco Galicia, one of the largest Argentinian private-sector commercial banks, used Red Hat technologies to build an AI-based platform that improves data analysis and processing and reduces the verification time for new corporate clients. Working with Red Hat Consulting, Banco Galicia leveraged Red Hat OpenShiftRed Hat Integration and other Red Hat hybrid cloud technologies to build a natural language processing (NLP) platform that has transformed its customer onboarding process to be fully digital, transparent and self-managed.

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." - Richard Harmon, Vice president, Global Financial Services Industry, Red Hat

As one of Argentina’s leading private banks, Banco Galicia serves 3 million personal banking customers and 150,000 businesses of all sizes and across all sectors. Its services span everything from financing, to billing and payments, and investments. Banco Galicia wanted to become the most customer-focused bank in its financial market and the fastest to verify corporate clients, setting the goal to reduce verification time for corporate clients from three weeks to one week.

Before opening a corporate account at Banco Galicia, clients have to go through its Official Acceptance of Credentials (OAC) process to determine whether they can perform financial transactions with the bank. This process required the client to physically submit a series of legal documents containing corporate and accounting information at a branch where it is digitized and subsequently evaluated by the bank’s legal and anti-money laundering department. It took approximately 20 days to authorize the registration of a new account or update an existing client’s account information. Banco Galicia turned to Red Hat Consulting to help them create a platform that reduces the time OAC required for analysis, validation and verification.

With the help of Red Hat Consulting, Banco Galicia built a fully digital, NLP platform that uses API-based models deployed in containers to optimize inference processing and subsequent re-training, enabling the models to be available for future banking projects. Red Hat OpenShift provides a highly reliable and available foundation for cloud-native application development and Red Hat 3scale API Management exposes the bank’s core services to different ecosystems, like its customer system. The bank also uses Red Hat FuseRed Hat AMQ and Red Hat Data Grid to integrate the new platform with internal workloads not running on the cloud.

With analyzing documents practically a real-time process, new corporate clients can now open and start using their account in minutes, while continuing to meet the bank’s compliance obligation to avoid and detect fraud. By automating its verification process, Banco Galicia has not only cut verification times from days to minutes with 90% accuracy, but also decreased application downtime by 40% and improved agility fourfold.
The intelligent NLP platform gives Banco Galicia the freedom and potential for growth, as 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, such as opening international accounts, foreign trade and customer support.

Supporting Quotes

Richard Harmon, vice president, Global Financial Services Industry, Red Hat
“The value of artificial intelligence in banking continues to grow and 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.”

Joy Erico, chief information officer, Banco Galicia
“Red Hat has enabled us to provide a faster and simpler customer experience for our corporate clients.  With the NLP platform analyzing documents practically in real-time, they can open and start using their account in just a few minutes instead of having to wait weeks.”

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