Deploying AI Chatbots in Regulatory Licence Application Processing

• Manuel processing: Due to the amount of information required, it is common for submissions to have missing information, invalid inputs or areas where risk considerations may not be addressed adequately. This resulted in excessice back-and-forth between the regulator and the applicant.
• Burden on external advisor: Applicants typically work closely with external advisors to manage the application process and prepare the required documentation.
• Enquiry handling: Although 80% of these general enquiries are straightforward and can be answered through simple FAQs, officers need to manually allocate tasks, read, find and extract the relevant information residing in different data repositories and reply to each question one by one via email.

Combining the benefits of a chatbot interface enhanced with document processing capabilities, Nexus’ AI RegBot assists regulators in handling public enquiries, scheduling meetings and guiding applicants on how to fill up and submit lengthy application forms. By providing real-time feedback and validation checks at the point of submission, the likelihood of information and risk gaps is reduced, in turn cutting down turnaround times and creating a smoother user experience.

Officers are notified of completed submissions and conveniently presented with the required information extracted and compiled automatically from the licence application forms and documentation, for their assessment. By automating the simple, manual tasks, officers can now spend more time where it matters: making decisions and dealing with exceptions.