AI-Powered Chatbots Decrease License Application Time
Decrease application time with real-time feedback and validation at the point of submission.
Financial institutions and regulated businesses have been accelerating technology adoption to improve compliance outcomes, speed up processing and reduce costs. However, they’re not the only ones making the big tech moves. Regulators themselves are also actively exploring innovative solutions to transform how they engage with their community.
Traditionally, the VC license application process has been time-consuming and confusing for applicants, as well as costly and tedious for the regulator. Some of the challenges included:
1. Manual processing
Due to the amount of information required, it was common for submissions to have missing information or invalid input, resulting in back-and-forth between the regulator and the applicant. Once completed, the information in the application forms had to be extracted and transferred to internal workflows for further processing.
2. Burden on external advisor
Applicants often worked with external advisors to manage the application process and prepare the required documentation. This step added to the complexity and inefficiency of the overall process.
3. Enquiry handling
Officers had to handle questions from the public on the licensing process. Although 80% of these general enquiries are straightforward and can be answered through simple FAQs, officers needed to manually read, find and extract the relevant information in different data repositories and reply to each question via email.
Combining the benefits of a chatbot interface enhanced with document processing capabilities, Nexus’s 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 for 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.
Through Nexus’ AI automation solutions, both regulators and financial institutions stand to benefit from a faster and more cost-efficient licence application process.