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

With the help of Red Hat Consulting, Banco Galicia built an intelligent AI platform that cut down verification times from weeks to minutes

BOSTON – RED HAT SUMMIT–(BUSINESS WIRE)–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 OpenShift, Red 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.

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 Fuse, Red 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.”

Red Hat Summit

To watch the Red Hat Summit keynotes virtually, tune in at the following times. The livestream will be available on @RedHat’s Twitter, LinkedIn, and YouTube accounts. Choose your viewing preference and hear the latest from Red Hat executives, customers, and partners.

May 23 at 9 a.m. ET Innovation doesn’t rely on your IT budget (LinkedIn | YouTube)

May 23 at 1 p.m. ET The automation moment — and beyond (LinkedIn | YouTube)

May 24 at 9 a.m. ET Optimize to innovate at scale (LinkedIn | YouTube)

Catch up on select highlights after the event and explore a collection of additional new online sessions for free on the Red Hat Summit virtual content hub.

Additional Resources

Learn more about Red Hat’s solutions for the financial services industry

Read more Red Hat customer success stories

Learn more about Red Hat Summit

Visit the Red Hat Summit 2023 newsroom

For event-specific updates follow @RedHatSummit or #RHSummit on Twitter

For the latest news and announcements follow Red Hat on Twitter and LinkedIn

Connect with Red Hat

Learn more about Red Hat

Get more news in the Red Hat newsroom

Read the Red Hat blog

Follow Red Hat on Twitter

Follow Red Hat on Instagram

Watch Red Hat videos on YouTube

Follow Red Hat on LinkedIn

About Red Hat, Inc.

Red Hat is the world’s leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.

Forward-Looking Statements

Except for the historical information and discussions contained herein, statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company’s current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Red Hat, Red Hat Enterprise Linux, the Red Hat logo, Ansible and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.

Contacts

Joy Caracciolo

Red Hat, Inc.

703-915-5295

jcaracci@redhat.com