Reimagining onboarding: A strategic shift for KYC operational leaders

For today’s KYC operational leaders, the client onboarding process is more than just a regulatory requirement. It is a pivotal moment that can shape outcomes for both customers and the bank.

Even with substantial digital investment, many financial institutions still rely on outdated, manual Know Your Customer (KYC) workflows. These legacy approaches are not only slow but also expose banks to increased costs, compliance risks, and lost opportunities.

At Encompass, we partner with major banks globally and consistently hear the same concerns: How can we scale effectively, maintain regulatory compliance, and elevate the client experience — all at the same time?

The answer lies in embracing automation and Corporate Digital Identity (CDI). For KYC operations leaders, this shift presents a powerful opportunity to drive transformation where it matters most.

Faster onboarding for faster growth

Onboarding speed directly impacts a bank’s ability to win and retain business. However, onboarding a single corporate client often takes between 90 and 120 days, with over 50 hours of manual work involved. While your team is tied up with inefficiencies, your competitors are forging stronger client relationships and growing market share.

By automating data and document collection, banks can dramatically reduce onboarding time. One Tier 1 bank using Encompass technology reduced its KYC cycle from multiple days to just a few hours. As a result, accelerating revenue generation and improving agility without compromising compliance.

Compliance that is efficient and dependable

Strong compliance is non-negotiable in a regulated industry. However, it should not come at the expense of productivity.

Automated KYC processes improve accuracy, consistency, and auditability. They reduce manual dependencies and errors while enabling a right-first-time approach. By embedding CDI, banks can leverage verified data across the client lifecycle. From onboarding and refresh to remediation and perpetual KYC.

The result? A more scalable compliance framework that’s both rigorous and resource efficient.

Achieving scale without scaling cost

Sustainable growth means scaling without inflating operational expenses.Traditional approaches often require hiring more staff or relying on costly outsourcing. Encompass offers a smarter solution: a platform that delivers end-to-end KYC automation and integrates smoothly with existing systems. By enabling data reuse and process standardisation, banks can reduce total cost of ownership while boosting operational output.

In fact, customers leveraging Encompass have reported efficiency gains of up to 59% over five years, and Year 1 cost savings of 21%.

How KYC operational leaders can drive change

Onboarding is no longer just a back-office function. It is a frontline differentiator. Yet many banks still treat it as a compliance hurdle, not the strategic opportunity it can be.

As part of the Encompass leadership team, I firmly believe the banks that will thrive are those that transform onboarding into a competitive advantage. By adopting automation and CDI, KYC operational leaders can create a more agile, efficient, and scalable model. One that meets today’s demands and future-proofs the business.

Now is the time to turn operational challenges into strategic wins. Let’s transform onboarding and unlock what is next, together.