automation in KYC – perception versus reality

by | Mar 6, 2019 | All Blog Posts, Featured, Top Feature

The role of automation in Know Your Customer (KYC) processes was the subject of encompass’ first webinar of the year.

Presenting on Thursday, 28 February, CAMS-certified solutions consultant Ruby Schembri shared her expertise with a varied audience from across the industry during a session titled ‘Automation in KYC: Perception vs Reality’.

Delving into a topic which is now firmly on the radars of regulated firms, she gave an update on the progress of the technology and how it is used within daily operations, as well as developments to look out for in the future.

Given that the technology itself comes with the expectation of accelerating digital transformation, cutting costs and increasing revenues, Ruby used her knowledge, and practical examples, to outline the positives of utilising it and examine how these measure up against such expectations.

Ruby is an experienced KYC practitioner who has a deep understanding of the current challenges facing KYC teams and how these can be addressed using intelligent process automation.

As part of her current role with encompass, she works with global banks to define just how their Anti-Money Laundering (AML)/Counter Terrorism Financing (CTF) compliance programmes would benefit from this.

By identifying and automating manual processes that require little skill but take up compliance analysts’ time, she is able to save customers significant time and cost, while more efficient customer onboarding, ongoing monitoring and remediation improve time to revenue, as well as customer satisfaction levels.

The level of exposure to what this form of technology can bring that Ruby has gained over the years meant she was able to provide a comprehensive round-up of the latest talking points, as well as analysis of how important automation is to firms when undertaking KYC tasks.

Topics covered in the webinar included:

  • the commonly-held perceptions of automation in banking and finance – are these guiding truths or impediments to progress?
  • robotic/intelligent process automation and artificial intelligence – is it just vendor hype or foundations for new digital processes?
  • what does the future hold for KYC analysts and for emerging technologies?

Ruby also answered questions from our audience on issues including how to identify the need for and find the best solutions.

Giving her thoughts on the key points and advice to take from the webinar, she said

Don’t be scared or intimidated by the technology or the techniques that will help you. Embrace the changes, they have been designed to improve on established practices and benefit the industry as a whole, both in terms of the KYC community and the clients.

You can view the webinar here.

on demand webinar

automation in KYC

perception vs reality

In this complimentary webinar, CAMS-certified solutions consultant Ruby Schembri updates you on the current progress of automation in Know Your Customer (KYC) processing, and developments to be made in the future.

about encompass

Founded in 2012 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

want to turn regulatory compliance
in to a competitive advantage?

Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.

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