As a result of the COVID-19 pandemic, digital transformation initiatives have risen to the top of the agenda for many global financial institutions.
With refined priorities and the impact of the pandemic still being felt, they are having to maximise efficiency and return across all areas of the business.
Even before the pandemic encouraged a shift towards digital solutions in order to maximise business efficiency, enhance customer experience and meet evolving compliance expectations, global banks were facing increasing pressure.
They know that, in the current climate, with FinTechs and challenger banks to contend with, for whom technology is ingrained in their processes, a seamless Know Your Customer (KYC) experience is a must. With companies often completing applications with a number of providers when looking for new financial services or products, the bank that can offer the quickest and most efficient onboarding process has a better chance of securing that business.
Manual processes are costly – both in terms of time and money. Aside from a slower and less efficient way of working when gathering information from a plethora of sources, there is also the risk of human error.
Depending on staff for the entire process also means that skilled analysts lose time that they could be dedicating to more business critical tasks. As a result, for many, the realisation has dawned that they simply cannot continue to do things alone – to successfully navigate the changing environment, win business and boost efficiency within their own institutions, they must look to RegTech.
One of the main benefits of RegTech, specifically intelligent process automation, for financial institutions is the standardisation of processes that comes with utilising a solution like Encompass.
Encompass automates repetitive manual tasks, like data gathering, providing the opportunity to streamline and bring consistency to onboarding efforts across the organisation, as well as saving time, money and eliminating the risk of human error. Leveraging automation in such a way means that each task related to KYC is completed consistently, and a detailed audit trail ensures every search and action is accurately recorded for regulatory purposes. Furthermore, KYC files can be accessed by analysts as and when needed to onboard or refresh.
We know that, by relying on robust, repeatable processes, banks are able to be more efficient across their entity. They can also reap the benefits of considerable time savings across business lines, as our platform completes UBO discovery and screening in minutes as opposed to hours, days, weeks or, in some cases, months, ensuring a fast, frictionless onboarding experience and improved customer journey. In these times especially, that can prove crucial in the quest to secure customers.
Encompass can also be deployed across a number of business units, with standard, out of the box solutions able to be up and running in a matter of days and easily accessible remotely. This flexibility and scalability when it comes to implementation means various areas of the bank can realise the advantages of automation and push their own digital transformation initiatives forward – particularly pertinent when demand is ever rising.
Having the opportunity to be flexible whilst also standardising a bank’s IT stack will ultimately lead to increased efficiencies, lower costs and consistent results. Isn’t that what everyone wants?
James' background is in finance, with a strong focus on Software-as-a-Service (SaaS) providers. As part of Encompass' Banking team, he specialises in helping our tier one banking clients excel in their industry. Contact James to discuss how he can help you.
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Encompass’ intelligent process automation conducts live document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.