Client outreach is a pressing issue for many organisations. In fact, research carried out by Encompass showed that it was considered the most challenging element of Know Your Customer (KYC) for respondents.
Client outreach is the process of acquiring accurate KYC documentation directly from a client. As part of this process, a KYC analyst determines a client’s risk score, and this then defines the client due diligence and KYC requirements, initiating the retrieval of information that may not have been available in the public domain.
It brings several challenges, such as ensuring the right contact is receiving requests for information, receiving a response in a timely manner, and ensuring that information is retrieved from acceptable sources.
In a new ebook, we detail these challenges, the lasting impact on business, and how RegTech reduces the need for what can be a particularly costly process.
During outreach, a client is often asked several times for information, and also for the same information more than once, which can make it a protracted and difficult stage. They can also be asked for the wrong information, or the wrong level of information, leading to frustrations on both sides.
An ineffective process here can lead to numerous issues arising, which we explain in detail within the ebook. Some of the impacts to consider include:
As we evidence in our ebook, there is no perfect process for outreach. However, there are ways you can reduce the common inefficiencies and improve the overall customer experience.
There are numerous benefits of technology, and specifically Encompass, in finding efficiency and breaking down a complex process, with examples being: