Reimagining corporate identity: How technology will reshape the future of KYC

Corporate banking is facing a data dilemma. On one hand, banks have access to more information than ever before. On the other, it overwhelms them. Drowning in a sea of documents, data sources, and disconnected processes has a real impact on how banks can begin reimagining corporate identity.

When complexity becomes the crisis

And nowhere is this more apparent than in the world of Know Your Customer (KYC).

What was once a simple matter of verifying an individual’s identity has evolved into something infinitely more complex. Financial institutions must navigate sprawling entity structures, opaque ownership chains, and jurisdictional discrepancies, just to onboard a single corporate client.

We are not just checking IDs anymore. We are trying to piece together digital fingerprints across borders, regulators, and systems that were never designed to talk to each other.

The corporate KYC challenge: A system under strain

Imagine a multinational corporation with hundreds of subsidiaries, cross-border operations, and a mix of regulated and non-regulated entities. Now imagine trying to build a single, definitive identity profile that satisfies internal policies, external regulators, and evolving risk frameworks.

That is not just complex. It is nearly impossible with the tools most banks have today.

We are seeing this play out at scale:

• Regulatory scrutiny is at an all-time high
• Client onboarding timelines are ballooning
• Total industry customer due diligence spend is $12.7bn annually
• Compliance teams are buried under manual work that delivers limited strategic value

At Encompass, we speak with global banks every day. Their message is consistent:

We are under pressure. We are spending too much. And we are still not confident we are seeing the full picture.

That is the reality of modern corporate KYC.

Technology: The significant change we have been waiting for

The future of KYC is not just about better processes. It is about a fundamental reimagining of how corporate digital identity is created, managed, and shared.

This is not a hypothetical. It is already happening.

Transforming corporate identity with EC360

At Encompass, we have built EC360 to answer the precise challenges Tier 1 banks are facing. It is our boldest product yet, and a critical step forward in the digital identity evolution.

EC360 enables the fast, accurate validation of even the most complex corporate entities by:

• Collecting, integrating and linking public and private data
• Visualising ownership structures and key risk indicators in real time
• Delivering a continuously updated, dynamic digital identity
• Reducing the time and cost of KYC onboarding and refreshes

With EC360, banks no longer need to piece together information from siloed systems and PDFs. They can access a single, actionable source of truth, backed by auditability, automation, and real-time insights.

Beyond EC360: Solving the full KYC lifecycle

Digital identity is not a static concept. It must evolve with the client, the regulatory landscape, and the bank’s internal systems. That is why we have expanded the Encompass platform to include:

EC Public Automation

Automates the sourcing and validation of public records. Removing the manual burden of checking registries and regulatory databases. Faster, cleaner data. Fewer compliance risks.

EC Private Outreach

Streamlines how banks collect information and documentation directly from corporate clients. It empowers clients to manage and share their own data securely. Reducing friction and accelerating turnaround times.

Together, these tools allow banks to move from reactive compliance to proactive risk management. And, critically, they enable banks to offer corporate clients the seamless, consumer-grade experience they increasingly expect.

Why this matters now

We are at a critical inflection point. The banks that embrace digital identity and automation now, will:

• Onboard faster
• Reduce operational costs
• Improve compliance outcomes
• Win business in a fiercely competitive market

Those that do not?

They risk being left behind. Trapped in an endless loop of manual reviews, rising costs, and client dissatisfaction.

The power shift: From institution to empowered corporate

One of the most exciting shifts we are seeing is around control. Historically, banks owned the identity verification process. But increasingly, corporations are demanding more ownership over how their information is managed and shared.

This is a good thing.

Giving corporate clients more control not only improves transparency and efficiency, but it also builds trust. And when trust is embedded in the onboarding process, it sets the tone for stronger, longer-lasting relationships.

Looking ahead: Reimagining corporate identity

The future of digital identity is not about eliminating complexity. It is about mastering it, through technology that simplifies, standardises, and scales.

At Encompass, we believe that the transformation of KYC is already underway. And we are proud to be a leader, with Tier 1 banks who see the opportunity to do things differently and unlock tomorrow’s potential.

Because when you give institutions the tools to know their customers deeply, efficiently, and accurately – everything changes.