Industry reports and commentary depict a financial services sector challenged by falling confidence and increasing regulatory pressure.
At such times, bringing onboard new clients effectively and at low cost would appear a business imperative. The problem is how institutions do Know Your Customer (KYC) checks: outdated, sub-optimal business processes hinder flow of information, and put digitisation’s potential to create real economic benefits beyond reach.
The results of failing KYC processes are:
- client onboarding costs are rising and difficult to control
- clients are frustrated by an experience that appears opaque and inefficient
- Money Laundering Reporting Officers are exposed to risks of enforcement actions by industry regulators
- the work of risk and compliance professionals is viewed by peers as making little contribution to wider business development initiatives
Evidence from multiple industries suggests that reassigning “routine and codifiable tasks” from human workers to computers raises productivity while freeing experts to focus on higher value work that benefits from their problem-solving skills, adaptability, and creativity.
In our latest whitepaper, we investigate the business process of Know Your Customer to suggest that identifying activities that are candidates for digitisation and automation offers a way forward for financial services and other businesses looking to improve outcomes for all involved in Know Your Customer processing.
ABOUT MIKE KEARNEY
As a product marketing professional, Mike specialises in technologies that deliver business innovation by managing, analysing and presenting information. Mike’s career spans working in Australia, Europe and USA with experience in financial services, telecommunications, energy, pharmaceuticals, electronics and public sector, and with vendors including Netezza, Oracle, Vignette, BMC Software, and IBM.
PRODUCT MARKETING SPECIALIST
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, Encompass Corporation is the creator of unique, innovative 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 regulation compliance in to a competitive advantage?
Contact us today to arrange your personalised demonstration 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.