Why KYC for corporates is broken – and how to fix it

Corporate businesses must move fast, while staying compliant.

Nowhere is the pressure more obvious than in managing Know Your Customer (KYC) information during onboarding and periodic reviews. Once a bank’s problem, KYC is now a top concern for treasury, legal, and compliance teams. Yet, despite growing urgency, the KYC process still feels outdated. Corporates face endless unsecure email threads, repeated document requests, and manual rework. The world has evolved but KYC hasn’t. The pain is real and growing.

KYC for corporates

According to the Encompass 2025 Corporate Treasurer Survey, 84% of organizations are dissatisfied with their current KYC experience, up 11% from 2024. Why? Manual, duplicative, insecure processes that no longer meet the need of today’s complex business environment.

Three challenges stand out:

Fragmented data creates operational drag

KYC documentation is dynamic, constantly shifting with ownership structures and regulations. But most companies still manage it in spreadsheets, email chains and shared drives. This leads to:

• • Duplicated effort
  • Lack of oversight and auditability
  • Errors and outdated information
  • No single source of truth

The result? KYC delays, frustrated teams, and increased risk. In fact, 92% of corporate treasurers say they’re asked for the same information multiple times by the same bank. Clearly, a centralized repository is essential.

Insecure data sharing damages trust

Despite digital transformation, many banks and business partners still request sensitive KYC via unencrypted email. Our survey shows:

• • 48% of corporates send KYC data through insecure channels
  • 83% are concerned about how their banks handle sensitive information.

In an era of increased cyber threats and data breaches where digital trust underpins business relationships, this is a growing liability.

Multiple business relationships, single-point friction

Large corporates often deal with multiple banks in addition to legal advisors, and third parties. Sharing KYC data across all these relationships should be seamless, but it’s not.

Corporates are stuck resending the same documents repeatedly, delaying:

• • Account openings
  • Liquidity planning
  • Strategic execution

Worse still, 83% report have lost revenue due to onboarding delays, and nearly half have abandoned applications altogether due to poor KYC processes.

The solution: EC CoorpID – KYC, simplified

Forward-thinking corporates are switching to EC CoorpID, a purpose-built solution for secure, scalable KYC information management designed to transform how KYC data and documents are stored and shared across multiple relationships.

What EC CoorpID delivers:

• Centralized structured storage – one searchable, secure source of truth
• Secure, auditable sharing – control access, maintain full audit trails
• Scalability – manage KYC across entities and multiple banks and partners with ease
• Governance and reusability – improve collaboration and reduce duplication

With EC CoorpID, corporates take back control. Streamlining onboarding and periodic reviews, reducing risk and building stronger business relationships.

Built for trust and compliance, the platform meets global data protection standards including GDPR, SOC 2, and ISO7001, ensuring robust security, transparency, and accountability across every interaction.

Join 3500+ entities who already store and share their information via EC CoorpID.

Discover how EC CoorpID can transform your KYC experience.