how we help
challenger banks and fintechs
Unhindered by legacy platforms, challenger banks and fintech firms have made their mark on the financial services landscape with innovative digital experiences and frictionless customer onboarding.
With this success, however, comes increased regulatory scrutiny. Evidencing robust Know Your Customer (KYC) processes is now critical, but enhanced compliance cannot come at the expense of the customer experience that has made this sector so successful.
KYC automation from Encompass addresses this challenge. We offer multifaceted support for your organisation.
learn how Encompass benefits your business
KYC operations and customer onboarding
KYC operations and customer onboarding
- regulatory pressure is driving large-scale KYC remediation projects, diverting limited resources
- data silos mean that KYC and onboarding teams are not getting the full value from existing data sources
- adverse media screening generates high volumes of false positives which take time to review and clear
a single platform for KYC discovery
By utilising the best in intelligent process automation, artificial intelligence and our demonstrated business logic, Encompass automates KYC discovery across all required sources to ensure regulatory requirements do not hamper customer experience.
The Encompass KYC automation platform eliminates the manual burden on analysts by quickly compiling a comprehensive customer profile ready for analyst review. This dramatically improves KYC analyst productivity and bandwidth.
Our results speak for themselves. In a proof of value exercise run with a leading UK challenger bank, Encompass reduced the time taken to complete KYC discovery and unwrap corporate ownership from an average of 120 minutes to 80 seconds. With encompass, a KYC analyst could complete this process for 90 entities in the time taken to complete one using the bank’s current process.
%
time saved using Encompass
compliance
- skilled KYC analysts being costly and in scarce supply
- high levels of turnover amongst KYC analysts impacting efficiency
- experienced KYC analysts spending too much time on low-skilled tasks
automated KYC discovery from Encompass
Using a blend of intelligent process automation, artificial intelligence and business logic, Encompass automates KYC discovery for all customer types, and across all required sources, to improve KYC quality and increase KYC analyst capacity.
By eliminating time-consuming and low-skilled manual data gathering, currently performed by highly-skilled analysts, Encompass‘ KYC automation platform improves analyst productivity, job satisfaction and retention rates.
Our results speak for themselves. In a proof of value exercise run with a leading UK challenger bank Encompass reduced the time taken to complete KYC discovery and unwrap corporate ownership from an average of 120 minutes to 80 seconds. With Encompass a KYC analyst could complete this process for 90 entities in the time taken to complete one using the bank’s current process.
hours saved per year using Encompass
compliance
- skilled KYC analysts being costly and in scarce supply
- high levels of turnover amongst KYC analysts impacting efficiency
- experienced KYC analysts spending too much time on low-skilled tasks
automated KYC discovery from Encompass
Using a blend of intelligent process automation, artificial intelligence and business logic, Encompass automates KYC discovery for all customer types, and across all required sources, to improve KYC quality and increase KYC analyst capacity.
By eliminating time-consuming and low-skilled manual data gathering, currently performed by highly-skilled analysts, Encompass‘ KYC automation platform improves analyst productivity, job satisfaction and retention rates.
Our results speak for themselves. In a proof of value exercise run with a leading UK challenger bank Encompass reduced the time taken to complete KYC discovery and unwrap corporate ownership from an average of 120 minutes to 80 seconds. With Encompass a KYC analyst could complete this process for 90 entities in the time taken to complete one using the bank’s current process.
hours saved per year using Encompass
relationship management
relationship management
However, more stringent KYC requirements have made customer onboarding more complex and time-consuming. To avoid losing valuable potential customers due to friction in onboarding, firms must ensure that regulatory compliance does not come at the cost of customer experience.
faster onboarding decisions from Encompass
Using an innovative blend of intelligent process automation, artificial intelligence and business logic, Encompass automates KYC discovery across all required sources to significantly reduce customer onboarding times without increasing exposure to regulatory or reputational risk.
Our KYC platform uses intelligent process automation to perform robust KYC on entities and individuals in a fraction of the time compared to current manual processes. The result is fast, frictionless and compliant onboarding across a bank’s entire customer base.
Our results speak for themselves. In a proof of value exercise run with a leading UK challenger bank, the Encompass solution delivered time-savings that meant a KYC analyst could complete the KYC discovery process for 90 entities in the time taken to complete just one using the bank’s current process.
%
time saved using Encompass
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Discover what Encompass can do for you
Ready to learn more about Encompass' intelligent process automation platform for KYC?
Fill out the form to request your personalised consultation on how Encompass can help your business. You can also contact our team directly on +44 (0) 333-772-0002.