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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.

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KYC operations and customer onboarding

compliance

relationship management

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KYC operations and customer onboarding

Maintaining an efficient, digital onboarding process is critical for challenger banks and fintech firms. However, as KYC requirements become increasingly onerous KYC operations and customer onboarding teams are struggling to meet customer expectations. There are several reasons for this:

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.

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time saved using Encompass

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compliance

Challenger banks and fintech firms are under increasing regulatory pressure to enhance Anti-Money Laundering (AML) and KYC, and compliance teams are stretched to capacity. Meeting regulatory deadlines for large KYC remediation projects, while maintaining robust onboarding KYC, is problematic due to:

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

find out more

compliance

Challenger banks and fintech firms are under increasing regulatory pressure to enhance Anti-Money Laundering (AML) and KYC, and compliance teams are stretched to capacity. Meeting regulatory deadlines for large KYC remediation projects, while maintaining robust onboarding KYC, is problematic due to:

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

find out more

relationship management

Known for slick, frictionless customer onboarding, challenger banks and fintech firms have become increasingly popular with businesses. As competition intensifies, Relationship Managers must ensure new customers are onboarded quickly and efficiently.

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.

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