corporate and investment banking

KYC operations and customer onboarding

Dramatic cost-cutting in the global corporate and investment banking sector has resulted in a number of significant challenges for KYC operations and customer onboarding teams:

• the data required to unwrap complex corporate structures cannot be accessed
• adverse media screening generates an unmanageable volume of false positives
• internal Service Level Agreements for customer onboarding times are not being met
• deadlines for urgent and large-scale KYC remediation projects are being missed

automated KYC discovery from encompass

Using an innovative blend of intelligent process automation, artificial intelligence and business logic, encompass automates KYC discovery, reducing costs while improving quality and slashing customer onboarding times.

We use a bank’s established data sources, policies and procedures, and integrate with existing KYC or customer onboarding platforms. We can be deployed immediately and offer a seamless transition from manual to automated processes.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian bank, encompass completed the KYC discovery process on average eight times faster than a senior KYC analyst using the bank’s existing process.

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Corporate and investment banking compliance teams are faced with increasing global regulation and regulatory scrutiny. This comes at a time when budgets are under pressure. Maintaining the quality of KYC in order to avoid regulatory and reputational risk is critical, but is also a significant challenge for several reasons:

• a lack of skilled KYC analysts means departments are under-resourced
• high analyst turnover rates have sent training costs spiralling
• aggressive deadlines for bulk KYC remediation are being missed
• KYC is often performed face-to-face making it impossible to demonstrate compliance

automated KYC discovery from encompass

By utilising the latest in intelligent process automation and artificial intelligence, alongside our demonstrated expertise, encompass automates KYC discovery, reducing reducing costs while enhancing compliance with global AML and anti-bribery and corruption regulation.

Intelligent process automation from encompass ensures policies are consistently followed, and every search, action and decision is dynamically recorded in a comprehensive audit trail for demonstrable compliance.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian bank, encompass’ automated KYC discovery process identified more complete ownership and control information than a senior KYC analyst following the bank’s existing manual process – over eight times faster.

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change management

Intense competition amongst corporate and investment banks is driving digital transformation projects focused on customer onboarding.

A fast, customer-friendly onboarding experience enables growth and increased customer profitability. However, in most cases costly investments in Customer Lifecycle Management (CLM) solutions have not delivered the expected return due to:

• long, complex deployment delaying implementation schedules
• the challenges of integrating all required data sources for robust KYC

automated KYC discovery from encompass

encompass automates KYC discovery across a bank’s complete set of trusted KYC data sources, and in line with existing policies and procedures.

Our flexible deployment options cater to a bank’s specific needs. The encompass user interface offers immediate, out-of-the-box deployment, allowing banks to automate costly and time-consuming KYC processes prior to a full CLM rollout. Post-rollout, our API integrates quickly and easily to fully automate the KYC process entirely within the CLM environment.

Our results speak for themselves. In a proof of value exercise with a leading Australian bank, our automated KYC discovery process consistently unwrapped global corporate structures to the same level, or more comprehensively, than the bank’s existing process, and six times faster. This included uncovering a previously undiscovered corporate structure in the Cayman Islands.

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Corporate and investment bank sales teams are under tremendous pressure to win more business and maximise customer profitability. However, a recent survey found that 57% of bank sales professionals spend more than 1.5 days per week onboarding customers, due to the increasing complexity of Know Your Customer (KYC) requirements. This has a detrimental effect on a bank as:

• onboarding times do not meet customer expectations resulting in lost business
• a poor initial onboarding experience directly impacts customer profitability
• KYC quality is inconsistent due to a lack of understanding and resources

automated KYC discovery from encompass

By utilising the latest in intelligent process automation and artificial intelligence, alongside our demonstrated expertise, encompass automates KYC discovery, reducing reducing costs while enhancing compliance with global AML and anti-bribery and corruption regulation.

Intelligent process automation from encompass ensures policies are consistently followed, and every search, action and decision is dynamically recorded in a comprehensive audit trail for demonstrable compliance.

Our results speak for themselves. In a side-by-side proof of value exercise run with a leading Australian bank, encompass’ automated KYC discovery process identified more complete ownership and control information than a senior KYC analyst following the bank’s existing manual process – over eight times faster.

Click the table to enlarge.