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Embracing KYC transformation and automation

Globally, financial institutions (FIs) are transforming their KYC operations. Digital transformation plans have accelerated in response to the coronavirus pandemic and rising customer expectations around speed and quality of service.

This is combined with ever changing regulatory expectations and the need to increase resilience across all business-critical services.

While automation and technology are fundamental, a wide range of factors will contribute to the success of KYC transformation initiatives. FIs need to view KYC transformation holistically, considering all challenges associated with any large-scale change program to ensure continued, if not improved, levels of compliance.

To harness the power of KYC automation, FIs need to embrace KYC transformation.

A range of priorities underpinning KYC transformation

Policy

Ensure your KYC policy is clear, up to date with current regulatory requirements and understand how policy changes will be reflected in the KYC transformation program.

People

Consider the current operating structure and whether there are opportunities to break down organizational silos.

Process

Use the transformation program as an opportunity to re-engineer rather than simply automate existing manual processes.

Data

Define a data strategy that focuses on pooling and re-using data, which can then be used to drive more efficient processes.

Technology

Consider how third-party solutions can be used to automate processes and integrate with existing technology platforms (e.g. Client Lifecycle Management) to promote straight-through processing.

Embracing KYC Transformation

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Explore our resources

Icon | Blog Blog
Key ingredients of a successful KYC transformation
By Doris Honold We interviewed Doris Honold on her experience managing KYC transformation projects in global banks.
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Icon | Blog Blog
The impact of regulation on KYC transformation
By Dr Henry Balani Dr Henry Balani identifies the influence regulations have on KYC transformation projects.
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Icon | Blog Blog
KYC and seizing the benefits of change
By Howard Wimpory KYC transformation is not just a regulatory need, but an opportunity to unlock value across the firm
read
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The Encompass KYC automation platform transforms regulatory compliance and customer onboarding

Unrivaled global KYC data integrations
Intelligent process automation
In-depth corporate structure and UBO unwrapping
Full data attribute lineage
Digital KYC profile and dynamic audit trail

Increase efficiency of KYC operations and improve customer experience with Encompass.

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Benefits

Find out more about the benefits of KYC automation with Encompass

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