We understand your challenges in commercial banking
1
Customer satisfaction is falling behind the competition
Commercial customers have increasing digital expectations of highly automated self-service journeys. In order to stay competitive, it’s critical to be able to offer a predictable, self-service onboarding model.
2
Manual, time-consuming KYC means teams can’t keep up with high volumes of requests
High volumes of onboarding requests and manual KYC activity leaves teams with an unmanageable workload, which causes bottlenecks, delays and internal friction. Meanwhile, there is pressure to find efficiencies, reduce resources and minimize costs.
3
High abandonment rates and lost revenue
Due to the highly competitive nature of the Commercial segment, many customers apply to multiple banks at once, which leads to high abandonment rates and significant losses in potential revenue.
4
Exposure to regulatory risk
Due to highly manual processes, too many human errors and inconsistencies are occurring, KYC investigations are often incomplete and require rework, and audit issues are being raised due to missing documentation. This puts the organization at risk of fines and reputational damage.
With Encompass there is a better way…
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How Encompass has helped our clients
Here’s what Encompass has delivered for commercial banks around the world
Almost 100% STP integration into the technology landscape
With Encompass data and, documents are sourced and integrated automatically and digital KYC profiles shared directly into the CLM.
10x uplift on completeness
Digital KYC profiles are populated more comprehensively, reducing client outreach and providing deeper client insight.
Globally standardized, consistent and scalable KYC
With Encompass, a Tier 1 bank eliminated checking, re-work and human error in KYC.
20,000 customer profiles refreshed in 2 days
A Tier 1 bank brought their customer back book up to date, reducing risk exposure and significantly increasing efficiency.
See how our KYC process automation platform works
Watch our short video and see how Encompass eases the burden of KYC operations, reducing task times from hours down to minutes, and enhancing the efficiency and accuracy of your processes.