Exceed customer expectations with automated identity verification and KYC compliance
Know Your Customer (KYC) procedures are crucial for commercial and investment banks to assess customer risk accurately and prevent financial crime. Without the right technology, these processes can become burdensome, leading to inefficiencies and regulatory risks.
The Encompass corporate digital identity (CDI) platform revolutionizes KYC compliance through advanced automation across the customer lifecycle. Our powerful technology streamlines ongoing monitoring and strengthens KYC, Customer Identification Programs (CIP), Customer Due Diligence (CDD) and Anti-Money Laundering (AML) compliance programs. We collate public data and documents with private customer information to deliver a single source of truth that empowers banks to navigate regulatory landscapes with ease.
We understand your challenges in commercial banking
Customer satisfaction is falling behind the competition
Commercial customers increasingly expect seamless, automated self-service journeys. To remain competitive, offering a predictable, self-service onboarding process is crucial.
Manual, time-consuming KYC means teams can’t keep up with high volumes of requests
Manual, time-consuming KYC processes create bottlenecks, delays and internal friction as teams struggle to handle high volumes of requests efficiently while meeting stringent KYC requirements. These inefficiencies can expose financial institutions to regulatory risks due to human errors and incomplete KYC and Customer Due Diligence (CDD) investigations.
High abandonment rates and lost revenue
The highly competitive nature of the commercial banking sector means many customers apply to multiple banks at once, which leads to high abandonment rates and significant losses in potential revenue.
Exposure to regulatory risk
Due to highly manual processes, too many human errors and inconsistencies occur, KYC investigations are often incomplete and require rework, and audit issues are raised due to missing documentation. This puts the organization at risk of fines and reputational damage, impacting overall risk management strategies.
With Encompass there is a better way…
- Almost 100% STP integration into your technology landscape
- Globally standardized, consistent and scalable KYC
- Continuous regulatory compliance with real-time information
- Build a single, holistic view of the client across your organization
- Uncover ownership structures and identify UBOs faster
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
Encompass automates data and document sourcing, seamlessly integrating digital KYC profiles directly into Client Lifecycle Management (CLM) systems, ensuring swift and accurate onboarding processes.
10x uplift on completeness
Commercial banks using Encompass benefit from significantly enhanced digital customer profiles, reducing client outreach efforts and gaining deeper customer 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 book back up to date, reducing risk exposure and significantly increasing efficiency.
See how our CDI platform works
Experience firsthand how Encompass simplifies KYC operations, transforming tasks that used to take hours into minutes. See how our CDI platform enhances efficiency and accuracy across your processes.
How it works