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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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Almost 100% STP integration into your technology landscape

Encompass’ pre-built integrations to over 175 global public and premium data products across more than 200 jurisdictions eliminate swivel chair activity by fully automating KYC searches. It then intelligently merges and analyzes documents and data to build real-time digital KYC profiles in minutes, enabling digital onboarding journeys from initiation to account opening.

Globally standardized, consistent and scalable KYC

Encompass builds your KYC procedures into its dynamic process automation platform to perform multiple KYC searches in parallel. This ensures all investigations are done exactly to the required procedure every time, KYC processes are standardized, investigations are complete, and errors and rework are eliminated.

Continuous compliance with real-time information

Leverage live, consistently up-to-date customer KYC profiles during reviews and remediation to minimize human involvement, maximize productivity and significantly reduce overheads. Automation of search procedures and real-time data feeds ensure consistent compliance, paving the way to full pKYC.

Build a single, holistic view of the client across your organization

Encompass’ digital KYC profiles include fully uncovered company ownership structures and UBOs; verified documents and company information; a complete, dynamically created audit trail of all actions taken; and full data attribute lineage. This live, complete customer record can then be shipped wherever needed across your organization for a consistent, reliable view of the client.

Uncover ownership structures and identify UBOs faster

Encompass streamlines the long and complex KYC data gathering and investigation process. This reduces the risk of manual errors and saves significant KYC analyst time, freeing up compliance teams to focus on value-adding investigations of high-risk customers only.

How Encompass has helped our clients

Here’s what Encompass has delivered for commercial banks around the world

Almost 100% Integration into tech landscape with Encompass

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.

Ten times plift in completeness with Encompass

10x uplift on completeness

Digital KYC profiles are populated more comprehensively, reducing client outreach and providing deeper client insight.

Globally standardized consistent scalable KYC with Encompass

Globally standardized, consistent and scalable KYC

With Encompass, a Tier 1 bank eliminated checking, re-work and human error in KYC.

20,000 profiles refreshed in two days with Encompass

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.

How it works

Discover corporate digital identity from Encompass

 

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