Ensure KYC banking compliance

KYC and customer onboarding is a complex and time-consuming activity for business banks serving a large and diverse customer base. Ensuring KYC banking compliance involves sourcing data from multiple sources – often done manually. And while analysts waste time rekeying data into CLMs and CRMs, customers are left frustrated at delays to onboarding and access to critical financial services.

40% abandonment rate
Our research found that 4 in 10 businesses abandon banking services applications due to ‘slow due diligence processes.

By automating manual KYC due diligence processes, Encompass dramatically reduces the time it takes to onboard a business customer, ultimately boosting customer satisfaction.

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Why business banks choose Encompass to meet their KYC compliance needs

Encompass is trusted by leading business banks to improve their KYC processes and banking compliance, offering the following benefits.

1

Drive efficiencies

Drive efficiency in KYC operations by automating manual processes

Businesses around the globe are struggling to survive the global pandemic, and banks play a critical role in providing much-needed access to financial assistance. Business banks must automate manual processes that slow down KYC and onboarding to provide their customers and communities with ongoing support.

Encompass builds a digital KYC profile on a business customer up to 98% faster than manual processes, for rapid onboarding, refresh and remediation.

2

Integrated data

Power CLMs and CRMs with trusted data to meets diverse KYC requirements

Performing KYC on a diverse customer base requires access to a vast range of data sources. Often, due to technical constraints, these sources are not integrated into onboarding platforms leading to an over-reliance on manual processes.

Encompass provides KYC data aggregation from a single API, empowering CLMs and CRMs with critical information. Leverage our existing integrations to the widest range of trusted global public and premium data sources, across over 200 jurisdictions, to meet your specific KYC requirements. We work with you to mirror your existing KYC process and can integrate additional data sources as required.

3

Demonstrable compliance

Automate KYC record creation in line with your KYC policy, every time

Encompass’ digital KYC records include full details of corporate hierarchy and UBOs, primary documents, backed by a complete audit trail of all actions taken.

Digital KYC records demonstrate AML compliance to regulators and auditors, and seamlessly integrate with CLMs and CRMs for a more streamlined compliance process.

About Encompass

Since the launch of Encompass in 2012, we’ve been helping Business Banks fight financial crime and streamline their KYC processes to comply with AML regulations and requirements.

Find out more about what makes us the No.1 platform for automating corporate KYC due diligence

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Encompass’ KYC software features, use cases and benefits for Business Banks

If you’d like to know more about the transformative impacts Encompass could bring to your bank, explore our range of end-to-end KYC management features, powered by automation.

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