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As regulatory requirements increase, KYC investigation times lengthen which holds up the onboarding process. Repetitive outreach also harms client relationships. This results in a bad first impression with prospective customers, which can lead to reduced opportunities to offer new products and lost revenue further down the line.
For many corporate and investment banks, KYC requires huge amounts of manual effort and operations teams are expected to process more cases with fewer resources, while also implementing efficiency gains. It’s also difficult to know what the KYC assessment is going to be in advance, to effectively manage customer expectations.
Many institutions rely on heavily manual processes, which inherently carry risks of human errors. 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.
As overheads increase and client expectations evolve, banks need to be able to automate manual KYC processes across all their customer journeys, including refresh and remediation, to reduce costs, remove bottlenecks and improve customer experience.
Here’s what Encompass has delivered for corporate and investment banks around the world.
A Tier 1 corporate and investment bank benefited from automation of data and document sourcing, retrieval and collation in the KYC due diligence process, enabling analysts to focus on more valuable tasks.
From improved client experience, operational efficiency gains to robust risk mitigation and regulatory compliance, find out what CDI could mean to your organization.
A Tier 1 bank was able to dramatically improve customer experience, accelerate customer onboarding, and reduce client abandonment.
With Encompass, a Tier 1 bank eliminated checking, rework and human error in KYC.
Analyst productivity was significantly enhanced, removing bottlenecks, increasing capacity, and reducing costs.
Watch how our KYC automation and public data collation solution, powered by EC360, helps banks across the world automate manual KYC, easing the burden on KYC operations, reducing task times from hours down to minutes, and enhancing the efficiency and accuracy of KYC processes.