87% of corporate treasurers have abandoned banking applications due to lengthy onboarding Read here

Manual KYC in corporate and investment banks (CIB) requires enormous effort

1

KYC is causing onboarding delays and friction with customers

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.

2

KYC is inefficient and unpredictable

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.

3

Human errors increase regulatory and reputational risk

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.

4

KYC is negatively impacting profitability

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.

With Encompass there is a better way…

west
east

Automate every element of KYC investigations in minutes

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, empowering CLM and CRM systems with critical information.

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

Encompass’ digital KYC profiles include fully uncovered corporate hierarchies 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 automatically unwraps ownership structures for corporate customers, streamlining the long and complex KYC data gathering and investigation processes. 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.

Ensure complete and consistent application of procedures

Encompass builds your KYC procedures into its dynamic automation platform to fully automate the KYC search process. This ensures all investigations are done exactly to the required procedure every time, automatically implementing global standardization of KYC processes, complete investigations, and eliminating errors and re-work.

Remove bottlenecks in periodic reviews and remediation

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 perpetual KYC (pKYC).

How Encompass has helped our clients

Here’s what Encompass has delivered for corporate and investment banks around the world.

80% improvement in onboarding times with Encompass

80% improvement in onboarding time

Santander were able to reduce the time to onboard new customers from 12 to two days through operational efficiencies powered by Encompass.

Watch the case study

40% reduction in time to trade with Encompass

40% reduction in time-to-trade

A Tier 1 bank was able to dramatically improve customer experience, accelerate customer onboarding, and reduce client abandonment.

Globally standardized consistent scalable KYC with Encompass

Globally standardized, consistent and scalable KYC

With Encompass, a Tier 1 bank eliminated checking, rework and human error in KYC.

13 hours saved per analyst per case with Encompass

13 hours saved per analyst per case

Analyst productivity was significantly enhanced, removing bottlenecks, increasing capacity, and reducing costs.

We’ve got our cycle time down from a mean of 12 days to two days… 80% of the effort in onboarding is removed instantly.

Head of Digital Transformation Corporate & Commercial Banking | Santander

Santander

The Encompass solution is making a real difference and receiving strong feedback from both users and senior leaders.

Head of Onboarding & Refresh, Corporate & Investment Banking | Tier 1 Bank

Head of Onboarding & Refresh, CIB
west
east

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.

Discover corporate digital identity from Encompass

 

Find out more