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…
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How Encompass has helped our clients
Here’s what Encompass has delivered for corporate and investment banks around the world.
100% automation of KYC search process
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.
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.
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 and scalable KYC
With Encompass, a Tier 1 bank eliminated checking, rework and human error in KYC.
13 hours saved per analyst per case
Analyst productivity was significantly enhanced, removing bottlenecks, increasing capacity, and reducing costs.
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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 dynamic KYC process automation