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