How banks can benefit from automation post-COVID 19
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The COVID-19 pandemic has had far-reaching implications across the financial services industry.
With some institutions facing up to restructuring, and customer expectations evolving, the need to embrace digital transformation and new solutions, particularly those connected to Know Your Customer (KYC) activities, has never been more apparent.
In this ebook, we explore:
- the need to embrace RegTech
- inherent obstacles of persisting with legacy systems
- how the challenges presented by COVID-19 have given rise to opportunities to adapt
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Manually building this picture from a plethora of documents and third party data sources, however, is a long, expensive and error-prone process.
Encompass’ intelligent process automation conducts live document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.
The full picture of a customer significantly enhances the effectiveness and efficiency of subsequent KYC activities including screening and IDV - both of which can be carried out seamlessly in the Encompass platform if required.
All information on a customer, along with supporting documents, is dynamically compiled into a comprehensive, digital KYC profile that Encompass can also monitor for ongoing regulatory risk.
Discover what Encompass can do for you
Ready to learn more about Encompass' intelligent process automation platform for KYC?
Fill out the form to request your personalised consultation on how Encompass can help your business. You can also contact our team directly on +44 (0) 333-772-0002.