KYC automation for client intake

In response to demand, law firms are focused on technology initiatives that improve client experience around service delivery. However, the initial client onboarding experience is often overlooked, with responsibility for this activity falling to fee earners.

With Know Your Customer (KYC) activities largely carried out in face-to-face interactions, beyond the control of compliance teams, demonstrating a compliant and consistent process is difficult. Failing to do so increases reputational and regulatory risk.

Using intelligent process automation (IPA), Encompass provides KYC on demand to streamline the client and matter intake process and significantly improve turnaround times.

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Key benefits of using KYC automation for client intake

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Ease the cost and burden of KYC

Manual processes are hampering firms, with intense competition putting pressure on KYC and client intake teams to speed up the onboarding process. In a Proof of Value exercise with a leading international law firm, it was demonstrated that, in the time taken to complete one case using the firm’s existing process, Encompass could complete more than 60 cases!

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Improve client experience and power the path to revenue

Encompass automates KYC due diligence, the most time-consuming and error-prone part of the process. KYC automation significantly reduces the time taken to onboard clients and the need for fee earners’ involvement in client outreach.

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Easily demonstrate compliance with evolving regulation

The standardisation of processes offered by Encompass ensures a consistent, robust and repeatable approach to evolving compliance obligations.

What can you expect from the Encompass platform?

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Configurable to existing KYC and client intake policies

Encompass’ intelligent process automation is effectively configured to an organisation’s existing KYC and client intake policies and procedures.

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Minimise risk to protect your reputation

Encompass gathers and analyses the information needed to identify UBOs and understand an ownership structure in detail. This clarity allows for the early detection of potential risks to a firm’s reputation.

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Dynamic creation of a full audit trail

Encompass builds a complete audit trail for every search and action taken on a profile for demonstrable compliance.

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Access premium data sources

With Encompass, access to best-in-class global and premium data sources – including corporate registers, PEPs, sanctions and adverse media – provides firms with the in-depth data they need to make quick and informed decisions.

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