In the face of increasing competition from digital-first FinTechs, banks are looking to control compliance costs through digital transformation.
As well as freeing resources for innovation and growth, digital transformation programs enable organizations to offer excellent service throughout the entire customer lifecycle.
This, combined with increasing public pressure on establishing beneficial ownership of assets means the next area of focus for efficiency-conscious and digitally focused executives is now KYC.
KYC and the imperative for digital transformation
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The Encompass KYC automation platform
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Connects to sources of KYC data trusted by global banks
Unwraps corporate structures
Creates and visualizes corporate hierarchies
Identifies and verifies beneficial owners
Creates a digital KYC profile for each corporate entity submitted to KYC processing
Captures documents from their original sources
Maintains lineage between data attributes in the digital KYC profile and their origins in
source documents
Creates a dynamic audit trail of all work completed in KYC due diligence, including process automation and analyst actions
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