know your customer
Industry reports and commentary depict a financial services sector challenged by falling confidence and increasing regulatory pressure.
At such times, bringing onboard new clients effectively and at low cost would appear a business imperative. The problem is how institutions do Know Your Customer (KYC) checks: outdated, sub-optimal business processes hinder flow of information, and put digitisation’s potential to create real economic benefits beyond reach.
Evidence from multiple industries suggests that reassigning “routine and codifiable tasks” from human workers to computers raises productivity while freeing experts to focus on higher value work that benefits from their problem-solving skills, adaptability, and creativity.
This whitepaper investigates the business process of KYC to suggest that identifying activities that are candidates for digitisation and automation offer a way forward for financial services and other firms looking to improve outcomes for all involved in KYC processing.
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encompass is the creator of Know Your Customer (KYC) automation for major financial and professional service firms globally. encompass is the only provider of simultaneous real time access to multiple global data sources.
By using robotic search to discover everything your KYC policy demands, encompass facilitates faster and safer regulatory compliance resulting in lower costs and more efficient processes. encompass’ products robotically search structured and unstructured information sources to automate KYC, AML and EDD policies.
They consolidate the collection of multiple data globally creating improvements in the speed of onboarding and remediation. Key elements including UBOs, PEPs, sanctions and negative news are identified, visualised and verified, in seconds, enabling dramatically enhanced decisions.