whitepaper

transforming know your customer operations

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 The problem is how institutions do Know Your Customer (KYC) checks: outdated, sub-optimal business processes hinder flow of information, and put digitisation’s potential to create real economic benefits beyond reach.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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about encompass

encompass robotically automates information and news discovery for Know Your Customer (KYC) requirements for onboarding, event-driven refresh and remediation.

Driven by your internal policies and choice of reliable, independent sources, encompass automatically constructs corporate ownership structures, discovers beneficial owners, and in minutes screens relevant entities and persons for regulatory, reputational and financial risk.

Make confident decisions quickly, using encompass’s federated search, incorporating rules and logic, to dynamically build a comprehensive profile from multiple sources, including corporate registries, company and regulatory data, adverse media and identity verification.

we believe the best decisions are made when people understand the full picture, fast.

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