Encompass Corporation, the provider of the leading dynamic Know Your Customer (KYC) process automation platform, has unveiled a new whitepaper providing critical expertise that will help banks accelerate digital transformation, and move towards a perpetual KYC (pKYC) operating model.
pKYC, which uses automation to detect risk more accurately and quickly while improving operational efficiency and customer experience, is a strategic driver for organisations striving to remain competitive in a rapidly evolving financial landscape.
Gaining executive level backing is a pivotal step on the journey to pKYC, and the whitepaper, titled ‘earning executive sponsorship for pKYC transformation’, delves into the challenges and issues to consider. It also sets out best practice guidance for bringing key stakeholders on board – an important ingredient for banks looking to transform processes with technology today.
Building on Encompass’ revolutionary pKYC maturity model unveiled earlier in the year, further insights are also delivered on how banks can get the most out of digital transformation, regardless of whether pKYC is the end goal. This includes how to frame the benefits of utilising the best in technology solutions – from risk reduction to slashing costs and how to ensure the right stakeholder is aligned to a project to see results.
The paper, authored by Howard Wimpory, KYC Transformation Director at Encompass, and Global Head of Industry and Regulatory Affairs, Dr Henry Balani, outlines the value of digital KYC profiles, which use KYC process automation to gather, merge and analyse data and documents in real-time to inform KYC decisions. This brings positive impacts in areas such as risk mitigation, accuracy and scalability.
Howard Wimpory, KYC Transformation Director at Encompass Corporation, commented: “In a competitive market, now, more than ever, banks require the tools to maximise operational efficiency in order to stay ahead. The manual processes that were once straightforward and linear are no longer sufficient, with the implementation of technology-led processes, such as pKYC, an imperative to long-term success.
“Leveraging automation, and specifically relying on digital customer profiles, which monitor in real-time to improve risk mitigation, reduce costs and support business scalability, is a crucial element of a game-changing endeavour.
“While the journey to pKYC is not an overnight one, it must be realised that there are significant incremental gains available. Supported by real, experience-led insights and expertise, banks can confidently embark on a meaningful digital transformation project – towards pKYC or otherwise – that will reap rewards now and in the future.”
Dr Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, commented: “As an increasingly stringent regulatory landscape develops in response to the prevailing threat of financial crime, it is vital that banks prioritise compliance and bolster their own processes by utilsing technology-led solutions, such as dynamic KYC process automation.
“Manual KYC not only requires a large amount of time and resource, but it is cumbersome and slow when it comes to keeping pace with changes in regulations, increasing risk for institutions. Aside from this, there is also the regulators to consider, with it being widely expected that banks look to the technology available to them and how they can bring solutions into operations.
“It is for these reasons that the time is now for banks looking to accelerate their transformation initiatives and effectively tackle the pertinent global issue of financial crime.”
This whitepaper supports Encompass’ goal of elevating the pKYC conversation within the industry by sharing the experiences and opinions of its pKYC Advisory Board, chaired by Dr Henry Balani and comprising representatives from leading global banks and a select group of trusted data, technology and consulting partners.