For corporate banks, effective Know Your Customer (KYC) relies on having a dependable, accurate, and streamlined data process. However, managing the flow and integrity of client information is challenging. Especially with the complexities of conflicting data sources, redundancies, and stale information. Encompass helps simplify these challenges, ensuring banks optimize KYC data for accurate client validation. […] The post Six key questions on tackling KYC data challenges and optimizing entity management appeared first on Encompass Corporation ..read more

Corporate and Institutional banks are under pressure to embrace digital transformation to meet rising client expectations for faster, more personalized services. CLM transformation A central element in transforming client experience lies in adopting a robust Client Lifecycle Management (CLM) system. CLM’s establish a structured framework for managing corporate clients, with the goal of enhancing efficiency […] The post De-risk CLM transformation with Corporate Digital Identity (CDI) appeared first on Encompass Corporation ..read more

Managing KYC entity data to verify the identity of clients has evolved from a back-office task. It is now a strategic priority for banks to remain competitive and customer centric. This blog explores the challenges of entity data management for Know Your Customer (KYC) compliance. It also highlights technology innovations that are removing friction and […] The post KYC entity data management for enhanced compliance appeared first on Encompass Corporation ..read more

The EU’s latest Anti-Money Laundering and Countering the Financing of Terrorism,  (AML/CFT), package introduces significant compliance requirements. With a goal of enhanced transparency, DT4C collaborates with EU regulators to streamline the standards’ implementation, helping financial institutions adapt swiftly to the new AML/CFT package. Key areas: AML/CFT package The Data and Technology for Compliance (DT4C) Alliance […] The post Unlocking the potential of data and tech in the EU’s new AML/CFT package appeared first on Encompass Corporation ..read more

To build comprehensive risk profiles for corporate clients, banks collect large amounts of data. Reducing KYC data overload is vital and requires the bank to focus on prioritizing relevant, accurate and consistent data for efficient and accurate KYC. The issue of KYC data overload While it may seem intuitive to collect as many data points […] The post Reducing KYC data overload in corporate onboarding appeared first on Encompass Corporation ..read more

Achieving “Return on Investment” (ROI) for Client Lifecycle Management (CLM) transformation is a common goal, and challenge, for corporate banks. ROI challenges in CLM transformation Transformation strategists should recognize that delays in ROI often stem from lengthy implementation timelines and complex integration demands. If not managed effectively, these challenges can hinder the full realization of […] The post Accelerating ROI for CLM transformation appeared first on Encompass Corporation ..read more

Traditional approaches to collating client information through Know Your Customer (KYC) outreach are inadequate, inefficient and insecure. The problem with traditional KYC outreach methods The real challenge goes beyond gathering the required information. It is about how effectively banks engage with their corporate clients to obtain necessary documents. According to our 2024 Corporate Treasurers Report, […] The post The growing inefficiency of traditional KYC outreach methods appeared first on Encompass Corporation ..read more

In a recent webinar, we explored how Corporate Digital Identity (CDI) has the potential to deliver a new era in corporate onboarding. The webinar discussed three insightful reports from Chartis Research, in collaboration with Encompass. The discussion dived deeper into the challenges and opportunities that CDI presents. Below, we outline key takeaways from Alex Ford, […] The post Paving the way for a new era in corporate onboarding appeared first on Encompass Corporation ..read more

In the final part of this series, we explore how financial institutions can transition to a CDI-centric approach. With a focus on how to streamline corporate client onboarding, while unlocking long-term value. Challenges in corporate client onboarding Onboarding for corporate clients is resource-intensive, with Tier 1 banks spending over US$13 million annually on customer due […] The post Future-proofing client onboarding with CDI: a roadmap to long-term sustainable value appeared first on Encompass Corporation ..read more

This blog is the second in a three-part report series by Chartis and Encompass. The reports investigate challenges banks encounter in corporate client onboarding and present automated Corporate Digital Identity (CDI) as a solution. While the first report outlined the pain points in client onboarding, the second examines how CDI can address these challenges, with […] The post Reduce end-to-end onboarding processing times by 32% appeared first on Encompass Corporation ..read more