There are two key challenges that are leading banks and other financial institutions towards reconfiguring how they manage customer data and related processes.

These centre on the acceleration of digital transformation in the financial services industry and the recognition that dealing with money laundering, terrorist financing and fraud is too big, and complex, a problem to be solved by a single technology supplier.

To tackle these issues, organisations are increasingly looking to Client Lifecycle Management (CLM) systems, which are viewed by many as the optimum response. When integrated with best-of-breed data providers, CLM systems offer an effective way of gaining a single source of truth about a customer - a holy grail that the industry has been seeking for the last two decades.

In this ebook, we explore the advantages of CLM vendors and data providers partnering to collectively address some of the biggest disruptions to financial services.

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about Encompass

A full and accurate picture of beneficial ownership is the foundation of effective KYC. Manually building this picture from a plethora of documents and third party sources, however, is a long, expensive and error-prone process.

Encompass’ intelligent process automation conducts on demand document and data collection, analysis and integration from public and premium sources to bring transparency to complex corporate structures and ultimate beneficial ownership, delivering the most accurate and complete KYC on demand.

The full picture of a customer significantly enhances the effectiveness and efficiency of subsequent KYC activities including screening and IDV - both of which can be carried out seamlessly in the Encompass platform if required.

All information on a customer, along with supporting documents, are dynamically compiled into a comprehensive, digital KYC profile that Encompass can also monitor for ongoing regulatory risk.

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