Encompass boosts expertise around pKYC
Encompass Corporation has released a new whitepaper that offers unique insights and expertise to assist banks in their journey towards implementing perpetual KYC (pKYC) operating models, thus accelerating their digital transformation.
pKYC represents a strategic imperative for organisations seeking to maintain a competitive edge in the rapidly evolving financial landscape. By leveraging automation, pKYC enables banks to enhance risk detection accuracy, operational efficiency, and customer experience.
Recognising the significance of executive-level support in the pursuit of pKYC, the whitepaper titled "Securing Executive Sponsorship for pKYC Transformation" addresses key challenges and provides best practices for engaging stakeholders. This guidance is crucial for banks seeking to revolutionise their processes through technology adoption.
Expanding upon Encompass' groundbreaking pKYC maturity model introduced earlier this year, the whitepaper also presents additional insights on maximising the benefits of digital transformation, irrespective of whether pKYC is the ultimate goal. It explores how banks can effectively articulate the advantages of leveraging advanced technology solutions, encompassing risk mitigation and cost reduction, while ensuring proper stakeholder alignment to drive successful outcomes.
Authored by Encompass' KYC Transformation Director, Howard Wimpory, and Dr. Henry Balani, the Global Head of Industry and Regulatory Affairs, the paper emphasises the value of digital KYC profiles. These profiles utilise real-time data and document analysis through KYC process automation, enabling informed KYC decision-making and yielding positive impacts such as enhanced risk management, accuracy, and scalability.
Howard Wimpory, KYC Transformation Director at Encompass Corporation, emphasised the need for banks to optimise operational efficiency in today's competitive market. He stated that traditional manual processes are no longer sufficient and emphasised the imperative of implementing technology-driven solutions like pKYC for long-term success.
Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, stressed the importance of prioritising compliance and enhancing processes using technology-led solutions in response to evolving regulatory landscapes and the persistent threat of financial crime. Balani explained that manual KYC processes are time-consuming, resource-intensive, and struggle to keep up with regulatory changes, thereby increasing risks for institutions. He also highlighted the expectations of regulators, who encourage banks to adopt available technologies and integrate them into their operations.
Encompass' whitepaper aims to elevate the pKYC discourse in the industry by sharing the perspectives and experiences of its pKYC Advisory Board. Chaired by Dr. Henry Balani, the board includes representatives from leading global banks as well as trusted partners specialising in data, technology, and consulting services. This collaborative effort supports Encompass' goal of promoting meaningful dialogue and driving effective solutions to address the critical global issue of financial crime.
By presenting real-world insights and leveraging expert knowledge, Encompass aims to empower banks to embark confidently on transformative digital projects, be it towards pKYC or other strategic objectives, with the expectation of reaping immediate and long-term rewards.
Read the white paper here