Encompass Corporation has released a whitepaper that details how banks can accelerate digital transformation by moving towards a pKYC operating model.
The whitepaper, entitled ‘Earning executive sponsorship for pKYC transformation’, delves into potential challenges and considerations and offers best practice guidelines for gaining stakeholder buy-in. The paper is part of Encompass’s ongoing efforts to assist banks in their digital transformation, whether pKYC is the ultimate goal or not.
Building on the company’s groundbreaking pKYC maturity model, the whitepaper offers further insights on how banks can maximise the benefits of digital transformation. It stresses the importance of strategic alignment and how to position the advantages of technology adoption, ranging from risk reduction to cost savings.
The whitepaper was authored by Encompass’s KYC Transformation Director Howard Wimpory and Global Head of Industry and Regulatory Affairs, Dr Henry Balani. It underscores the importance of digital KYC profiles which utilise automation to collect, analyse, and merge data in real-time, supporting informed KYC decisions and offering benefits such as risk mitigation, accuracy, and scalability.
Encompass Corporation’s KYC Transformation Director Howard Wimpory said, “In a competitive market, now, more than ever, banks require the tools to maximise operational efficiency in order to stay ahead. 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.”
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 utilising technology-led solutions, such as dynamic KYC process automation.”
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