Outdated processes cost banks time and money; EC360 delivers 59% incremental efficiency gains by implementing CDI
LONDON, Feb. 4, 2025 /PRNewswire/ -- Encompass Corporation, a leader in KYC automation and corporate digital identity (CDI) has launched EC360, a ground-breaking platform designed to transform the banking sector. EC360 seamlessly integrates public and private data, providing a 360-degree view of corporate clients, and enabling fast, flawless, and frictionless identity verification.
In a world where rising client expectations and fierce competition are reshaping the financial landscape, the ability to quickly and accurately verify corporate client identities has become a key differentiator. CDI offers a fresh approach and replaces cumbersome manual processes, enabling faster and more accurate KYC and client onboarding while improving operational efficiency. These advances not only streamline internal workflows but also enhance the overall client experience, positioning banks to better meet the needs of their corporate clients.
With EC360 the onboarding process is transformed through a suite of innovative solutions which include EC Public Automation, EC Private Outreach and EC CoorpID. These comprehensive solutions are designed to integrate into existing technology to complement and accelerate digital transformation initiatives. EC360 orchestrates and automates the collection, organisation, and consolidation of data from public and private sources, ensuring compliance and meeting business requirements. Its data-agnostic approach allows banks to tailor the information they wish to collect, integrating real-time inputs from registries, law enforcement, regulators, stock exchanges, secure client outreach and other sources.
"Banks are drowning in outdated processes and legacy systems, unable to keep up with escalating regulatory demands and mounting client expectations," said Wayne Johnson, CEO and Co-founder of Encompass Corporation. "EC360 is not just a platform; it is a blueprint for the future of banking. It seamlessly automates the collation of real-time data and documents and supplements this with private information securely sourced from the client. This results in comprehensive, ready-to-use digital risk profiles that eliminate manual processes, enhance decision-making, and ensure compliance. Built with scalability, security, and reliability at its core, EC360 enables global banks to provide consumer-class service experiences to corporate clients worldwide."
Outdated manual processes, legacy systems, and a complex web of escalating regulatory demands are straining banks' ability to meet rising client expectations. These inefficiencies frustrate both banks and clients, driving the need for innovative solutions. By automating identity validation and verification, EC360 offers a solution that not only addresses these pain points but also unlocks new opportunities for growth and operational excellence.
This automation reduces the time and resources required for onboarding, cutting operational processes by up to 32% compared to traditional manual methods that average 51 hours per client at Tier 1 banks. By streamlining workflows and minimising errors, EC360 helps banks achieve unparalleled efficiency gains starting with 21% in year one to 59% in year five from implementing CDI, enabling them to allocate resources to strategic initiatives that drive innovation and revenue growth.
For CEOs, COOs, and heads of digital transformation, EC360 delivers a comprehensive solution that streamlines operations, strengthens compliance, and elevates client experience. The impact is transformative, which provides the following:
- Regulatory compliance and risk mitigation: Stay compliant with global regulations while mitigating risks across jurisdictions.
- Operational efficiency: Achieve significant cost savings by automating manual processes, reducing human error, and speeding up client onboarding.
- Superior client experience: Deliver consumer-class service for corporate clients by streamlining interactions and reducing friction.
- Scalability and agility: As your bank grows, EC360 scales to meet the demands of expanding markets, new product launches, or compliance with jurisdictional requirements.
The EC Public Automation solution hosted by EC360 collates and integrates crucial public data and documents needed for KYC. EC360 standardises data and resolves inconsistencies, delivering actionable insights and complete beneficial ownership hierarchies. Additionally, the EC Private Outreach solution allows banks and their clients to share sensitive documents with full control over access, ensuring both privacy and security via a secure digital vault.
"At Encompass Corporation, our goal has always been to empower banks to optimise their KYC processes, strengthen risk management, and meet compliance standards-all while driving greater efficiency. With EC360, we've designed a solution that delivers this transformative approach. The time to act is now and as banking continues to evolve, so must the systems that support it." Wayne Johnson concluded.
For more information on EC360, visit https://www.encompasscorporation.com/ec360 or contact Encompass Corporation.
About Encompass Corporation:
Encompass enables fast, accurate identity validation and verification of corporate clients, and a gold standard approach to KYC. Our award-winning corporate digital identity (CDI) platform and innovative solutions incorporates real-time data and documents from authoritative global public data sources and private customer information to create and maintain digital risk profiles. With Encompass, the world's leading banks improve customer experience and increase business opportunities through consistent regulatory compliance and risk mitigation.
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