Evalueserve, a global leader in analytics consulting, today announced a partnership with Encompass, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions.
This partnership will augment Evalueserve’s KYC services with automated data discovery and process automation, which makes the overall onboarding and remediation process more efficient for banks.
Tackling financial crime is of paramount importance to financial institutions, and even more so in this current scenario. With this partnership, Evalueserve and Encompass are joining forces to support the financial services industry with safer and more efficient ways to perform KYC.
Evalueserve’s KYC offering, based on its proprietary mind+machineTM approach, allows for tailored solutions, dealing with issues such as false positives, to be deployed in weeks, with analytics from multiple data sources giving insight into client behaviour.
Automated KYC discovery from Encompass has been proven to reduce the time spent on KYC data gathering by up to 80%, allowing risk teams to focus valuable time on more complex tasks.
‘This demonstrated impact, together with Evalueserve’s unique and established approach to technology-enabled solutions, will prove invaluable’, said Anna Slodka-Turner, Evalueserve’s Global Head of Risk and Compliance. ‘Post-COVID-19, we expect to see further pressure for efficiencies and changes in work practices, with automation being critical to the process. In order to address these priorities, we have partnered with Encompass to design a modular KYC solution that can automate data gathering and also introduce micro-automation into the multitude of difficult manual hand-offs between disparate elements of the process, or across different products, business lines and geographies’, she added.
Nick Ford, Encompass’ VP, Distribution and Alliances stated, ‘We are delighted to partner with Evalueserve to serve financial clients in an efficient and impactful way. Never has effective KYC and client onboarding been as important. Already, we have seen sophisticated crime syndicates take advantage of the global economic situation. Managed onboarding can help organisations navigate the new risk factors presented in unprecedented times’.
Ashutosh Gupta, Evalueserve’s Co-CEO and Global Business Unit Head of Financial Services added, ‘We are excited to be partnering with Encompass, as they will help us offer a powerful and comprehensive KYC solution. Given this environment of uncertainty and disruption, this partnership couldn’t have come at a more fitting time for our current and prospective clients’.