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73% of businesses more likely to select a bank with fully digital onboarding process, reveals Encompass

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September 10, 2020

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encompassA recent research by Encompass Corporation has revealed that almost 73% of businesses are more likely to select a bank that could perform all relevant regulatory checks digitally. The data was obtained via a survey of 200 senior business decision-makers in large and medium-sized UK companies, conducted by Censuswide.

Wayne Johnson, CEO, and co-founder, Encompass Corporation, commented, “The Covid-19 pandemic has permanently altered the way that businesses interact with their banking and financial services providers, increasing the need for online services and resulting in expectations of a much faster approach to onboarding and compliance checks. Sticking with slow, paper-based processes for critical tasks such as Know Your Customer (KYC) checks will, in many cases, no longer be tolerated, especially with customers clearly expecting the highest standards of digital services from their provider.”

“The time has come for banks to fully embrace automated, smart decision-making, enabling seamless compliance with changing regulation, which will reduce costs and improve customer service for the long-term.”

The study also showed that two-thirds of business decision-makers (64%) believe that the implementation of social distancing measures has exposed the digital divide between traditional banks and specialist financial services that provide digital service. 37% admitted that their current banking provider’s onboarding process is too slow and not fit for purpose, while 44% said that the process of opening a business bank account is no longer in line with their expectations.

58% also agreed that ‘innovation’ is a key differentiator when choosing a banking partner. 56% however said that their bank has noticeably improved other aspects of its digital services since the start of the outbreak including online consultations and transactions.

Recently, financial crime screening and KYC solutions provider, Accuity announced a strategic partnership with Encompass Corporation today. The collaboration is expected to help customers in streamlining KYC processes, enhance the quality of risk assessments, and reduce compliance costs

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