Encompass claims that front desk employees' attention is taken away from their primary sales responsibilities when they are assigned client outreach tasks, which can account for as much as 20% of their work. This misallocation is a major inefficiency because these individuals are well rewarded for their sales acumen rather than their administrative abilities.

Front desk employees frequently have little influence over the onboarding procedure and no in-depth understanding of the nuances of KYC compliance. This may cause delays and dissatisfaction, which in turn may negatively impact the customer experience and jeopardize the bank's earnings and reputation.

Risks associated with managing intricate client due diligence and compliance responsibilities include the possibility of shortcuts and human mistake, which might raise the bank's exposure to dangers.

By drastically lowering the administrative burden and minimizing mistakes, automating KYC outreach may improve productivity and customer satisfaction. The front office team can now concentrate on their primary responsibilities, which is increasing revenue creation.

Banks can effectively meet regulatory requirements by utilizing specialist knowledge and compliance skills by centralizing KYC outreach in the back office.

Automating the KYC procedure improves client experiences while also increasing productivity and efficiency. Banks may improve their onboarding procedures and provide front office employees with the tools they need to succeed in their positions by using back office experience and technological investments.

A thorough picture of customer data, including KYC data, is provided by real-time profiles, which may be easily shared between departments. This guarantees accuracy and consistency in customer data, which helps front- and back-office employees make wise decisions and expedite procedures.