Business Reporter: How Technology Is the Only Answer to Tackling Financial Crime

Business Reporter: How Technology Is the Only Answer to Tackling Financial Crime

PR Newswire

LONDON, April 15, 2019

LONDON, April 15, 2019 /PRNewswire/ -- Encompass (creator of Know Your Customer automation) fosters a culture of financial security by deploying automation and artificial intelligence to construct an accurate picture of a company or person in minutes.

The cost of global financial crime is estimated to be around $3 trillion – a sum that could fund the UK's National Health Service for 24 years. As a result, the need to identify legitimate organisations from companies engaging in criminality has never been more pressing. By utilizing sophisticated innovation to counteract criminal activity, Encompass not only saves money but also a large amount of time.

Whilst completing the Know Your Customer (KYC) process is fundamental to security, the time-consuming nature of gathering and analysing data can be reduced significantly by AI. Experienced analysts will no longer be required to execute laborious manual tasks. Instead, AI and automation increases productivity and ultimately profitability – by 80 per cent.

The future of financial crime will become increasingly complex as criminals will innovate new ways to beat the system. Without technology to counter this, the cost of financial crime will only increase in time.

Read here to find out how Encompass' uses sophisticated technology to enhance financial security.

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Business Reporter is distributed with The Daily Telegraph, The Sunday Telegraph and City AM, each of our publications reaches an average of 1.5 million people.

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