Enriching data with Encompass
Enriching customer data by using external providers delivers benefits to organizations, which can include increases to:
- Operational efficiency
- Accuracy of credit decisioning
- Speed of identification and verification
- Fraud awareness
- Personalized cross-sell and upsell strategies to clients
- Optimization of collections treatments
Many institutions use various external data providers to automate customer journeys depending on the jurisdiction, client type, data requirements, and client service agreements that are in place.
Pega Client Lifecycle Management™ and Know Your Customer™ provides a component with an external provider, Encompass, built in the eBusiness Services Architecture integration layer, to provide data eEnrichment by aggregating the services of various data providers. You can find the Encompass (KYC Automation Platform) packaged service offering on Pega Marketplace.
Encompass policies and profiles
Policies are data retrieval orchestration processes that Encompass defines for data collection from one or multiple data providers upon request. For example, an Encompass policy can manage the retrieval of customer data by obtaining the basic customer information from Dun & Bradstreet, related party data from Companies House UK, and screening data from Bloomberg, all in a single execution of the policy.
Policies have the following characteristics:
- The Encompass team creates policies in design time, and Financial Institutions define the behavior and data providers that are involved in each policy upfront. The policies can be executed on runtime as many times as required by Pega CLM and KYC, and each execution of a policy is named a policy order.
- Policies can be configured by Encompass team to use different data providers and thresholds for certain business logics like retrieving relevant parties for example. Policies consist of sequences and steps. Some steps require user input for the policy to progress, such as selection among a list of possible matches.
The Encompass integration component in Pega CLM and KYC stores the results of a policy order in a profile.
The following figure shows an example of a definition of a Policy in Encompass:
A customer can be displayed in multiple profiles as the target entity (the main customer that the policy order targets) or a related party.
The data profile of a customer can hold data of different nature, such as contact information, industry sector, screening results regarding Politically Exposed Persons (PEP), flags and adverse media, and its related parties, all under the same profile.
The Encompass integration component in Pega CLM and KYC stores the profiles for audit purposes. A policy order can be re-executed by the system on an existing profile so that existing and new data are merged into that profile.
For more information about Encompass and their features, go to the Encompass Corporation website.
Demonstration of Encompass component
The following demonstration shows how to:
- Trigger an onboarding journey.
- Initiate an external provider search from the Capture stage.
- Search with Encompass of company details by using Dun & Bradstreet data provider.
- Import in the case the company details and related documents.
Transcript
The Relationship Manager wants to onboard a new organization named Pegasystems.
Click to open the Onboarding dialog box, and then select and options.
As a Relationship Manager, you are onboarding the customer Pegasystems. In the Search customer field, enter Pegasystems, and then press the Enter key.
The system checks the customer system of records of the financial institution for any duplicate customer data. Because the customer data does not exist in the registries, click Create new to create a new Onboarding case.
The case begins with the Capture stage. You can enter the data manually or use an external data provider to enrich all the data automatically. Click , and then select .
You can see all the external providers that are configured in the system. In the list of providers, select .
The New search page is displayed.
You can search by organization name, ID, or country to filter the results. In the Organization name field, enter Pegasystems, and then, in the list, select the default policy. Policies are important in Encompass because they define the business logic to apply that collects information from a combination of data providers.
Financial institutions have their own set of policies to use; the policies might depend on the business segment, the customer type if it is small or medium enterprise, or an incorporation country. You can manually select the most appropriate policy, or the application can select the policy automatically. In this demonstration, the policy uses Dun & Bradstreet as a unique data provider.
Click to search for Pegasystems in Encompass and retrieve all customer names that match with the names in the Dun & Bradstreet data provider.
You select only the appropriate organization that corresponds to the name and incorporation country and address of the customer that you are onboarding. Once you select the organization, click to retrieve the details from Dun & Bradstreet of this particular entity.
The Dun & Bradstreet data provider, through Encompass, returns data such as registration address, DUNS number, full legal name, and a set of documents. Other data providers can provide additional information, such as the ownership structure and screening details.
As a Relationship Manager, you select the documents that you want to incorporate in the case, and then click to import the data and documents into the case. The system asks for confirmation to override existing customer data in the case.
Select ,and then click to confirm. All the data that is available in Encompass is now mapped to the case.
From the case, click and then select to see that the documents are now attached to the Onboarding case. These documents are now available to satisfy document requirements or KYC-supporting evidence.
This concludes the demonstration of Encompass component. You have reached the end of the video.
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