LONDON, LONDON, UNITED KINGDOM, April 28, 2026 /EINPresswire.com/ — Encompass Corporation, the leading provider of corporate digital identity solutions, today released its third annual Corporate Treasurers Report. The findings are unambiguous: the banking industry’s KYC problem has become a critical issue. At a time when all banks are looking to leverage AI to improve client experience, ineffective processes and poor data are no longer just a competitive advantage, they are essential to sustainable success.
Drawn from corporate treasury professionals across global markets, the 2026 report documents three years of accelerating frustration: mounting delays, relentless duplication, abandoned applications, and lost revenue now affecting virtually every organization surveyed. The data no longer leaves room for equivocation. KYC dysfunction is costing banks clients, deals, and trust, at scale.
Three years of rising frustration
The numbers tell a stark story of compounding failure. Global dissatisfaction with banks’ KYC processes has climbed sharply year on year, from 73% in 2024, to 84% in 2025, to 95% in 2026. What was once a widespread frustration has become near universal.
The commercial consequences are now impossible to ignore. In 2025, 83% of organizations said they had considered switching banks due to KYC experience. In 2026, this has surged to 97%. For banks this represents an existential competitive threat.
Reinforcing this, 96% of respondents agreed that the onboarding experience directly shapes how their organization views a bank as a long-term partner. KYC is no longer just a compliance function; it is a strategic differentiator.
“This is a moment of reckoning for the banking industry as it seeks to transform KYC with AI,” said Wayne Johnson, CEO of Encompass Corporation. “Corporates are frustrated by manual processes, walking away from banking relationships, losing revenue, and questioning the security of their most sensitive data”.
The root cause: duplication, delay, and a broken process
The operational failures driving this dissatisfaction are persistent and well-documented. For the third consecutive year, most of the corporates report being asked for the same information multiple times by their banks.
The consequences of this inertia are now showing up with 96% of organizations globally reporting they have abandoned a banking application due to the time it was taking. A 10% increase from 86% in 2025.
Most critically, 99% of respondents said that their organization has lost revenue due to the length or complexity of a bank’s onboarding process. A 16% increase from 2024. The sharpest indictment in this year’s report, and the clearest possible mandate for change.
Security, fragmentation, and the technology imperative
92% of treasury professionals report security concerns when sharing sensitive KYC information, up from 83% in 2025. As AI reshapes the financial sector, how banks handle, store, and protect sensitive corporate data is a live and pressing risk management issue.
These concerns are compounded by fragmentation. 95% of organizations store KYC information across multiple systems and teams. A further 95% lack adequate visibility and control over KYC information requests. And 96% confirm they are sharing KYC information simultaneously with multiple banks and business partners, each adding to the complexity and exposure.
The strategic cost is equally clear: 97% agree that time spent managing KYC requests diverts their team from driving growth. KYC friction is quietly crowding out the work that matters most.
Taken together, three years of data make an irrefutable case for change. Banks must modernize their onboarding processes, but corporates cannot afford to wait. Forward-thinking organizations are already taking control of their digital identity, treating it as a managed asset rather than a reactive burden. When corporates own their KYC data proactively, they reduce duplication, accelerate onboarding and KYC reviews. The technology exists. The mandate is clear.
About Encompass Corporation
Encompass enables fast, accurate identity validation and verification of corporate clients, and a gold standard approach to KYC. Our award-winning EC360 Corporate Digital Identity (CDI) platform and innovative EC solutions incorporate real-time data and documents from authoritative global public data sources and private client information, to create and maintain digital risk profiles. With Encompass the world’s leading banks improve client experience and increase business opportunities through consistent regulatory compliance and risk mitigation.
Encompass Corporation media contact:
Magalie Pimentel, VP Marketing
magaliepimentel@encompasscorporation.com
+44 (0)7584 430847
clare puplett
ENCOMPASS CORPORATION
+ +447710542425
email us here
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