Agent Build Day Empowers KYC Professionals with AI Solutions

Encompass and Scottish Financial Enterprise have partnered to host the inaugural Agent Build Day, a day dedicated to empowering KYC professionals with the skills and tools to streamline their work processes through the development of AI agents. The event, designed to be accessible to all professionals involved in KYC work, brought together six organizations for a day of collaborative innovation and learning.

The day began with an icebreaker session, where participants shared a slow, repetitive task they encountered in their daily workflows. From there, teams were tasked with identifying a problem and planning out a solution for an AI agent. The event was structured around two themes: efficiency and efficacy. Efficiency-focused agents aimed to reduce the time spent on repetitive tasks, such as researching company data across registries and websites, re-keying details into multiple systems, and waiting for responses to simple requests. Efficacy-focused agents were designed to improve the quality of decisions by applying risk ratings consistently, monitoring changes in company data, and providing comprehensive company and ownership profiles.

Participants from Encompass and Scottish Financial Enterprise, along with other organizations, worked in teams to develop their AI agents. The agents were built using the EC360 model context protocol (MCP), an open standard for connecting AI agents to data sources. No client or bank data was used during the development process. The event culminated in a showcase of the agents, allowing participants to see the practical applications of their work and engage in discussions about their potential impact.

The day was a significant step forward in the adoption of AI within the KYC industry. By bringing industry partners together to build, test, and learn, the event aimed to equip professionals with the skills and confidence to implement AI solutions in their daily work. Sandy Begbie CBE, CEO of Scottish Financial Enterprise, praised the event, stating that it turned the industry's ambition into action, helping its workforce develop the skills needed to lead the next chapter of financial services.

Encompass, the company behind the EC360 platform, provided facilitation and technical support for the event. The day was a testament to the potential of AI in streamlining KYC processes and improving the quality of decisions. Participants left with a set of agent ideas, backed by build cards that outlined the problem, expected time savings, and quality improvements. The event also included a competition for the best agents, with prizes awarded for the largest time savings, the agent that improved decision quality the most, and the agent that participants would most want to use in their own jobs.

The Agent Build Day exemplifies Encompass's commitment to innovation within the KYC industry. By bringing together industry partners and facilitating the development of AI agents, the event has the potential to drive significant improvements in the efficiency and efficacy of KYC work. As the KYC industry continues to evolve, the Agent Build Day serves as a model for how AI can be integrated into existing workflows to enhance the overall experience for professionals and clients alike.