Singapore banks turn to AI to overcome KYC challenges
Banks in Singapore are increasingly turning to AI and automation to enhance services and address client losses due to inefficiencies in Know Your Customer (KYC) processes.
Singapore banks turn to AI to overcome KYC challenges (Photo: Singapore Business Review)
Singapore (VNA)🍸 – Banks in Singapore are increasingly turning to AI and automation to enhance services and address client losses due to inefficiencies in Know Your Customer (KYC) processes.
According to Singapore-based fintech firm Fenergo, banks in the city-state have experienced the highest client loss rates globally due to KYC-related delays. Financial institutions are also under growing pressure to comply with stricter Anti-Money Laundering (AML) regulations that took effect in 2024.
Nearly 90% of banking executives in Singapore report losing clients due to slow and inefficient onboarding processes, while 91% attribute high client abandonment rates to poor data management and fragmented workflows.
Additionally, 79% cite manual KYC procedures as a key bottleneck that disrupts customer experience and slows operations, and 47% point to outdated compliance infrastructure as a barrier to digital transformation.
To tackle these challenges, many banks are adopting AI and automation to streamline KYC processes. Around 38% of financial institutions plan to implement AI-driven solutions to improve compliance workflows, enhance verification accuracy, and speed up onboarding. Meanwhile, 30% aim to leverage AI-powered tools to improve data accuracy, signaling a broader shift toward technology-driven regulatory compliance./.
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