Singapore, Feb. 5 -- 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 K...