🙈 Singapore🇸🇬: Banks lose customers due to ineffective KYC

🙈 Singapore🇸🇬: Banks lose customers due to ineffective KYC

At 90% of banks in Singapore, potential customers leave before completing the "Know Your Customer" (KYC) process.

➡️ Causes: In 2024, stricter anti-money laundering (AML) regulations came into effect, complicating verification processes. As a result:

🔹 79% of banking executives cite manual KYC processes as the main bottleneck.

🔹 47% blame outdated infrastructure, which hinders digital transformation.

➡️ Solutions: 38% of financial institutions plan to implement AI to improve verification accuracy and reduce onboarding times.

➡️ Context: The new rules were adopted after a 2023 scandal, when ten Chinese🇨🇳 nationals were accused of laundering 2.2 billion USD.

#news #Asia #China

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