Reported by Fenergo

Fenergo has reported that nearly 90% of banking executives in Singapore report losing clients due to delays in the onboarding process, marking a 35% increase from 2023.

The company notes that Singaporean banks are experiencing the highest client loss worldwide due to KYC inefficiencies. The report provides an analysis of the time and cost implications for regional and global banks conducting KYC tasks.

While banks in the US, the UK, and Japan face similar challenges, Singapore’s banking industry is experiencing more compliance breakdowns, highlighting the need for reform. Fenergo’s report states that banks in Singapore are spending more time and resources on KYC processes, an integral part of AML compliance, than any other region surveyed.

91% of financial institutions attribute high client abandonment rates to poor data management and slow workflows.

Read full report: https://thepaypers.com/digital-identity-security-online-fraud/singapore-banks-lose-clients-due-to-kyc-inefficiencies–1272201