Singapore banks face 90% onboarding bottleneck despite AI push
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Singapore's corporate and investment banks are focusing on building internal AI capabilities, with 90% citing client onboarding as inefficient. While 40% are investing in AI upskilling, only 20% are hiring external talent, below the global average. Key operational bottlenecks persist, particularly in KYC and transaction reconciliation. Despite rising competitive pressure, 85% of corporate clients plan to engage non-bank institutions, and only 23% feel banks meet service expectations. Globally, banks struggle to convert innovation spending into results, with a significant portion of IT budgets still allocated to legacy systems.
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Source: Singapore Business Review The copyright of this article belongs to the original author/organization.
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