Nearly 90% of Singapore banks lose clients due to onboarding delays

Singaporean banks have been experiencing the highest client losses worldwide due to Know Your Customer (KYC) inefficiencies.

Nearly 90% of banking executives in Singapore report losing clients due to delays and inefficiencies in the onboarding process, marking a 35% increase from 2023, according to Fenergo.

Fenergo said Singaporean banks have been experiencing the highest client losses worldwide due to Know Your Customer (KYC) inefficiencies. Financial institutions are under mounting pressure to comply with stricter Anti-Money Laundering (AML) regulations that took effect in 2024.

While banks in the US, UK, and Japan face similar challenges, Singapore has emerged as a hotspot for compliance breakdowns, highlighting the urgent need for reform.

Regulatory and financial consequences are compounding the crisis with 91% of financial institutions attributing high client abandonment rates to poor data management and siloed workflows.

Additionally, 79% of banking executives point to manual KYC processes as a major bottleneck that disrupts customer experience and slows business operations. Around 47% blame outdated compliance infrastructure, which hinders digital transformation and contributes to inefficiencies.

In response to these challenges, some banks have turned to AI and automation to improve KYC processes with 38% of financial institutions planning to implement AI-driven solutions to streamline compliance workflows, enhance verification accuracy, and reduce onboarding times.

Another 30% aim to improve data accuracy using AI-powered compliance tools, signaling a gradual shift toward technology-driven regulatory solutions.

A NOTE FROM SINGAPORE BUSINESS REVIEW

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia