Drawing on the databases of Bank of Singapore and parent company Oversea-Chinese Banking Corporation (OCBC), SOWA also cross-checks client information against benchmarks such as salary levels and company revenues, improving accuracy and reducing human error. The automation enhances both efficiency and accuracy, reducing human errors that previously arose from differing levels of experience among relationship managers.
Bank of Singapore has automated one of the most time-consuming parts of its know-your-customer (KYC) process, which is verifying clients’ sources of wealth, with an AI agent-powered tool called the Source of Wealth Assistant (SOWA).
The system cuts report preparation time from 10 days to just one hour, producing consistent, regulatorily aligned Source of Wealth (SoW) reports. Instead of manually combing through hundreds of pages of financial statements, tax records and corporate filings, relationship managers can now rely on SOWA to automatically review and compile the data into a comprehensive, standardised report.
