Bank of Singapore has introduced an innovative agentic AI tool, the Source of Wealth Assistant (SOWA), to enhance Know-Your-Customer (KYC) due diligence processes. This advanced technology significantly streamlines the verification of clients’ wealth, reducing reporting time from 10 days to just one hour. SOWA enables relationship managers to swiftly generate standardized Source of Wealth (SoW) reports, covering clients’ career histories, investment activities, and business ventures. By automating these traditionally manual tasks, SOWA enhances efficiency, accuracy, and consistency in decision-making. Developed with OCBC, this intelligent system can initiate tasks, assess data, and learn dynamically over time. By cross-referencing observations with OCBC’s internal database, SOWA effectively addresses inconsistencies in SoW documentation, thereby improving report accuracy and minimizing human error. With heightened confidentiality and compliance through secure cloud operations, the deployment of SOWA emphasizes Bank of Singapore’s commitment to integrating AI across its services.
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