WorkFusion, a leading provider of AI digital workforce solutions for banking and financial services, announced that Bank of Asia, a cross-border international bank authorized and regulated by the Financial Services Commission of the British Virgin Islands (BVI FSC) that provides banking and asset management services through a digital platform to corporate and high net worth individual clients around the world, has selected its sanctions and adverse media AI Digital Worker, Evelyn, for negative news detection as part of the Know Your Customer (KYC) new client onboarding process.
“With a strong emphasis on providing the best customer experience possible, our use of advanced technology and big data enables us to open accounts efficiently and effectively for customers from anywhere in the world. Our technology-driven platform also enables customers to enjoy more user-friendly and cost-effective services with your smart devices,” said Deon Vanterpool, Vice President and Director of Bank of Asia. “We work with reputable and established partners to onboard customers in line with our stringent Know Your Customer and Anti Money Laundering regime which leverages on latest Fintech solutions. Our principles are to be user-friendly, transparent, compliant, credible, responsible and innovative without compromising data security. With the use of WorkFusion‘s innovative AI technology, we will be using their KYC “AI Digital Workers” to help us achieve both our growth objectives and customer satisfaction goals.”
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Automating labor-intensive KYC tasks like negative news screening is crucial to improving the customer experience, decreasing time-to-onboard, repetitive touchpoints, and long service times. These steps also lower operational costs and improve capacity for managing anti-money laundering (AML), KYC, and sanctions risk.
“We are honored that Bank of Asia has selected our AI Digital Worker, Evelyn, to automate negative news detection as part of their KYC onboarding process,” said Adam Famularo, CEO of WorkFusion. “Adverse media monitoring is one of the most effective tools banks and financial institutions have to protect against money laundering. However, there are many news articles, most of which are irrelevant false positives, which consume a lot of time. By automating this laborious task, Bank of Asia will reduce its new client onboarding time and ensure a more positive customer experience.”
SOURCE: PRNewswire