Incore Bank’s AI Achieves 99% Accuracy in KYC Checks

Know-your-customer checks are central to banks’ efforts to combat money laundering and fraud, but onboarding often requires staff to extract and reconcile information from documents in multiple formats. Switzerland-based B2B transaction bank Incore Bank is testing AI agents to automate parts of that workload, illustrating how financial institutions are seeking faster processing without transferring ultimate compliance accountability to machines.

Incore Bank, working with partners including Google Cloud, said its AI system achieved 99% accuracy in extracting data from customer onboarding and identity-verification documents. The technology accelerated document processing and the consolidation of information, while compliance staff retained control of final risk decisions. Industry data also indicate that most financial institutions plan to introduce or expand the use of AI in KYC processes within a year.