WealthAi adopts AI-powered tools for onboarding and KYC

WealthAi has launched a range of artificial intelligence (AI) agents to oversee the end-to-end processes of client onboarding and KYC on the platform.

The AI operating system for wealth managers and advisers said the new functionality uses AI agents to collect client information and documentation, identify missing information, generate forms and initiate identity verification, PEP and sanctions checks, KYC, and account verification.

It added that while some AI tools enable wealth managers and advisers to automate individual elements of onboarding, its AI agents coordinate the whole process across clients, advisers, compliance and operations teams, and different systems.

WealthAi argued that client onboarding remained one of the most manual and fragmented parts of wealth management, which often created a poor client experience at the onset of a new partnership.

Its agents can run identity verification, sanctions checks, and KYC onboarding for wealth management clients, with the technology able to handle individual clients as well as more complex structures.

“Onboarding is still absurdly manual in wealth management,” said WealthAi CEO, Jason Nabi.

“Advisers and relationship managers can spend hours chasing information, moving between systems, filling in forms and coordinating with compliance before a new client is ready to go.

“The opportunity with agents isn’t simply to automate another KYC check. It’s to understand where a client is in the process, what’s missing and what needs to happen next – and then actually move that process forward.

“That’s the difference between automating a task and automating the process. We want the agents to take care of much of the admin and coordination, while bringing people in where their judgement or approval is actually needed.”

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