OCBC has set up an AI unit with an upfront investment of ten million dollars. The objective is to develop and adopt artificial intelligence powered systems that can be used in loans financing and wealth advisory services. Both financing and advisory services will undergo substantial upgrades, courtesy of the AI unit, and the team of data scientists headed by Ken Wong will work towards offering a bespoke solution for all its intended clients. Some of the primary purposes are to offer a convenient and seamless interface for clients who wish to access the banking and financial services of the OCBC Fintech and Innovation Group, to tailor the various products as well as services to make them more targeted and contextually relevant. All of this would be accomplished through machine learning and powered by the AI unit.
The AI unit has been set up as The Open Vault and is being called AI Lab@TOV. While there are only three data scientists in the team right now, the phase being referred to as test bed will be expanded and more people would be enrolled in the team to apply the technology in multiple ways. All such changes will be integrated with the existing systems being used by OCBC. The bank plans to leverage its data sandbox, the various application program interfaces and actual but anonymous data of customers to develop proofs of concept. These will be quickly tested and rolled out subsequently. The team at AI Lab@TOV is poised to expand as the full ten million is invested over the course of three years.
This is not the first time OCBC or any of its operations is employing artificial intelligence. OCBC already uses AI powered Emma, the chat-bot that was rolled out in 2016. It was created by Cognicor with the specific purpose to help customers find out more about renovation and home loans. In 2017, OCBC teamed up with Thetaray, a fintech company, to use their available AI concept that can help the bank to spot suspicious transactions. This system works in retrospect and in a proactive setting. In less than a year from its implication, the AI solution of Thetaray helped OCBC reduce its volume of transactions that would be routinely reviewed to prevent money laundering down by a whopping 35%. That is a lot less work and substantially fewer headaches as far as compliance is concerned. The same system also enhanced the accuracy of identify different types of suspicious transactions. According to the official report published by OCBC, the accuracy right now is four times as it was prior to the implementation of the AI solution.
The AI unit or AI Lab will help Ken Wong and his teammates to experiment with deep learning neural networks, to explore graphics processing that is used in gaming but rarely in banking and to develop a completely new but relevant approach to e-business, fintech, transaction monitoring and engagement with customers. OCBC is all poised to transform how it personalizes its banking and financial services.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore unveils major investments into deep tech startups and research, 62% of Singaporean Firms Plan to Increase Global Investments and all topics related to Singapore Economy, and if you want to know more about Company Registration Singapore visit our website.
Company: Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15, Singapore 079903
Telephone: +65 66531211