OCBC is the first bank in Singapore to establish a dedicated artificial intelligence unit. What is their end game?
With an initial investment of S$10 million over three years, Singapore's second largest lender aims to drive the adoption of artificial intelligence (AI) across banking services such as loans financing and wealth advisory, according to a media statement.
A team of three data scientists, led by Singaporean Ken Wong, have embarked on producing targeted and tailored products and services driven by machine learning.
Going Deeper
In addition to hiring data science talents with AI expertise, the new facility, to be named AI Lab@TOV, will serve as a specialised centre to further enhance the data science skills of technologists within the bank.
OCBC also plans to work with Amazon web services DeepLens, the world’s first deep learning video camera, to leverage facial recognition technology with the aim of eventually deploying it at OCBC branches or ATMs.
Early Adopter
OCBC introduced AI-powered chatbot, «Emma» in 2016, to respond customers’ queries on home and renovation loans, and has since raked in more than S$100 million in home loans.
The bank also partnered with fintech firm Thetaray to use its AI solution to identify potential suspicious transactions. The solution has reduced the volume of transactions reviewed by anti-money laundering compliance analysts by 35 per cent.
