Banks in Singapore are investing big in artificial intelligence and big data for personalized insights into customer spending habits, says a Maybank report.
Singapore’s banks have been deploying artificial intelligence (AI) and big data at an accelerating pace, said Maybank analysts in a report seen in «Singapore Business Review».
With AI and big data, banks are able to leverage customer data as well as relationship-driven insights. For example, in retail banking, it is initially translating into serving up personalized product offerings including discounts and targeted deals.
Personalized Insights
Amongst the banks that are investing in these technologies are DBS, OCBC and UOB. DBS for instance allocated $1 billion annually for the past four years and sent out 30 million personalized insights to 3.5 million customers.
UOB sought to spend $500 million to scale digital offerings until 2026, on top of the average $535 million spent on technology yearly in the past four years. OCBC also made its technological investments such as the AI lab it already launched in 2019.
Automated Assistance
«These investments are now reaching commerciality, enabling the banks to leverage customer data and relationship-driven insights,» said the report.
The advanced technology also offers bespoke insights on customer spending habits and automated assistance on payments and subscriptions are becoming standard offerings on their digital apps.
