OCBC Bank is adopting an AI-first strategy in developing digital capabilities. The bank is making an initial investment of S$10 million over three years. It will also have a pioneering team of 3 data scientists, who will drive the adoption of AI across banking services such as wealth advisory and loans financing. The bank said the idea is to deliver greater value to customers by giving them access to banking services through natural user interfaces that are seamless and convenient, as well as targeted and tailored products and services that are contextually relevant, driven by machine learning. The AI unit sits within the Open Vault at OCBC and is named AI Lab@TOV. The AI unit will serve as a test bed for all new AI technologies and will demonstrate the feasibility of new technology before it is integrated into the bank’s existing systems. The unit will generate proofs-of-concept that can be rapidly tested. According to Pranav Seth, head of E-Business, Business Transformation and Fintech and Innovation Group, AI is going to redefine all aspects of banking – from the way bank interacts with customers digitally, to the way it helps them make faster and better financial decisions.
